Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has requested further information about overdraft pricing from lenders. The FCA says over the past few days there has been significant comment about many headline overdraft rates, and in particular that major banks have aligned overdraft rates around 40 per cent. The FCA study into the overdraft market concluded that it…
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A new Collections Technology Think Tank has been launched by Credit Connect Media. The event will examine collections technology strategies to increase effectiveness and efficiency. The inaugural Collections Technology Think Tank powered by Credit Connect will take place on Thursday 11th June at the Marriott Hotel in Leeds. The event will focus on how collections teams can…
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IHS Markit UK has published its latest Household Finance Index which has shown that optimism in households has risen to a 12-month high in January. Whilst living costs continue to rise at a historically weak rate the report has found a deteriorating appetite for major purchases The Household Finance Index (HFI) – which measures households’…
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A new research report from StepChange Debt Charity, ‘Problem debt and the social security system’ has indicated that the Government should take steps to reform the design flaws within the system that are causing people to experience destitution. The research findings reveal that half (52%) of the charity’s clients who are in receipt of support…
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The latest official statistics show that personal solvency numbers in Scotland for the whole of 2019 were 13% higher than in 2018, and were at their highest level since 2013. Meanwhile, the number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland fell by 5% in October-December 2019 compared with July-September 2019, and rose by…
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An increasing number of people aged over 65 are using equity release products to pay off debts and mortgages. Customer data from LV= shows that 27% of customers in 2019 used equity release to clear their mortgage, loans or debts compared to 15% in 2016. Helping family and friends has risen from 8% to 16%…
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The impact of Universal Credit (UC) will be felt very differently in different places: something currently being ignored amid growing debates about how to level up economic outcomes across Britain, according to new Resolution Foundation research. The long and winding road report notes that the new parliament will be a critical period for Universal Credit’s…
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Late payments are hitting the mental health of small business owners, according to research published by Pay.UK, which runs the Bacs Direct Credit and Direct Debit payment services. The research has found that ,ore than a quarter (26 per cent) of SME business owners stress about late payments even when they are not at work;…
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The Government is set to roll out a financial wellbeing programme designed to turn UK into a ‘nation of savers’ by 2030. The Money and Pensions Service (MaPS) says that the initiative will see an extra 2 million people saving regularly within a decade, while 2 million fewer would be using credit cards for day-to-day…
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Mental Health UK’s Mental Health and Money Advice service, the first of its kind, has surpassed two years of helping people experiencing poor mental health with their finances. Financial stress and mental health challenges can all too easily amplify one another. Since November 2017, Lloyds Banking Group has supported Mental Health UK in introducing a…
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With a fortnight to go until the UK is due to leave the European Union, the proportion of consumers who think their finances will improve after Brexit rose by 5 percentage points in the last quarter, from 6 per cent in August 2019 to 11 per cent of the population in the days following the…
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Consumers borrowed £6.6 billion to fund Christmas 2019 – an average of £435 each of those who borrowed – according to new research from TSB, despite over half (58%) who said they wanted to borrow less over the course of the year. A fifth (21%) say they overspent in 2019 and nearly three in ten…
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One in three consumers expects to retire with an average debt of £17,460 this year according to new research by Key. The research has found that the debt will take three-and-a-half years to clear. Initial findings from this work suggest that the ‘Retirement Class of 2020’ faces significant debt challenges with more than one in…
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