Credit, Collections & Insolvency News
Sales of non-performing loans (NPLs) hit a four-year low last year with €67.7bn sold, according to the Debtwire European NPLs FY20 Report. The Government supported disposals accounted for 60% of the total, the report found. The Cobid-19 crisis delayed portfolio sales as Europe went into lockdown, while agreements fell apart as the economic outlook deteriorated.…
Read moreThe UK credit card market is showing signs of recovery, with new accounts up by 16% month-on-month in November, and by 162% since the May 2020 low, according to data from the latest Equifax Market Pulse series. Credit limits, an indicator of lenders’ risk appetite and applicants’ financial health, are however still sliding, down 10%…
Read more
Older homeowners released more than £3.4 billion in property wealth last year with most of the money used to make their finances more resilient and help families via gifting according to new data from equity release adviser Key. Key says that against the backdrop of the ongoing global pandemic, there was a strong end to…
Read more
Latest figures published by UK Finance show there were 130,000 mortgage payment deferrals in place at the end of December 2020. It means that one in 84 mortgages in the UK were subject to a payment deferral at the end of last year, compared to one in six in June 2020. The number of mortgage…
Read more
Research from credit-builder credit card, Vanquis reveals the average consumer wants to save more (27%), spend less (24%), pay off debts (15%) and make a budget plan (13%) this year, while one in three (33%) of those with existing debt say they want to start paying it off. The research comes as an estimated 1.2…
Read more
Latest data published by UK Finance has revealed that spending across debit and credit cards fell in October 2020 compared to the previous month, as additional social distancing measures were introduced across the UK. There were 1.7 billion debit and credit card transactions in the UK in October, a 0.4 per cent decline from September…
Read more
Household financial wellbeing declined faster at the end of 2020 than at any time during the five years prior to the Covid-19 pandemic, according to the Scottish Widows UK Household Finance Index (HFI). The headline seasonally adjusted index which measures households’ overall perceptions of financial wellbeing registered at 41.1 during the final quarter of 2020,…
Read more
Younger drivers more than twice as likely as older generations to have deferred car financing repayments in 2020 according to new research by Deloitte. The research, based on responses from more than 1,500 driving-age consumers in the UK, revealed that 27% of drivers aged 18-34 have requested a payment deferral on car financing in 2020,…
Read more
The coming year is set to mark the peak of the pandemic-induced living standards downturn for households, especially those on lower incomes, even as the economy enjoys a vaccine-induced recovery, according to new Resolution Foundation research. While the debate around the current economic crisis and recovery tends to focus on GDP, the annual Living Standards…
Read more
A new report by Lowell has revealed that 51% of households are expecting to be worse off financially due to Covid-19 – together with the fact that 93% of the UK had their pay date in December brought forward, meaning that 39% of households will struggle financially (an increase of 32% from last year). Longer…
Read more
Personal insolvencies increased by 2% to 9,518 in December 2020 when compared to November’s figure of 9,328, and were 13.4% higher than December 2019’s figure of 8,391. Further analysis of the data on personal insolvencies has revealed a 38% increase in England and Wales over the last three months compared to the same quarter in…
Read more
Scottish personal insolvencies in December 2020 fell by almost a third (33%) when compared with December 2019 numbers. The figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland showed that in December 2020 that there were 9,070 personal insolvencies in the calendar year 2020, 4,542 (33.4%)…
Read more
From the moment Covid-19 swept across the globe and became a pandemic, Experian has been tracking the impact of the virus on the UK economy, and the businesses and consumers that drive it. We have brought together our market-leading data and enthused it with insight from our experts to deliver a comprehensive view of the…
Read more