Credit, Collections & Insolvency News
Nearly one in three people are retiring in debt this year with an average £20,650 to pay off, new research by equity release adviser Key, has indicated. People expecting to retire this year are facing debts around a fifth higher than those who finished work last year the study shows – although the number of…
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New research by LifeSearch has indicated that consumers’ wealth continues to recover as £14.1 billion of debts repaid and £34.6 billion saved in the past 6 months. The research has found that 14% of consumers have repaid debts in the last six months, rising to 20% of Generation Y (aged 25-39); an average of £319…
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A new report from Juniper Research has found that global contactless card transaction values will reach $2.5 trillion in 2021, from $1.7 trillion in 2020, with cards retaining the majority share of overall contactless transaction values at 79% in 2021. The pandemic has significantly accelerated an existing contactless card usage trend, and these value increases…
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New spending analysis of UK card trends by FICO for May 2021, suggests that some consumers are practising pragmatic financial management, as well as continuing to make use of savings accrued during the pandemic. There are, however, warning signs of the financial pressure growing for those already in debt. Whilst the effects of a full…
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Water regulator Ofwat has outlined its view that levels of bad debt costs across the business retail market are exceeding 2% of non-household revenue. Ofwat has therefore decided a temporary increase in the maximum prices retailers are permitted to charge is warranted. Measures introduced since March 2020 to contain the spread of Covid-19 could lead…
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The Credit Services Association (CSA) is urging policy-makers to take extra care before prescribing detailed forbearance schemes that could make a customer’s debt problems worse not better. The CSA believes that constraining the flexibility that exists in the current regulatory framework, and which enables customers and their creditors to agree solutions based on an individual’s…
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New Ofcom data has found that around two million households are struggling to afford internet access. The research shows that many people on low incomes are struggling to pay, and not all are getting the support they need from telecoms companies and that there is considerable variation in the support available for customers who may be…
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New research has found that 840,000 private renters have built up arrears as a result of the Covid pandemic meaning 56% of landlords have lost rental income. The research by Homeppl also found that there was also 71% rise in fraudulent applications, one in 50 are now fraudulent and that fraudulent tenants now costing landlords…
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Credit Connect’s hosted the latest edition of the Connected News series last week which saw a discussion focused on the delivery of responsible vulnerable communications strategies and the future of the sector discussed by four leading collections professionals. Banks, credit card providers, building societies, loan providers, collections specialists, utility firms and fintechs were amongst the…
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New research by MoneySuperMarket has found that over 11 million consumers could see their energy bills balloon by 20% in 2021. The research found that bills for 11 million consumers on standard or default tariffs are set to rise by an unprecedented 20% since the start of the year it also found that energy bills…
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New research from Aldermore bank has revealed that self-employed workers in the UK are pessimistic about their home buying chances, as the pandemic has exacerbated difficulties felt by this group in getting a foot on the housing ladder. The challenges self employed renters are facing in buying their first home has become more pressing as the pandemic experience has energised…
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The UK’s over-55s are expected to borrow £10 billion more in 2021 as consumer confidence returns to a post-Covid economy, according to new research from equity release lender, more2life, and economics consultancy, Cebr. The research reveals that the total amount of both secured and unsecured debt owed by the over-55s will rise from £226bn in 2020…
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Over seven million people (14%) are worried that they will not be able to afford their council tax bills over the next year, according to new research from the Money Advice Trust. Findings from the charity’s ‘Council Tax After Covid’ report have highlighted that some vulnerable groups are most at risk of falling behind on…
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