Credit, Collections & Insolvency News
Average UK incomes continue to struggle in 2019, with regular real pay, as of April, 1.1% lower than the pre-crash peak in February 2008 and total real pay (i.e. including bonuses) 5.5% below, according to the June 2019 Money Statistics, produced by The Money Charity. Real pay, calculated by adjusting money wages for changes in…
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Here is an overview of The Money Charity’s latest statistics for June 2019: Personal debt in the UK People in the UK owed £1,637 billion at the end of April 2019. This is up from £1,588 billion at the end of April 2018, an extra £946.00 per UK adult over the year. The average total debt per…
Read moreA new report released by the Money and Pensions Service (MaPS) is calling on the retail banking sector to promote customer wellbeing. The Money and Pensions Service says that using saving goal-setting pots to spending analysis tools and features to find better energy deals, the retail banking sector has made significant inroads to help customers…
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One third of Scots (36%) have borrowed money from family and friends; yet one in ten (8%) do not expect to pay the money back, according to new research by Bank of Scotland. Part of Bank of Scotland’s ‘How Scotland Lives’ study, the nation-wide analysis from YouGov of 3,048 adults also found that almost a…
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Consumer spending will continue to outperform the economy as a whole despite being at its lowest level in six years, according to an EY ITEM Club special report. The EY ITEM Club forecasts consumer spending growth of 1.6% in 2019 and 1.7% in 2020, down from 1.8%, 2.2% and 3.2% in 2018, 2017 and 2016…
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Ten energy companies are failing to achieve even half marks (two out of five stars) in the latest customer service league table from Citizens Advice. That’s a quarter of the firms included in the table. The energy star rating assesses a wide range of customer service indicators, including numbers of complaints, call waiting times, and…
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A new report from Zopa has revealed the difficulties faced by customers applying for a personal loan, with most customers offered a rate higher than advertised or rejected altogether. The report, which included a mystery shopping exercise and research amongst loan customers, found that it’s nearly impossible for customers to compare loan providers or shop…
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British energy customers are facing a potential bill of £172 million from the collapse of 11 suppliers since January 2018. On top of this, thousands of people who owed money to failed suppliers lost out on consumer protections and faced aggressive debt collection as a result, according to new research by Citizens Advice. Energy suppliers…
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More than half (51%) of homeowners aged 45 and oversee money invested in property as part of their financial plans for later life, according to a new report from the Equity Release Council. The research shows older homeowners – particularly those aged 45 to 64, the retirees of tomorrow – are reassessing the traditional roles…
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A new report from FTSE100 financial services group Legal & General and Cebr shows that, amidst a reduction in transaction volumes across the UK housing market, it has been highlighted that the Bank of Mum and Dad (BoMaD) will fund nearly 20% fewer property purchases than in 2018. The jump in BoMaD loan sizes has…
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M&S Bank research has revealed that almost half (49 percent) of millennials (23-38 year olds) have provided financial support to their parents. This increases to 54 percent for the younger Gen Z-ers (16-22 year olds), who have supported their parents more than any other age group. The insight debunks common misconceptions about the bank of…
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Over 50s are increasingly financing not just one, but two generations; boosting spending money, gifting lump sums, or providing childcare – totalling £53bn per year according to new research from Saga. The research has revealed that 69% of over 50s provide financial support to their children and 57% to their grandchildren. In fact, four in…
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New research from Experian has revealed that most customers (51%) are so fed-up with slow sign-up processes that many will simply abandon their application. At the same time, 74% of businesses say that improving customer experience is a critical or high priority, however 28% admit they are not sure they offer a friction-free service to…
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