Credit, Collections & Insolvency News
One in twelve people turned to Buy Now Pay Later (BNPL) to cover basic costs such as food and toiletries in the last six months research by Citizens Advice has found. The charity discovered young people, those in debt and those claiming Universal Credit, are at least twice as likely to have used BNPL for…
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Housing tenants face having to find an extra £1,000 this year to cover higher rent and essential bills to fund cost of living rises according to research by Hamptons. The company’s Monthly Lettings Index found that tenants will end up paying more than ever on rent and bills, with an average of 54% of household…
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Business debt funding specialist, DSW Debt Advisory (part of the Dow Schofield Watts Group) – has announced that it appointed Chris Carter as Manager. Carter, who will be based in the Daresbury office, has over 15 years’ experience in banking, investment and corporate finance. Having started his career with HSBC and NatWest, he worked with…
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Secure Trust Bank (STB’) has announced that it has decided to exit the debt purchase market. STB subsidiary, Debt Managers (Services) (DMS’, has agreed to sell its portfolio of loans to debt purchaser, Intrum UK. The portfolio comprises around 650,000 customer loans acquired from third parties and STB. Intrum will acquire the rights of DMS…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grow by 57% in January 2022. 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…
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A third of people say their retirement savings are a cause of ‘significant stress’ according to new research by NerdWallet, The research found that 34% consider their retirement finances to be a source of significant stress, with only 37% saying they have a clear retirement savings strategy. On average, employees said they save £298 into…
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Charity, Age UK has joined the call for the Chancellor to do more to help older people through the energy price crisis. The charity says that nearly a quarter (24 per cent) of older households in England will be in fuel stress when energy prices go up from 1st April, this is up from just…
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Southwark Council and Birmingham City Council will soon be the first two Local Authorities to use ‘debt-tech’ firm Trustfolio’s new Creditor Portal with both aiming to go live in April 2022. The Platform, developed by a collective of experts from across the credit, collections, advice, insolvency and related sectors, uses the latest fintech to enable…
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The Institute for Fiscal Studies (IFS) has said decisions taken by the Chancellor in his Spring Statement will reveal whether he believes the Government should be protecting consumers from external events or not. IFS says with the cost of living soaring, Rishi Sunak will have to decide whether to cut spending or borrow more to…
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£426m worth of property has been repossessed over the last year according to research by HBB Solutions. The company analysed government data on the level of homes to have been repossessed over the last 12 months, as well as the price they achieve as a result of this repossession and how this compares to their…
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A hike in the energy price cap of £693 is set to push two in five families into debt, according to the latest Household Financial Confidence Tracker from comparethemarket.com. The price cap was announced in February and will come into effect in April. 42% of families with children at home believe they will need to take on…
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New ONS data has indicated that one in three people (35%) were spending more than we made, even before the pandemic, so the cost-of-living squeeze is set to cause enormous problems. More than half (57%) of single people of working age overspent before the pandemic: a higher percentage than any other household type with 43%…
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DataTrace UK, a tracing and contact agency has recently been acquired by The Broadriver Group. Established in 1991, DataTrace UK provides specialist global tracing and information services to local authorities, enforcement agents, educational institutions, utilities companies and those working in the financial sector. The acquisition will further strengthen The Broadriver Group’s portfolio, which includes Controlaccount…
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