Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has today published a discussion paper on Intergenerational Differences, exploring the changing financial needs of consumers from different age groups. The way people build and use wealth is evolving – having an impact on their financial needs. With one of the FCA’s statutory objectives being to protect consumers, it is…
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The Insolvency Panel has announced a new partnership with credit referencing agency TransUnion (formerly Callcredit) that will allow its clients access to credit reporting information for the first time. The detailed data available from TransUnion will be a valuable resource to those seeking debt management and insolvency counsel. The Insolvency Panel is an industry group…
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The number of recorded crime series incorporates fraud offences collated by the National Fraud Intelligence Bureau (NFIB) from three reporting bodies: Action Fraud (the public-facing national fraud and cybercrime reporting centre) and two industry bodies, Cifas and UK Finance (who report instances of fraud where their member organisations have been a victim) show an Increase…
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Credit card spending totalled £10.5 billion in March, 8.1 per cent higher than the same month in 2018 according to the latest UK Finance Household Finance Update. The increased lending on credit cards has been matched by growth in repayments, reflecting the growing use of cards by consumers as a preferred means of payment rather…
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Here is an overview of The Money Charity’s latest statistics for April 2019: Personal debt in the UK People in the UK owed £1.633 trillion at the end of February 2019. This is up from £1.584 trillion at the end of February 2018, an extra £942.39 per UK adult over the year. The average total debt per household,…
Read moreOver 250,000 homeowners are expected to struggle to refinance their properties over the next five years, according to research conducted by Kensington Mortgages. The data shows that 15 per cent of borrowers will have reached the end of their repayment date by 2024 and will be unable to find a new deal, which Kensington says…
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Consumers are making significant financial errors which could be damaging their credit rating according to new research from comparethemarket.com, the majority of people (55%) don’t know what their credit rating is and 43% would have no idea how to improve it. The research suggests that the UK has many blind spots when it comes to…
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Over one million consumers who do not have a bank account pay on average £485 for household services according to new research by Pockit. The digital current account provider found that around 1.23 million ‘unbanked’ individuals are missing out on preferential deals and discounts on utility bills, mobile phone contracts, broadband and personal loans. The…
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The Financial Conduct Authority (FCA) has published the latest complaints figures for regulated firms for the second half of 2018. During the second half of 2018 (2018 H2), complaints decreased by 5%, falling from 4.13m to 3.91m. This is the first time the number of complaints has fallen since firms were required to change the…
Read moreMore than four million consumers say they do not have enough mental space to make the right choices when it comes to tackling difficult decisions, according to research from Scottish Widows. A further 6.4 million people say they simply don’t have time to do important life admin. It’s not just about having time to dedicate…
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Contactless card transactions were nearly a third of all volume in January 2019 according to new data from UK Finance. Over the month, there were 642 million contactless card transactions in the UK. This is a 19.5% increase from the same time in 2018, a total of 537 million. The value of these contactless transactions…
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Two in five (40%) British adults are at least fairly worried about their current level of debt, while the same proportion (40%) say they sometimes or often struggle to make it to payday, according to research by insolvency and restructuring trade body R3. The figures, from the latest in the long-running R3/ComRes survey of over…
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New data published by Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, shows that essential expenditure rose modestly by 2.2 per cent, boosted by a 4.1 per cent growth in petrol spend while supermarket sales contracted 0.5 per cent. Non-essential spending, meanwhile, saw year-on-year growth of 3.4 per cent. Yet,…
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