Credit, Collections & Insolvency News
Legal & General and Cebr have published a new report into the role the Bank of Mum and Dad plays in helping their children get on, or move up the property ladder. The research shows the Bank of Mum and Dad will lend over £6.5 billion in 2017, up from £5bn in 2016, providing deposits for…
Read moreFamilies in Britain who are struggling financially are increasingly becoming prime targets of financial fraud, according to new research from Experian. This group, made up of more than 4 million people in the UK, have experienced the highest growth rate in fraud between 2014 and 2016. Of all the fraudulent credit applications made using an…
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New figures fromThe UK Cards Association show that total card spending in February 2017 was £57.2 billion, an increase of £300 million on January, and up from £52.2 billion in February 2016. Other findings in the report showed: The number of card purchases increased to 1.3 billion, up by 14 million during the month and…
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The British Bankers Association (BBA) has released March 2017 figures for the high street banks. Eric Leenders, BBA Managing Director for Retail Banking said: “In March, annual growth in consumer borrowing from the main high street banks* slowed, perhaps mirroring the dip seen in retail sales volumes as price rises appear to have started biting…
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The latest results Insolvency statistics from The Insolvency Service for Quarter 1 (January to March 2016) reveal that Personal Insolvency numbers have gone up. The main findings of the report were: Total individual insolvencies increased this quarter, driven primarily by an increase in individual voluntary arrangements. This was the highest number of individual insolvencies since Q2…
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A new briefing note released by the Institute for Fiscal Studies (IFS) has analysed the impact of tax and benefit changes since May 2015 on the incomes of different kinds of households. One of the key findings in the reports suggests that the one million families with children and nobody in paid work would be…
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Almost 12 million over 50s are actively using contactless payments with one in five tapping the plastic up to three times a week according to research by Saga Money. The survey of almost 10,000 shows that half (50%) of over 50s use their contactless cards when doing the weekly shop, whilst almost a third (29%)…
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Mobile phone providers in the UK will have to offer their customers the opportunity to set a limit on their monthly bill, following a new law passed by Parliament. Citizens Advice has today said this puts the power to manage their finances back into the hands of consumers. The national charity has called for all…
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Accountant in Bankruptcy (AIB) has published Scotland’s latest Insolvency figures. The provisional number of personal insolvencies in Scotland increased by 1,484 or 18% to 9,958 in 2016-17 when compared with 2015-16. Estimates for 2016-17 are provisional until final figures are published in July 2017. The number of personal insolvencies (bankruptcies and protected trust deeds (PTDs)) increased…
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The Bank of England has launched a new voluntary code of conduct designed to promote ‘fairness and integrity’ in UK money markets. Although not legally binding, it is hoped senior managers will oversee the code’s implementation within financial firms. The code sets out key behavioural principles around ethics, information-sharing and trade execution, and helps to…
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Fewer Scots have accessed statutory debt solutions according to the figures from Accountant in Bankruptcy (AiB) for the fourth quarter of 2016-17. Compared with the third quarter of 2016-17, total personal insolvencies, which include bankruptcies and protected trust deeds, fell by 3.9%. In the three months between 1 January and 31 March, bankruptcies fell by…
Read moreThe Financial Conduct Authority (FCA) has published data on the number of complaints reported by firms under new rules which came into force on 30 June 2016. The total number of complaints reported by firms in the second half of 2016 was 3.04 million. This number is higher than previous reporting periods because under the…
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Online research from Equifax reveals that 61% of Brits underestimate the financial cost of fraud, valuing the impact at less than £1 billion. Over half (54%) estimate the cost to be £500m or below, well below the £1.1 billion level published in the latest KPMG Fraud Barometer. The survey, conducted by YouGov, found 60% of…
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