Credit, Collections & Insolvency News
A new Credit & Technology Think Tank has been launched by Credit Connect Media. The event will examine credit and collections technology strategies to increase effectiveness and efficiency as we emerge from the worst impact of the pandemic. The inaugural Credit & Collections Technology Think Tank powered by Credit Connect will take place on Thursday…
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The Online Collections Technology Think Tank 2.1 has confirmed its agenda and speaker line-up ahead of the event next Thursday (16th September). The third Collections Technology Think Tank has been created as an online event platform so that collections professionals can specifically discuss the role of the technology as we potentially emerge from the pandemic,…
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One in ten Buy Now Pay Later (BNPL) are falling into arrears, rising to one in eight young people new research by Citizens Advice has found. Millions of consumers use Buy Now Pay Later to split or delay payments with the charity’s latest research indicating that BNPL shoppers were charged £39 million in late fees…
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The finalists for the fifth annual Credit & Collections Technology Awards, the UK’s celebration of tech innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect Media will host the Awards ceremony as a face to face event at the Midland Hotel, Manchester on Thursday 4th November. This year’s…
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Outside of mortgage borrowing, consumers borrowed no additional consumer credit in July, according to Bank of England (BOE) figures, with the sum households paid back roughly equivalent to what they were loaned. The figures compare with an average of £1.2 billion of consumer credit borrowed per month in the two years to February 2020. Economists…
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The Government Debt Management Function has launched a Vulnerability Toolkit which ensures ‘vulnerable’ citizens who are in debt to the public sector are handled with compassion and support by frontline staff. The new guidance will be accessible to government departments and public bodies, enabling them to identify and assist people whose physical or mental health…
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Here is an overview of The Money Charity’s latest statistics for August 2021 Personal debt in the UK People in the UK owed £1,742.7 billion at the end of June 2021. The average total debt per household, including mortgages, was £62,705 and per adult was £32,950, around 109.7% of average earnings. Net mortgage lending rose by…
Read moreLatest monthly figures from the Insolvency Service have indicated that personal insolvency numbers across England & Wales fell by 7.8% to 9,079 in July 2021 compared to June’s figure of 9,848, and were 23.8% higher than July 2020’s figure of 7,335. There 620 bankruptcies were registered, which was 34% lower than July 2020 and 58%…
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Tesco Bank has announced plans to transfer its collections and recoveries operations (Financial Assist) within its Customer Service division to Arrow Global. Arrow Global says that the partnership will allow Tesco Bank to deliver an enhanced service to customers in financial difficulty by providing the necessary support and flexibility they will need in the future.…
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The Government is been warned about the impact of benefit cuts and their knock-on impact on renters. Bodies such as Nationwide, the Mortgage Works, Crisis, the Big Issue, the NRLA and StepChange, have urged the Government to reverse the decision to freeze local housing allowance and cut the temporary £20-a-week rise to universal credit. The…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies numbers decreased in July. In July 2021 there were 142 personal insolvencies in Northern Ireland, the figures were 11% lower than July 2020 and 28% lower than July 2019. The insolvencies consisted of 121 IVAs, 14 DROs and seven bankruptcies. There were…
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A third of self-employed homeowners have increased their unsecured debts and a quarter have deferred mortgage payments to prop up their finances during the Covid-19 pandemic according to research by The Mortgage Lender. The survey, which was carried out in March this year among 1,000 self-employed homeowners, or those who want to own their own…
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Latest UK Finance figures show that mortgage arrears remained at record lows in the second quarter of 2021, with 1,370 fewer mortgages in arrears at the end of June compared to the end of March. The number of mortgages in early arrears is below the level seen prior to the pandemic. Total mortgage arrears remain…
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