Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show growth of 1% in consumer finance new business in February 2019, compared with the same month last year. Retail store and online credit grew in February by 6%, compared with the same month in 2018, while the personal loan and credit card finance sectors…
Read more
According to new research by Equifax, consumers are most likely to vote with their feet when it comes to their electricity and gas provider (41% say they would switch), followed by their TV/internet provider (33%) and mobile phone provider (31%). The research found only 22% of people would switch their bank account, and the figure…
Read more
One in four consumers believe the ownership era is coming to an end, a study found. A poll of 2,000 UK adults found more than 40 percent believe they’ll never own their own home. And it also emerged currently less than half the nation own cars outright. The results of the study display the current…
Read more
According to latest research by Moneyfacts.co.uk, the number of credit-impaired residential mortgages has decreased by 261 to 590 products over the past six months. Although choice is becoming more limited overall, the average credit-impaired two-year fixed rate mortgage has fallen by 0.13% to 4.36% since October last year while the average three-year rate has fallen…
Read more
Millions of consumers are taking on multiple forms of debt without a clear plan of how to pay it off, new research by KnowYourMoney.co.uk has revealed. The comparison website commissioned an independent, nationally-representative survey among more than 2,000 UK adults. It found that 62% of people across the country have some form of debt, with credit cards (35%),…
Read more
Here is an overview of The Money Charity’s latest statistics for March 2019: Personal debt in the UK People in the UK owed £1.629 trillion at the end of January 2019. This is up from £1.579 trillion at the end of January 2018, an extra £952.50 per UK adult over the year. The average total debt per…
Read moreEleven million households are being urged to shop around and switch energy provider to avoid a £117 (10%) price hike caused by the Government’s own energy price cap. Research carried out by weflip has looked at 318 energy deals and found that 297 will be cheaper than the energy price cap in April, with 193 that…
Read more
New research by the Money and Mental Health Policy Institute has revealed the links between financial difficulty and mental health problems in England – and which mental health conditions can increase your chances of being in problem debt. The charity is calling on the government to use its upcoming Consumer White Paper to ensure people with…
Read more
A survey by Comparethemarket.com has revealed consumers attitudes towards credit and how debt is impacting their lives. The price comparison site wanted to discover the main reasons why people get into debt and how it affects their lives, in particular, their relationships and mental health. The survey found that 45% of consumers are in debt,…
Read more
With weeks to go until Brexit, the impact the UK’s exit will have on the economy is still unclear for many, yet recent research from Just Group found some British consumers have a sense of optimism about their finances over the next year. Despite declining confidence in the economy and property market, the research reveals…
Read more
HM Treasury-backed rent reporting service CreditLadder and the Nationwide Building Society, have joined forces to help first-time buyers move on to the property ladder. The relationship enables would-be homeowners to be prompted if they are eligible to apply for a Nationwide mortgage. Users will then be directed to discuss potential options with Nationwide’s mortgage consultants…
Read more
A high number of consumers don’t know how to manage their finances in a responsible manner, according to research. A survey of 1,000 UK adults, carried out by personal insolvency practice Creditfix, found that only 34% of consumers admit they feel ‘in control’ of their finances. An overwhelming number (57%) said they couldn’t even confirm…
Read more
The UK’s wealthy high net-worth individuals (HNW) individuals are struggling to secure credit from high street banks, new research from Butterfield Mortgages has revealed. Butterfield Mortgages has commissioned an independent survey among more than 500 high net-worth individuals to uncover the difficulties they face when applying for credit. It found: A ninth (12%) of the HNWs…
Read more