Credit, Collections & Insolvency News
People borrowed 20% more from pawnbrokers in the past year as part of the cost of living impact, according to research by Mazars. The research showed that 341,000 people now owe money to pawnbrokers, up from 317,000 from last year. The value of loans taken out from pawnbrokers has jumped 20% in the past year,…
Read moreLatest monthly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies and business insolvencies increased in September. The figures showed that there were 22 company insolvencies registered in Northern Ireland, this is double the number in September 2021, but 39% lower than September 2019. This was comprised of two compulsory liquidations, 18…
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Latest research by The Bank of England’s Credit Conditions Survey suggests more households and businesses will default on loans in the coming months, with lenders expecting the availability of mortgages and consumer and corporate credit to decline. The Bank of England says that this is likely to see default rates on mortgages, credit cards and…
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Almost three-quarters of consumers are concerned about having enough funds to manage the festive shopping period, according to a new report from fintech platform Trust Payments. The survey of 2,000 residents in the UK to find out their spending habits, purchase patterns and financial concerns found that not only is the festive season a concern…
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Latest figures from Barclaycard show that more than half of consumers are cutting back on non-essential spending with sales at bars, pubs and clubs down 0.4% in September compared with a year earlier. This marks the first time sales have fallen since March 2021 when pandemic restrictions began easing. Consumer card spending grew 1.8 per cent year-on-year…
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At least one in five working-age families in most UK constituencies would lose out by hundreds of pounds on average if real-terms benefit cuts go ahead, a study Joseph Rowntree Foundation (JRF) has found. JRF has used the latest official data to produce a comprehensive analysis of which parliamentary constituencies will be most affected if…
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The Financial Conduct Authority (FCA) has updated its guidance on how banks should approach branch and ATM closures. The regulator is now asking banks to assess what affect partial closures, such as removing counter services or permanently reducing opening hours, will have on customers and to put alternatives in place before changes are made. Since…
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Google has announced a change to its debt service advertising policy, following collective evidence provided by the debt advice sector. From 6th December, Google will only allow organisations who are FCA authorised for ‘Debt Counselling’ and ‘Debt Adjusting’ to advertise debt services. Insolvency Practitioners will no longer be allowed to advertise directly. Google identified that the…
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New figures released by the Finance & Leasing Association (FLA) show that second charge new mortgage business increased by 37% in August. 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 “The second…
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Eight out of ten people (81%) say they will stop saving money this year due to the demands of the current cost of living according to research by Hodge Bank A study from specialist lender and savings provider Hodge has also found more than half (56%) of people in the UK* will look to use…
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Six in ten households (63%) who are not confident they will be able to pay their bills in the coming weeks have taken no steps to strengthen their finances according to Comparethemarket’s new Money Action Index. The research shows that almost two-thirds (64%) of households worried about the cost of living have found it difficult to pay…
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A new survey by YouGov for StepChange Debt Charity finds that 45% of all British adults, equivalent to 23 million people, have found it difficult to keep up with household bills and credit commitments in the last few months, up from 30% in October 2021 and 15% in March 2020. The figures mean the number…
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The average rate on a two-year fixed-rate mortgage has now reached 6.07%, according to Moneyfacts, the first time the average rate has breached the 6% mark since November 2008. The impact in the financial markets following the Government’s mini-Budget saw lenders withdraw a record number of deals, but some banks and building societies are now…
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