Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that the consumer car finance market reported a fall in new business volumes of 35% in January 2021, compared with the same month in 2020. The consumer new car finance market reported a fall in new business volumes of 38% in January compared with…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 40% in January 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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New research by free debt advice provider Financial Wellness Group, shows that people using Buy Now Pay Later (BNPL) loans are getting into problem debt younger. The average age of customers seeking debt advice with BNPL debts is 34, compared to 37 for those without BNPL debts. In fact, 40% of BNPL customers seeking debt…
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A new data-driven technology debt prevention company has launched with a vision which it says will enable organisations to better understand and support their customers. Connected Data, says that it will aim to transform an organisation’s debt and customer management processes by significantly simplify the deployment of predictive data and remove ‘data noise’. The company…
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The Online Collections Technology Think Tank 2.0 has confirmed its agenda and speaker line-up ahead of the event next Thursday (18th March). The second 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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Nearly 250,000 households could be automatically switched onto more expensive ‘default’ energy tariffs in March if they do not switch tariff or provider when their deal comes to an end. In January, there are 182 fixed energy tariffs coming to an end, according to new research by comparethemarket.com. Rolling off fixed term deals onto default…
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Furlough and forbearance appear to be masking the true impact of the pandemic, which may well lull politicians and lenders into a false sense of security according to software provider FICO. The company’s analysis of UK card trends for January 2021 has highlighted a mixed and perhaps confusing picture of UK consumer finances. The company’s…
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The Financial Conduct Authority (FCA) has confirmed that repossessions may be allowed from 1st April but only as a last resort. The regulator implemented a moratorium amid the coronavirus crisis, protecting people from repossession proceedings, with this extended to April in January. The FCA has said that as of next month, firms are able to…
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Chancellor Rishi Sunak has announced the extension of several Covid-19 support schemes until the end of September, including the furlough scheme, self-employed income and an extension of the universal credit uplift as part of his budget announcement. In response to the budget debt charity StepChange says that the budget announcement extends much-needed support for people…
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Millions of consumers are at risk of being unable to afford their monthly phone bills as a result of mid-contract price hikes according to new research by Tesco Mobile. The findings come as some mobile providers have announced price hikes of up to 4.5 per cent for some SIM-only and pay monthly customers from April.…
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New analysis shows that over 1 million more people will be living on an income with which they can’t afford to meet everyday needs by May compared to last September, even if the £20 uplift to Universal Credit is extended in the budget according to New Economics Foundation (NEF). The report says that, in May,…
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The number of households experiencing problem debt could rise to 1.5 million by the middle of the year, the highest level since the period following the global financial crisis and an increase of 370,000–480,000 since the start of the pandemic, according to research published by Pro Bono Economics for Citizens Advice. The report also suggests…
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Here is an overview of The Money Charity’s latest statistics for February 2021 Personal debt in the UK People in the UK owed £1,696.4 billion at the end of December 2020. The average total debt per household, including mortgages, was £60,860 and per adult was £32,014, around 107.5% of average earnings. Net mortgage lending rose by…
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