Credit, Collections & Insolvency News
New research from Experian has found that one in six (60%) of consumers are e continuing to embrace digital transactions by using universal mobile wallets. The research has found that more people become accustomed to the security and convenience of the digital channel, digital transactions including mobile wallet payments are continuing to increase. The Global…
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New research by the Fabian Society has found that over 700,000 people in working or disabled households are to be pulled into poverty by universal credit cuts. The government has indicated that they will decide in early March whether to keep or scrap the temporary 12-month Covid payment giving claimants just a month to plan…
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The Government has announced that renters will continue to be supported during the ongoing national lockdown restrictions, with an extension to the ban on bailiff evictions extended until 31st March. The ban on bailiff evictions was introduced at the start of the pandemic means that the ban has been extended for another six weeks with…
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450,000 families are thought to have fallen behind on rent, as a result of the coronavirus crisis, according to a new report by the Resolution Foundation. The research indicated that more than 750,000 had been behind on housing costs last month, a 450,000 rise when compared to January 2020. The report examined how families have…
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Ofcom has fined O2 £10.5 million, after customers leaving the mobile provider were overcharged, due to billing errors by the company. Ofcom’s rules require telecoms companies to provide customers with accurate bills and charges. In 2019, Ofcom opened an investigation into potential issues with the way O2 was billing customers who were leaving the provider. When a…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in December 2020 by 18% compared with the same month in 2019, and decreased by 18% in 2020 as a whole. The retail store and online credit sector reported new business 6% lower in December than in the…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 26%in December 2020. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer & Mortgage Finance at the Finance & Leasing Association (FLA), said “The second charge…
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The rapid roll-out of coronavirus vaccines and declining case numbers have made many households optimistic about their financial prospects, according to the latest Household Financial Confidence Tracker from comparethemarket.com. Nearly four fifths (79%) of households found paying their bills manageable over the past seven days and 82% are confident they will be able to meet…
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The Financial Conduct Authority (FCA) has released its latest Financial Lives survey (FLS), looking at consumers’ financial situations, the financial products they choose and their experiences of engaging with financial services firms. The FCA concluded its FLS research in February, and ran an extra survey in October in order to understand the impact of the…
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New analysis by FICO have indicated that the average balances on credit card accounts missing two or more payments are increasing. Analysis of card trends for December 2020 presents a mixed picture of UK consumer financial stability. Some of the data suggests that credit card users are managing their finances prudently, but where there is…
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New research released by Resolver has revealed widespread confusion over payment holidays and the potential impact on people’s future finances. The company says to help people face down the financial challenges posed by the pandemic, the Financial Conduct Authority (FCA) introduced clear rules for lenders so they could offer people ‘holidays’ from mortgage, loan, credit…
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The persistent debt crackdown from the Financial Conduct Authority (FCA) has pushed credit card firms to be more supportive of customers struggling with long-standing debt since the rules came into force in 2018. However, according to the latest analysis from Moneyfacts over the same period the interest-free balance transfer market has contracted. The analysis reveals…
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A new report from Christians Against Poverty (CAP) has shown that over 50% of their clients forced into bankruptcy, should be allowed to use a much cheaper route out of debt CAP is calling for urgent changes to be made to Debt Relief Orders (DROs) so thousands of people can access a simpler way out…
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