Credit, Collections & Insolvency News
The name Robinson Way, one of the oldest in the UK Collections industry, is to disappear eight years after the business was acquired by Hoist Finance. The company will become Hoist Finance UK. The move follows a strategy to unify and harmonize the company’s operating model across the 12 countries in which it operates as…
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New figures released by the Finance & Leasing Association (FLA) show that the consumer car finance market reported a fall in new business volumes of 3% in October 2020 compared with the same month in 2019. In the ten months to October 2020, new business volumes in this market were 20% lower 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 35%. 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 “Despite weaker consumer confidence, new…
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New figures released by the Finance & Leasing Association (FLA) have shown that consumer finance new business fell in October 2020 by 11% compared with the same month in 2019, and decreased by 18% in the ten months to October 2020. Consumer car finance new business by value and retail store and online credit each…
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Economic upheaval is putting a disproportionate strain on young adults and parents in the UK, according to the latest European Consumer Payment Report by Intrum The annual European-wide survey of more than 24,000 consumers found that 36% experienced an income drop as a result of the Covid-19 crisis. Though 10% said their income has since…
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Latest figures from UK Finance have that there are 127,000 mortgage holidays (payment deferrals) in place in mid-November, a significant reduction in customers seeking this form of support from June’s peak of 1.8 million The figures indicate that the number of payment deferrals across mortgages and consumer credit reduced in recent weeks as more customers returned to making repayments or sought alternative…
Read moreHMRC has spent more than £84 million on private Debt Collection Agencies (DCAs) in the three tax years to 2019/20 according to new figures. The figures show that HMRC spent £32 million on DCAs, with £1.71 million being spent on final opportunity letters. In 2018/19, HMRC spent £26 million on DCAs, with £1.3 million being…
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Credit Connect’s latest episode of Connected News saw the theme of customer engagement within collections discussed at an event hosted in association with Aspect. Collections professionals Gary Moffat Customer Debt Operations Manager at Centrica and Martin Kirby Head of Credit Risk and Collections at Business Stream were joined by Martin Alderson from Aspect and discussed…
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Here is an overview of The Money Charity’s latest statistics for November 2020 Personal debt in the UK People in the UK owed £1,685 billion at the end of September 2020. The average total debt per household, including mortgages, was £60,449 and per adult was £31,798, around 110.3% of average earnings. Net mortgage lending rose by…
Read moreBank of England (BoE) latest data on lending shows that households repaid £600 million of debt in October, the repayment matches the same amount as September. This means the total repaid since the end of March now stands at £15.6 billion. Credit card debt has fallen by 13% over the past year, with consumers having…
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Millions of households are set to ration their energy usage this winter out of worry that they cannot afford their energy bills. According to new research by comparethemarket.com, nearly a third (31%) will ration their heating during the coming months to combat rising household bills as a result of the second national coronavirus lockdown. Rising…
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Almost 700,000 consumers, including 120,000 children, have been plunged into poverty as a result of the pandemic economic crisis, according to research by the Legatum Institute. The report provides the first estimates of poverty in Winter 2020 using the Social Metrics Commission’s approach to measuring poverty, which the Government is currently developing as an Experimental…
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The Resolution Foundation has predicted that the coronavirus crisis will see Britain’s 15-year squeeze on household incomes prolonged, with pay cut by £1,200 annually within the next four years. The Foundation’s report ‘Here Today, Gone Tomorrow ‘shows that the Covid crisis is causing immense damage to the public finances and permanent damage to household finances…
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