Credit, Collections & Insolvency News
The Christmas period is set to cost British consumers almost £1,000 each. A study of 2,000 adults found celebrating the festive season by buying presents, food and drink, and outfits for parties will see them splash out an average of £973.80 per person. Gifts for friends and family take up more than half of the…
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The number of County Court Judgements (CCJs) registered against consumers has risen in Q3 year-on-year, according to latest figures released by Registry Trust, making the figures the highest amount of registered judgments against consumers in the third quarter since 2017. A total of 289,971 County Court judgments (CCJs) were registered against consumers in England and…
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Household debts (excluding mortgages) are on the rise in the UK, according to the Office for National Statistics (ONS). Total household debt in Great Britain was £1.28 trillion in April 2016 to March 2018, of which £119 billion (9%), which suggests that average household debt rose to £9,400. £1.16 trillion (91%) was property debt (mortgages and…
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One in five people who check their credit report find an error, new research from Which? has revealed. The consumer champion surveyed more than 1,000 people to establish their understanding of credit reports and scores, and uncovered a significant number of people finding errors in their reports, many of which went uncorrected. The survey also…
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A new programme of research led by Fair By Design and the Money Advice Trust is set to explore the issue of inclusive design in credit, insurance, energy and other essential services markets. The Inclusive Design in Essential Services project, launching this month, will include the production of two reports in 2020 on how regulators…
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People with mental illness are being left to fall into a dangerous cycle of money problems and worsening mental health, because they are not being given crucial information on how their condition increases the risk of financial difficulty. This warning is made in a new report by the Money and Mental Health Policy Institute, which looks…
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Consumer spending in November grew by just 0.9 per cent year-on-year, representing a decline in real terms when accounting for inflation, as restrained expenditure continues ahead of Christmas according to new data from Barclaycard. The data showed that spending on essentials showed no movement whilst spending on non-essentials was up 1.3 per cent, presenting a…
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New data from StepChnage has revealed the effect of Christmas on people’s finances, with nearly seven in 10 (68%) unable to comfortably afford this festive season and nearly a third turning to credit to help fund Christmas shopping. The survey asked 1,533 people who use social media and will be celebrating Christmas this year about…
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The debt advice apprenticeship, the first-of-its-kind in the UK, has been approved by the Institute of Apprenticeships. The first cohort of advisors will start to study under the new apprenticeship, which will grant them a level 3 qualification, in April 2020. The apprenticeship has been led by a ‘trailblazer group’ from across the debt advice…
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As consumers get ready to hit the shops to buy their Christmas presents – be that on the high street or online – three in four plan to do so with a specific budget in mind. However, research by Lloyds Bank has shown that, despite their good intentions, nearly half (48%), still expect to overspend.…
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Bank of England (BOE) figures show consumer debt levels rose to an all-time high of £225 billion last month, increasing by £1.3 billion between September and October according to the BOE’s latest statistics. The net flow of consumer credit was above the £1.1 billion average since July 2018. The figures reveal that banks and building…
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Financial stress among European consumers is rising with almost half (45%) say their bills are rising at a faster rate than their income, thus negatively affecting their general wellbeing according to Intrum’s latest edition of its European Consumer Payment Report. The report says that borrowing culture is on the rise. An increasing number (24%) have…
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A combination of challenging situations are bringing high pressure on young people aiming to manage their money well and achieve financial wellbeing, according to the November 2019 Money Statistics, produced by The Money Charity.The November report draws a number of statistics related to young people together into one page, giving a clearer cumulative picture of…
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