Credit, Collections & Insolvency News
Research by more2life has found that the total amount of debt owed by the over-55s will rise to £294 billion this year. The figure is up from £272 billion in 2021 and £209 billion in 2017. This is a leap of two-fifths (41%) in five years and the total is projected to soar even further…
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The Financial Conduct Authority (FCA) and MoneyHelper are urging consumers to get help as soon as possible if they are struggling financially because of the rising cost of living. Millions of people get help with their finances every year. However, new research suggests many borrowers are missing out on available support. The research reveals some…
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The Government has launched a call for evidence seeking stakeholders’ views and evidence on the personal insolvency framework and whether it serves the needs of debtors and creditors in the 21st century. The last fundamental review of personal insolvency was carried out 40 years ago. The government is seeking views and evidence on the overall purpose…
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Research published by the Resolution Foundation shows a slump in typical household disposable income growth in the 15 years leading up to the pandemic. Between 1961 and 2004/05, typical household incomes for working age families grew by 2.3% per year, or 25% per decade. Between 2004/05 and 2019/20 however, typical income growth slowed to just…
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New research from Credit Karma, consumers have spent over £5.6 billion using buy-now, pay-later (BNPL) services in 2022 so far, with an average spend of £396 per person. The research also found that BNPL has been a lifeline for 58% of the service users trying to manage the rising cost of living with the number of…
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Matt Hammerstein, CEO Barclays UK has been appointed Chair of the Money and Pensions Service’s (MaPS) Advisory Group. Hammerstein will take over from Vim Maru, who steps down after more than two years in the role. The Advisory Group, established in May 2020, helps ensure that MaPS delivers on its vision of everyone making the…
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More than three-quarters of disabled consumers have not shared their support needs with businesses and organisations when accessing essential services, according to the latest research from Experian. Some 85% of disabled consumers and those with support needs said they had not explained to their bank or building society how they could be better supported when…
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More than a third (35%) of motorists say they will switch to public transport if petrol and diesel prices continue to rise, according to the consumer element of July’s Startline Used Car Tracker. Around four out of ten (42%) say that fuel costs have already made them use public transport instead of their car, while…
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Energy companies’ customer service standards have fallen to a new record low according to the latest Citizens Advice research. The table rates customer service between January to March this year. Amid rising call waiting times and customers saying they can’t get hold of their supplier, the average score (2.8 stars) is the lowest on record.…
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Lowell Group has announced that it has appointed Sally-Ann Hibberd as an Independent Non-Executive Director. Hibberd will sit on the board providing advice and guidance, and join the Audit and Risk Committees. Hibberd joins as Lowell enters a period of significant growth with the firm expanding its expertise in financial services. Hibberd joins the board…
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Staff at Paylink Solutions are hoping to raise thousands of pounds to split across two charities this year. The Grantham-based fintech will raise funds for national mental health charity Mind and tech-based charity Computer Aid throughout the remainder of the year, with their first challenge, a bike-a-thon, taking place in July. Mind offers advice and…
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As the Monetary Policy Committee (MPC) meets to decide whether to impose a further rise in interest rates, the majority of Britons are already cutting back on their spending.W ith inflation at a 40-year high, the Bank of England’s efforts to cool it down by raising interest rates three times since December last year, has…
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Half (49%) of university students and graduates said that the prospect of student debt made them think twice about taking up their place at university, according to new research from credit reference agency Equifax. The large debt associated with attending university was enough to make graduates think twice, even though they go on to earn £10,000…
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