Credit, Collections & Insolvency News
The number of County Court Judgments (CCJs) issued against consumers fell 16 percent in Q1 (January-March) 2020 compared to the same period last year, according to figures released by Registry Trust. The number is down from 321,281 in Q1 2019, to 269,249 this quarter. The number of consumer judgments in England & Wales issued this…
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The Financial Conduct Authority (FCA) has confirmed that it will be introducing the package of measures outlined last week to support consumer credit customers facing payment difficulties due to coronavirus (Covid-19). The targeted temporary measures being implemented are a 3-month payment freeze for motor finance, buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking agreements. For high-cost…
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UK households will have £43 billion less cash available for essential spending between April and June, as the UK slides into its deepest recession in decades. Disposable income earned by UK households, once it has been adjusted for tax and benefits, will be 17% lower in the second quarter of this year, according to analysis…
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37% of people across the UK have seen their incomes had been affected by the Coronavirus impact according to new research by Kantar. Nearly four in 10 people who have been financially impacted by coronavirus have seen half their income or more wiped out. Some 14% of people whose income had been impacted said it…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in February 2020 by 6% compared with the same month in 2019. Credit card and personal loan new business together grew in February 2020 by 9% compared with the same month in 2019, while retail store and online…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in February 2020 by 1% compared with the same month in 2019. The consumer new car finance market reported new business volumes 8% lower in February 2020 compared with the same month in…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes up by 13% in February 2020 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The second…
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Over 1.2 million mortgage payment holidays have been offered by lenders to customers impacted by Covid-19 according to the latest figures from UK Finance. Action by lenders means one in nine mortgages in the UK are now subject to a payment holiday. The number of payment holidays in place more than tripled in the two…
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The insolvency litigation market has increased by 50% in the past four years to £1.5 billion per annum, with litigation funding fast catching up with ‘no-win no-fee’ arrangements, research has revealed. The research report by Professor Peter Walton of Wolverhampton University found that the value of insolvency claims has risen by 50% to £1.5 billion…
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The Financial Conduct Authority (FCA) has confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products. Following a short consultation the FCA will be going ahead with the proposals outlined last week, which will give firms the flexibility under our rules to provide temporary financial…
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Credit management services company, Lowell has announced that it has signed up to the C-19 Business Pledge, and comes on the back of Lowell extending its commitments to customers during the coronavirus pandemic. The C-19 Business Pledge was launched by Rt Hon. Justine Greening, and has the backing of a number of other Members of…
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The Institute for Fiscal Studies (IFS) has warned against rising poverty as a report suggests the young and low-paid will be worst affected by business shutdowns during the coronavirus crisis.The study noted that employees aged under 25 were about two and a half times as likely to work in a sector in effective lockdown because…
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The Financial Conduct Authority (FCA) has set out its business priorities for the year ahead – with specific focus on the challenges presented by the coronavirus (Covid-19) pandemic. In responding to the challenge of coronavirus the FCA will focus on ensuring that financial services businesses give people the support they need, that people avoid scams,…
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