Credit, Collections & Insolvency News
Half a million private renters in the UK are behind on their rent, with protections against eviction due to expire this weekend, according to new analysis by Citizens Advice. The charity has warned that the news comes as the country enters another period of national lockdown, causing further economic hardship. Renters have already been badly…
Read more
The Bank of England (BoE) latest figures have revealed that households repaid just over £1.5 billion of credit card debt, personal loans and car finance in November, with weaker consumer spending with the second national lockdown believed to be a contributing factor. Net consumer lending dropping by £1.54 billion marking a 6.7% decline on the…
Read more
Financial recoveries specialist, The Zinc Group has announced that it has selected CCS to provide their recently launched Omni-Reach platform. The service from CCS provides real-time two-way messaging, an intelligent chatbot and is truly multi-channel being deployed by web, SMS, e-mail, and social-media. The chatbot can be trained or can self-learn to complete several tasks…
Read more
Consumer spending declined 7.1% year-on-year in 2020, as coronavirus restrictions impacted many sectors, with high-street retailers and hospitality hardest hit according to new data from Barclaycard. Yet there were some bright spots as changing consumer behaviours spurred e-commerce growth, while the rise of the ‘insperience economy’ saw digital services and subscriptions boom as consumers spent…
Read more
As European economies struggle to cope with the effects of the second wave of the coronavirus, Intrum’s Financial Wellbeing Barometer highlights the disparities in financial wellbeing among consumers across the continent. While pre-existing household debt and financial instability have been aggravated by the pandemic in southern Europe, stimulus measures appear to have protected household incomes…
Read moreCredit Connect Media has confirmed the date for its second Collections Technology Think Tank which will take place on Thursday 18th March. The event will focus on technological and innovational developments and strategies within collections. The Think Tank is a multi-session event that includes a diverse range of speakers and is set up so that…
Read more
Credit Connect has published its second annual Credit & Collections Technology company power list for 2020. The power listed is a round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies. The…
Read more
New research by Royal London reveals that the pandemic has adversely affected consumers’ ability to access basic financial products. The figures indicate that taking out personal loans, credit cards and overdrafts has become more difficult, and many people are turning to the benefits system, often for the first time. Since the virus hit in March,…
Read more
Over 800,000 private renters in England and Wales have built rent arrears since lockdown measures began according to estimates from new research by the National Residential Landlords Association (NRLA). A survey of tenants for the Association by consultancy Dynata suggests that 7 per cent of private renters have built arrears due to Covid-19 pandemic. Applied…
Read more
New research on average spend on credit cards rises in lead up to Christmas has indicated that it is only 2.6 percent lower than in November 2019 despite nationwide lockdown. Meanwhile, separate statistics show that the average balance of accounts missing two payments is at its highest in the last six years Stacey West, Principal…
Read more
Here is an overview of The Money Charity’s latest statistics for December 2020 Personal debt in the UK People in the UK owed £1,688.5 billion at the end of October 2020. The average total debt per household, including mortgages, was £60,580 and per adult was £31,867, around 109.1% of average earnings. Net mortgage lending rose by…
Read moreThe divide between the ‘haves’ and the ‘have nots’ continues to grow starkly as we move towards the end of a year dominated by the Covid-19 pandemic, according to the December 2020 Money Statistics, produced by The Money Charity. As statistics move into the final months of 2020 and with winter still to come, the…
Read more
NatWest has that it has announced that it has entered into an agreement with Metro Bank to purchase its £3.1 billion mortgage portfolio in a deal that will see 13,000 customers transferred over to the lender. The £3.1 billion purchase price represents a 2.7% premium on the gross book value. The portfolio consists of owner-occupied residential…
Read more