Credit, Collections & Insolvency News
Latest figures from UK Finance have indicated that there was a slight annual increase in mortgage arrears in Q1 of 2021. However, the figures show that the levels remain close to historically low rates. The number rose by 230 in the first quarter to a total of 77,640 homeowners with mortgage arrears of 2.5% or…
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A quarter of 18-24-year-olds (young consumers) struggle to understand their energy bills according to new research from Octopus Energy and the National Literacy Trust. The research showed over 91% of the youngest bill payers couldn’t correctly identify all six key energy bill terms – including “dual fuel”, “kWh” and “tariff” – compared with just 21%…
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New research from Aviva has revealed that a quarter (25%) of middle-aged (45-54-year-olds) consumers (equivalent to 2.25 million people) say their total debts have increased in the 12 months to April 2021. This is despite headline figures claiming that consumers have saved more than £180 billion during the Covid-19 pandemic. One in five (18%) of…
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New analysis by EY ITEM Club’s Interim Bank Lending Forecast expects consumer credit to grow 10.5% in 2021 and 9.1% in 2022 as consumer spending rebounds post-lockdown. Net lending via credit cards and personal loans turned negative in 2020 and remained in negative territory in the first three months of this year. Annual growth in February…
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Paylink Solutions has announced it is one of four companies, alongside PayPlan, OpenWrks and Tully, that intend to merge the debt advice and finTech sector specialists. The company says that the merger will deliver tech-enabled debt advice, financial wellbeing and credit solutions group that can deliver transformative support to customers and clients across the UK.…
Read moreEQ Credit Services has released its latest UK research report into the unsecured lending sector which has revealed some startling consumer attitude shifts including a ‘new nervousness’ characterising the current credit market. This appeared most acute amongst the youngest generation (age 18-24), with over half of this group responding that they would only be prepared…
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Outsourcing collections specialist Sigma Financial Group has announced the appointment of Louise Morgan as Head of Bid Management & Solutions, who will support the firm’s growth plans both in the UK and abroad. The Sigma Financial Group, which offers ‘white label’ customer contact centre services across the energy, water, retail, financial services and telecommunications sectors.…
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New figures released by the Finance & Leasing Association (FLA) have shown that consumer finance new business grew in March 2021 by 7% compared with the same month in 2020. In Q1 2021, new business was 17% lower than in Q1 2020. The retail store and online credit sector reported growth in new business of…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes remained stable in March 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: “In…
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Latest Bank of England (BoE) figures show that UK homeowners borrowed a record £11.8 billion more on mortgages than they repaid in March, with market activity driven by the stamp duty holiday and low mortgage rates. Gross mortgage borrowing hit £35.6 billion in March, with buyers looking to tie up property purchases ahead of the…
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The Insolvency Service has published its latest personal insolvency Quarterly figures in England & Wales which have indicated that there were 29,140 seasonally adjusted individual insolvencies in Q1 2021, a fall of 5.3% compared to Q4 2020’s figure of 30,769, and a rise of 0.7% compared to Q1 2020 (28,936). Commenting on the figures Colin Haig,…
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Hundreds of thousands of people struggling with debt problems will be supported through the newly launched debt respite scheme. The Breathing Space measures will give those facing financial difficulties space to receive debt advice, or mental health crisis treatment, without pressure from creditors or mounting debts. Under the scheme, people will be given legal protection…
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Newly released government figures show 12.5 per cent of households in England are estimated to be in fuel poverty in 2021. The projection represents a reduction from the figure in 2019 of 13.4 per cent (3.18 million), which Business, Energy and Industrial Strategy Committee (BEIS) attribute to the progress in energy efficiency. The aggregate fuel…
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