Credit, Collections & Insolvency News
The UK’s energy crisis has prompted one in five (20%) consumers to rely on credit cards, loans and overdrafts to manage the mounting costs recorded over the last three months according to research by Credit Karma. The research found that the vast majority of consumers (78%) say they have experienced price hikes since the beginning…
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Here is an overview of The Money Charity’s latest statistics for February 2022 Personal debt in the UK People in the UK owed £1,765.6 billion at the end of December 2021. The average total debt per household, including mortgages, was £63,528. Per adult this was £33,328, around 108.7% of average earnings. This is up from the revised £33,306…
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Students in England will have to pay back university loans over 40 years instead of 30 years, the Government has announced. Under the current system, loans are written off after 30 years the change will mean that more students will pay back their loan. The student loan proposals could see the term extended to 40…
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The Credit Services Association (CSA) has announced that Cabot Credit Management’s General Counsel Sarah Whiteley has been elected as a new board member. Whitely leads the legal, governance and company secretary functions for Cabot Credit Management across the UK and Europe and is a trusted advisor to C-Suite colleagues, stakeholders, the Cabot Holdco and subsidiary…
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Joseph Rowntree Foundation (JRF) is warning that a planned real-term cut to benefits in April could pull 400,000 people into poverty. The analysis revealed the consequences of the Government’s decision to uprate benefits by just 3.1% in April, when inflation is forecast to hit 7%. The Foundation says that this represents a real-term cut to…
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Generation Z are far more likely to be living on the edge with only 14% having enough spare cash to be resilient to rising prices compared to 52% of Millennials, 60% of Baby Boomers and 64% of Generation X according to research by HL Savings and Resilience Barometer, produced with Oxford Economics. The research also…
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Sigma Connected, a provides customer contact services for the finance, utilities, telecommunications and retail sectors, has announced that it is celebrating a 10-year partnership with credit card and personal finance specialist Vanquis, part of the Provident Financial Group, by taking on a new and additional contract to provide customer services to oversee the firm’s credit…
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Latest statistics from the Insolvency Service have indicated that Northern Irish business and personal insolvency figures increased the latest quarterly figures. In January 2022, there were 18 business insolvencies registered in Northern Ireland, six times as many as in January 2021, but 31% lower than January 2020. The insolvencies comprised of two compulsory liquidations, 12…
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New figures released by the Finance & Leasing Association (FLA) indicated that second charge mortgage new business volumes grew by 36% in December and by 44% in 2021. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance &…
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New research has revealed that six out of ten credit card users don’t know how much interest they are charged, according to Yougov research commissioned by Klarna. In contrast, the research showed that consumers understand the headline terms and conditions of Buy Now Pay Later (BNPL) products better than they do credit cards. Having reviewed…
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The Credit Services Association (CSA), the trade body for the debt collection and purchase industry, and an approved Register of Apprenticeship Training Provider (RoATP) has launched a new Online Learning Platform to add to its extensive suite of training solutions. The new platform ensures credit and collections staff are trained and up to date with…
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Latest figures from UK Finance have indicated that mortgage arrears figures fell in the fourth quarter of 2021. The figures showed that overall, there were 79,620 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance at the end of December 2021, a reduction of 750 homeowner mortgages compared with the…
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Credit Connect’s hosted its fourth Online Collections Technology Think Tank 3.1 last week which saw collections strategies and the impact of the pandemic discussed by fifteen collections professionals from a variety of industry sectors. The themes of collections risk, customer engagement, affordability, vulnerable customers and the future collections were discussed by panellists and Chair Vanessa…
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