Credit, Collections & Insolvency News
Latest card spending figures from global analytics software provider FICO has indicated that the summer holidays and continued reliance on pandemic savings probably contributed to a growth in average spending on cards. The analysis shows that the average spend on credit cards increased £23 to £711 in August 2021. This is the highest level since…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 103% in August 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 & Leasing Association (FLA), said:…
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The Credit Services Association (CSA), the UK trade association for organisations active in the debt collection and purchase industry, has written to Ofgem to seek clarification in respect of the standards customers should expect in regards to the practices of administrators and accounts in arrears. It has also asked for reassurance that the integrity and…
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Council tax in England could rise by as much as £220 per year within three years, researchers have according to new research by the Nuffield Foundation in partnership with Citi. Under current government spending plans, council tax increases of 3.6% per year will be needed for the next three years just to ensure councils can…
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The Universal Credit cut will worsen rent arrears crisis according to the National Residential Landlords Association (NRLA) The NRLA says that with the Government pressing ahead with a planned cut to Universal Credit of £20 per week, the level of welfare support which had been increased in light of the impact of the pandemic on…
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The Government will today (Wednesday 6th October) withdraw £20 a week in support from Universal Credit claimants in a move that debt charity, StepChange says will have devastating consequences for its clients. Before today’s cut, among StepChange clients who rely on Universal Credit, the majority (59%) had more income than outgoings each month. Now, just…
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More than fifty charities and not-for-profit organisations have written to the Chancellor of the Exchequer, Rt Hon Rishi Sunak MP, calling on him to use his autumn Spending Review to pump the extra resources into social care. The charities say that the vast bulk of the money from the Government’s National Insurance rise will be…
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As the furlough scheme comes to an end this month, research from Canada Life has revealed how currently furloughed workers have boosted their income throughout the pandemic. The most common way of boosting finances was borrowing money on credit cards, with two in five (44%) saying they have considered or done this. This was closely…
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The boost to financial wellbeing triggered by the relaxing of pandemic measures dipped during the third quarter despite the first rise in household income from employment since Q1 2020, according to the latest Scottish Widows Household Finance Index. The Index, which measures households’ overall perceptions of financial wellbeing, dipped from 44.7 in the second quarter…
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From 1st October, rising energy bills, food inflation and the Universal Credit cut will mean millions of families could be £107 worse off every month, according to new research from Royal London. From October, the £20 weekly uplift to Universal Credit which equates to £86.66 a month, is due to be withdrawn. According to the…
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45% of vulnerable adults in the UK have experienced mental distress after being chased by organisations for missed payments or debt according to independent research carried out on behalf of the Vulnerability Registration Service (VRS), a not-for-profit company providing the UK’s first central vulnerability database. VRS says that the FCA’s guidance has been clear, organisations must…
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Here is an overview of The Money Charity’s latest statistics for September 2021 Personal debt in the UK People in the UK owed £1,741.7 billion at the end of July 2021. The average total debt per household, including mortgages, was £62,670 and per adult was £32,931, around 109.3% of average earnings. Net mortgage lending fell by…
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Credit management group Intrum has announced that it will return to the contingency collections market in the UK. The company now offers a full UK debt collection service, allowing clients to benefit from its continuous investment in technology and analytics as well as customer care support. The move complements Intrum’s established early arrears, white-label and…
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