Credit, Collections & Insolvency News
More women than men in England and Wales became insolvent in 2018, following a pattern which has been in place for several years, says insolvency trade body R3, commenting on the annual personal insolvency statistics released by the Insolvency Service. The statistics all showed that the total rate for personal insolvencies increased for the third…
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Around 23 million people have experienced a life shock in their household in the past two years. New research from StepChange Debt Charity finds that people who had experienced a life event in the last two years were three times as likely to be in problem debt than those who had not. This points to…
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The Financial Conduct Authority (FCA) is failing to adequately protect consumers from high-interest costs on credit cards according to a new report by the Centre for Responsible Credit, Jubilee Debt Campaign, New Economics Foundation and Research for Action. The report also calls for a cap on the total cost of charges that borrowers pay. Almost…
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New research, undertaken by Opinium, on behalf of UK lender Elevate Credit, reveals that nearly half (45%) of sub-prime borrowers, equating to 7.1 million people in the UK, would need to cut back their spending significantly if their earnings were reduced by £25 per week or £3.50 per day – just 50p more than a supermarket meal…
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Research by the Stepchange debt charity has found that almost one in five people who have taken out a high-interest rate, sub-prime credit card were unemployed at the time it was issued. Around four million people have a sub-prime credit card (defined as cards with an interest rate APR of 30-70%). The research found a…
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The majority of consumers are still living in the ‘age of austerity’, more than 10 years after the recession, a study has found. The study has found that 96 per cent are looking for ways to reduce their spending on a daily basis. Shopping in the reduced section, using price comparison sites and withdrawing cash…
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New figures released by the Finance & Leasing Association (FLA) show that point of sale (POS) consumer car finance new business volumes fell by 3% in May compared with the same month in the previous year. The value of new business fell by 1% over the same period. New business in the POS consumer new…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in May by 2%, compared with the same month last year. The retail store and online credit sector reported new business up in May by 2% compared with the same month in 2018, while credit card and personal…
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Parents on Universal Credit will have to find up to £800 extra to pay for childcare over the summer, with some resorting to payday loans to cover the cost, according to a report by Save the Children The report says that thousands of hard-pressed families will have to take out loans or borrow from family…
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Almost half of consumers are currently in debt and believe the rising cost of independent living is to blame. A survey of 1,000 UK adults published in The UK Spending Report, commissioned by a leading personal insolvency practice, Creditfix, has revealed that almost 1 in 2 consumers(46%) are currently in debt. Those who admitted to…
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Having already made significant progress across industries like finance and healthcare, I believe artificial intelligence (AI) is naturally placed to radically transform the legal sector. Indeed, the pace of technological change in the last decade means that businesses are constantly exploring new AI-driven solutions to help them gain a competitive advantage and survive in the…
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New research from the Centre for Economics and Business Research (Cebr) commissioned by equity release lender, more 2 life, has revealed that the later life lending market is set to almost double in size over the next decade. By the end of 2019, lending is expected to reach £295bn – rising to more than half…
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Consumers are “more pessimistic and polarised about Brexit” impact on finances according to new research by Royal London. In a third quarterly YouGov the survey found that age and gender make a big difference to expectations, with women more likely to expect their finances to get worse rather than better after Brexit (35 per cent…
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