Credit, Collections & Insolvency News
The average consumer doesn’t begin to worry about their debt until it hits £6,012, a new study has found. The research also revealed many only consider themselves to be ‘in debt’ once they are £3,882 in the red. But they only begin to see the deficit as a ‘serious concern’ when they owe more than…
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The number of complaints to the Financial Ombudsman Service (FOS) about fraud and scams has surged to record highs, figures show. The 40% rise in grievances after people have been tricked out of their money has pushed the overall number of complaints to its highest level in five years. For the first time in ten…
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A new study of parents has discovered the true price parents will pay for extracurricular activities before their children turn 18, with as many as 77 percent admitting they feel under huge pressure to find extra cash each week for activities, tuition, sports training and clubs, as school budgets are cut and families are left…
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According to the National Numeracy Day campaign, around half the UK’s adults have poor numeracy skills. Yet evidence suggests becoming a “numbers person” can help you save money and make money. To mark National Numeracy Day, StepChange is hosting a “Budgeting Special” Facebook Live event from 12:30pm onwards [15 May], to which questions can be…
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New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q1 2019 was 24, 47.8% lower than in the first quarter of 2018. The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.08% in the twelve months to March 2019.…
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Three in ten (28%) consumers ran a ‘deficit budget’ in the past month, spending more during the month than they received in income, according to new research from R3, the insolvency trade body, and ComRes. One in six consumers (17%) spent up to £100 more than they received in income over the past month; 7%…
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Free debt advice specialist, PayPlan, has surveyed its clients to find out how being in debt has impacted their mental health. The survey found that over 85% of clients reported that being in debt negatively impacted their mental health, reporting feelings of stress (91%), anxiety (84%) and depression (68%). Almost half of those surveyed visited…
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The Treasury Committee has published a new unanimously-agreed Report on consumers’ access to financial services. The report says access to financial services and financial inclusion are issues of fundamental importance to the Treasury Committee, UK consumers, and also the functioning of the economy. Everyone can be vulnerable at some point, so financial inclusion matters to everybody,…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell by 2% in March compared with the same month last year. In Q1 2019 as a whole, new business was at a similar level to Q1 2018. Retail store and online credit new business increased by 4% in…
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New figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market fell 1% by volume in March, compared with the same month in 2018. The corresponding value of new business was at a similar level to March 2018. The POS consumer new…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage market new business volumes increased by 31% in March. Commenting on the March 2019 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “In…
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New research analysis by The Registry Trust has found that lenders accounted for 37 percent of judgments, ahead of the government sector on 27 percent and housing bodies on six percent of debt judgment information in Northern Ireland during 2018. Uncategorised claimants (which include insurance brokers, debt collectors and personal claimants) made up a further…
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Webchat, SMS and social media messaging are popular ways for customers to contact brands – but new research by Ultracomms reveals how consumers feel about contact centres and confirms they still want to pick up the phone when they have a problem. The contact centre specialist surveyed 1,000 consumers on their experience of interacting with…
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