Credit, Collections & Insolvency News
New research from Yolt has revealed that 8.7 million consumers (17%) are ‘financially stretched’ following the pandemic. Whilst one in ten (10%) expect to financially struggle in the next 12 months, despite signs of economic recovery, as many households continue to feel the financial impact of the pandemic. Yolt’s research has found that there are many experiences…
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Latest figures from the Insolvency Service have indicated that personal insolvency numbers across England & Wales increased by 15.8% in June 2021. Personal insolvencies rose by 9,836 in June 2021 compared to May’s figure of 8,497, and were 18.8% higher than June 2020’s figure of 8,282. The figures show that there were 735 bankruptcies and…
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The Bank of England’s quarterly Credit Conditions Survey saw respondents say that the length of interest-free periods on credit cards, for both balance transfers and purchases, had increased in the previous three months, with further increases expected in the next three months. Mortgage availability also increased in the three months to the end of May,…
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Young adults well protected from increased hardship through the pandemic but a risk that many will bear scars of the recession for years to come according to new research by the Institute for Fiscal Studies, funded by the Joseph Rowntree Foundation. The report says that the careers of young adults have been heavily disrupted by…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 293% in May 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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Here is an overview of The Money Charity’s latest statistics for June 2021 Personal debt in the UK People in the UK owed £1,714.4 billion at the end of April 2021. The average total debt per household, including mortgages, was £61,509 and per adult was £32,355, around 108.7% of average earnings. Net mortgage lending rose by…
Read moreTwo-thirds (63%) of UK financial services companies now use alternative data to improve decision making according to new research by Oxylabs. The research showed that over a quarter (26%) note their data needs have increased significantly since 2020 with interest in alternative data acquisition has increased almost threefold over the past year. The research revealed…
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Latest Bank of England (BoE) figures show that consumer borrowing rose in May, outpacing the amount repaid for the first time since August 2020. Net borrowing rose by £280 million during the month, up from a net repayment of £228 million in April. The report shows that borrowing on credit cards fell but there was…
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New research has found that the ending of the furlough scheme could spell financial disaster for younger workers. From 1st July 2021, the Government will reduce the level of support given to employers under the Coronavirus Job Retention Scheme. Currently, the Government pays 80% of an employee’s wages for any hours not worked. From Thursday,…
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New research from leading equity release lender, more2life, has revealed that over three-quarters (78%) of advisers think more of their customers will look to equity release to support basic retirement needs over the next year. More than half (59%) of advisers also think a greater number of their clients will enquire about equity release as a…
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Water companies must improve the way they engage with their customers to ensure those that are struggling most to afford their water bills don’t miss out on support according to The Consumer Council for Water (CCWater), a statutory consumer body for the water industry. The Consumer Council for Water’s (CCW) annual Water Matters study found…
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Over one in ten (13%) (equating to 377,000 people nationwide) single-parent household saw their debt increase in lockdown, almost three times as many as those in households without children (5%) according to new research by comparethemarket.com. The research showed that during the second national lockdown, 39% of single parents were concerned over their ability to pay…
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Customers in need of financial support are more also more likely to have poor mental health according to research by Ofwat. The research showed that those who struggle with their mental health find it much harder to ask for help with bill debt, creating a vicious circle for people in need of support exacerbated by…
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