Credit, Collections & Insolvency News
Debt charity StepChange has warned that private tenants will need financial support to address the £360 million black hole of rent debt built up during the pandemic. From today (Tuesday 1st June) evictions for rent arrears can resume in England, however, the debt charity has highlighted that as yet there is no plan to help…
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The Financial Conduct Authority (FCA) has announced a package of remedies to improve competition and protect home and motor insurance customers from loyalty penalties. The changes mean that people renewing their home or motor insurance will pay no more than they would as a new customer from January. The FCA says that these measures address the…
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UK Finance and the Building Societies Association (BSA) are calling for further help for those struggling to pay their mortgage due to the financial effects of the Covid-19 pandemic. The organisations are calling for changes to Support for Mortgage Interest (SMI) which is currently offered to help homeowners to avoid their financial situation deteriorating by…
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Latest figures published by the Student Loans Company have revealed that graduates have overpaid £23 million on their student loans. The figures for 2019/20, showed that 54,516 graduates overpaid their student loans, because their payments didn’t stop once the debt was settled. The average overpayment was £424. In total £23.1 million was overpaid. The average…
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More than a million households are struggling to pay their water bills according to the Consumer Council for Water (CCW). According to the CCW, there are about 1.5 million people in ‘water poverty’ which it defines as having to spend more than 5% of their income after housing costs on water bills. As a result…
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Here is an overview of The Money Charity’s latest statistics for May 2021 Personal debt in the UK People in the UK owed £1,712.9 billion at the end of March 2021. The average total debt per household, including mortgages, was £61,435 and per adult was £32,326, around 110.3% of average earnings. Net mortgage lending rose by…
Read moreNew research by the Financial Conduct Authority (FCA) has highlighted the borrowing patterns of consumers during the pandemic, with men have borrowed more during the crisis (9% of men and 6% of women). The research looked at the impact on the finances of men and women during the pandemic and showed that before the pandemic,…
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The North of England has accounted for half of all property repossessions since the start of the pandemic, with the North West, in particular, home to the highest level according to research by YesHomebuyers. The latest UK House Price Index shows that the North of England is leading the way, with both the North West…
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The Credit & Collections Technology Awards has confirmed the judging panel for the 2021 event. Launched in 2017, the fifth annual awards seek to recognise excellence in credit and collections technology. The judging panel includes industry association leaders whose expertise includes specialisms from a diversity of different backgrounds, this ranges from consumer and business commercial…
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Latest figures from the Insolvency Service have indicated that personal insolvency numbers across England & Wales fell by 9.9% to 9,859 in April 2021 compared to March’s figure of 10,941, and were 5% lower than April 2020’s figure of 10,394. The figures show that there were 1,425 DROs and 812 bankruptcies. The bankruptcies were made up of 739 debtor applications…
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Rising house prices enabled older homeowners to release more than £1 billion in property wealth in the first three months of the year – the equivalent of more than £11.3 million a day, data from equity release adviser Key shows. The average customer received £103,710 – a 25% increase over the £83,242 released in the…
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Average spend on credit cards was 9 percent lower than March 2020 according to latest analyst from software provider FICO . The average spend on UK credit cards increased by £13 to £560 in March 2021, with sales 9 percent lower than a year ago. The figures revealed that average spend per card is lower…
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European credit management services specialist Lowell has announced strong collection performance and improving margins in its latest company results for the 3 months ending 31st March 2021. The company said collection performance has been very strong in the first quarter, performing at 112%. Cash flow continued to strengthen in the quarter with £121 million generated…
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