Credit, Collections & Insolvency News
Research by London rental platform, Rentd, has indicated that rental cost increases have contributed to a strain on household finances for 86% of UK tenants, with many facing further cutbacks should their household costs continue to increase. The survey of over 2,000 UK tenants commissioned by Rentd found that, since the start of the year,…
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Tenants in privately rented properties risk ‘falling through the crack’ when it comes to the recently announced energy bill support, Citizens Advice has warned. The charity has conducted research which found more than one in eight private renters – equivalent to half a million (585,000) people – may miss out on vital support to cope…
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Equifax has announced a new partnership with fintech Paylink Solutions to automate its digital affordability solution using Open Banking data and APIs. Paylink Solutions delivers technology across the financial services and utilities sectors using its digital affordability application. Equifax’s Open Banking service will enhance Paylink Solutions’ existing affordability solution. It will allow businesses to understand…
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More than two in five Buy Now Pay Later (BNPL) customers borrowed money to make repayments research bt Citizens Advice has found. The types of borrowing included overdrafts, borrowing from friends and family, loans and payday loans. The most popular was credit cards (26%). Younger shoppers were most likely to borrow to pay off BNPL…
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As the cost of living crisis continues to worsen, the impact on households is continuing to evolve, with people suffering psychologically as well as financially, as revealed by the latest Inflation Nation report from the Yorkshire Building Society. According to the report, more than two thirds (67%) of adults are concerned by the impact of…
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Support services provider MorganAsh has announced that it has integrated the Vulnerability Registration Service (VRS) with its own innovative MARS resilience tool. The MorganAsh Resilience System (MARS) provides staff working in financial services with a simple way to assess, understand, rate and track characteristics that contribute to the vulnerability of individual customers. The MARS tool…
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New data for April from StepChange Debt Charity shows that the cost of living is now the second most commonly cited reason for debt, up from the third most common in March and the sixth most common in 2021. The proportion of clients citing the cost of living as a driver of their problem debt is now 15%,…
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Nine out of ten (93%) 11-18-year-olds in the UK are aware of the cost of living crisis and six out of ten (61%) worry about their parents or guardians not having enough money to do the things they want or have the things they need, according to new research from Yorkshire Building Society. More than…
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IE Hub has announced that Mark Thundercliffe will be joining the business as Chairman of the Board. Thundercliffe joins the team with over 34 years of experience in corporate, retail, and business banking. He has built and developed dynamic financial services companies, products, customer propositions, and distribution capabilities in both developed & emerging markets. IE…
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Research HBB Solutions, has indicated that South East has the most repossessed homes and the high cost of homeownership in the region could see it cement its place as the nation’s repossession hotspot, as rising inflation and interest rates pose further economic instability for the year ahead. Previous research by HBB Solutions revealed that the…
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New analytics from Fico has found that the percentage of credit card accounts with one and two months missed payments has increased month-on-month with it appearing that repayments remain a priority for credit card holders, suggesting that there will be greater reliance on credit over the coming months as the cost-of-living crisis deepens due to…
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The Credit Services Association, the trade association for the debt collection & purchase sector, has launched its annual Membership Awards which is part of the Association’s annual conference – the UK Credit and Collections Conference (UKCCC). The awards are being held on Thursday 15th September at Radisson Blu, Manchester Airport, and will celebrate the outstanding…
Read moreHere is an overview of The Money Charity’s latest statistics for May 2022 Personal debt in the UK People in the UK owed £1,781.7 billion at the end of March 2022. The average total debt per household, including mortgages, was £64,107 and per adult was £33,686, around 108.0% of average earnings. Net mortgage lending rose by…
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