Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for December 2017: Personal debt in the UK People in the UK owed £1.562 trillion at the end of October 2017. This is up from £1.504 trillion at the end of October 2016 – an extra £1,106.13 per UK adult. Per adult in the UK that’s an average debt…
Read moreIn a recent survey to help promote a better understanding of Basic Bank Accounts, Virgin Money has found that one in six people (16%) expect the cost of Christmas to mean they are likely to use their overdraft over the festive period, which would equate to over 8 million people across the UK. Of those likely…
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Economy Energy has finished bottom of the Citizens Advice’s league table of energy suppliers for the second consecutive quarter. The company received a score of 1.8 out of 5 for its customer service for the period from June to September 2017. Spark Energy dropped 11 places in the rankings to join Economy Energy at the…
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The UK Government has announced that it has completed its first sale of the English student loan book. The sale raised £1.7 billion with a face value of £3.54 billion The sale included loans issued by English Local Authorities under the previous (pre-2012) system, specifically those that entered repayment between 2002 and 2006. The loan…
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The winners of the inaugural 2017 Credit & Collections Technology Awards have been revealed. There were sixteen winners (three of which were partnership wins) from the sixteen Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation. The Credit & Collections Technology Awards were launched in the Summer and…
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Nearly one in seven Britons (14 percent) are worrying about money every day in the run-up to Christmas, with 37 percent putting Christmas costs on credit, according to new research from National Debtline, run by charity the Money Advice Trust. The research, based on a poll of more than 2,000 British adults conducted online by…
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The number of people dying without making any specific provision to pay for their funeral has risen by 11%1according to SunLife’s Cost of Dying report. The average cost of the cremation or burial, including the fees for the funeral director, the doctor, and the minister or celebrant is now £4,078. The send-off costs (order sheets,…
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UK households are set to spend around £20 billion celebrating Christmas. According to new research commissioned by GoCompare Money, this Christmas the average British household expects to spend £726 on presents, parties, feasting, gifts and decorations. For UK households as a whole – that equates to £20.3bn. Gifts for loved ones represent just over half of…
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Over two million people in the UK are stuck in a constant cycle of persistent overdraft debt, according to a new report – ‘Stuck in the Red’ – by StepChange Debt Charity. The report also highlights evidence of unaffordable lending in the overdraft market and cases where banks have failed to offer their customers a…
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Britain’s record on tackling poverty has reached a turning point and is at risk of unravelling this follows the first sustained rises in child and pensioner poverty for two decades according to latest research by the Joseph Rowntree Foundation (JSF). The report finds that almost 400,000 more children and 300,000 more pensioners are now living…
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A quarter (25%) of women experience significant doubts several times a day, compared to just 19% for men. This trend can be seen across areas of personal finance – with almost a third of women (32%) saying they lie awake with money worries at least once a week, compared to just 23% of men Women appear to take…
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A new European Consumer Payment Report, from debt collection specialist Intrum, has shown that parents are vulnerable to social pressure, forcing them to spend more money on their children than they can afford. Every third parent in Europe has experienced social pressure during the past year to buy something for their children that they feel…
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Latest figures from the Bank of England have shown lending on credit cards and loans have fallen to an 18-month low. The Bank of England figures showed that unsecured consumer credit grew by 9.6% year on year in October, down from 9.8% in September. Consumers added £1.5bn to the pile of consumer debt, which rose to…
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