Credit, Collections & Insolvency News
Consumers say banks should track their personal data to help them avoid debt problems according to a new report published by the Money and Mental Health Policy Institute, supported by Barclays. It explores how banks and building societies could monitor customer data to spot signs that people are at risk of falling into debt, such…
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New research by StepChange reveals many households are struggling to cope financially, with women, younger adults and single parents disproportionately affected. Nearly a quarter (24%) of Welsh adults are showing at least one sign of financial distress according to new analysis by the debt harity. This includes 8% of the Welsh population experiencing severe debt…
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Seaside towns dominate this year’s rankings for the areas with the highest levels of personal insolvencies in the UK (year-end December 31 2018), according to research by UHY Hacker Young. The data suggests that these seaside towns are still a long way from recovering from the decades of contraction in their traditional coastal industries such…
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681,000 UK individuals and businesses are so far behind on their tax bills that they have been forced to reschedule their payments with HMRC, research UHY Hacker Young shows. Taxpayers are able to reschedule their tax payments with HMRC by agreeing ‘time to pay’ arrangements. These allow taxpayers to pay their taxes over a longer…
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More than half (57%) of residential mortgage products currently available have a standard maximum mortgage term of up to 40 years according to new research from Moneyfacts. The figures show that 40-year mortgage products stand at 2,782, up from 2,412 products (55.55%) this time last year. Darren Cook, finance expert at Moneyfacts.co.uk, said “Historically, a…
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A third (33%) of consumers say they do not regularly save any money, according to new research by Lloyds Bank. Part of Lloyds Bank’s ‘How Britain Lives’ study, the UK-wide analysis conducted in partnership with YouGov, also found that 7% of UK adults have no savings whatsoever to fall back on if they lost their…
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Almost a third (29%) of consumers spend an average of £120 a year paying for unwanted policies, subscriptions, and memberships that they haven’t cancelled, according to new research by online bank Marcus by Goldman Sachs. Online subscription services (32%) are the most frequently forgotten subscriptions and policies to cancel, followed by gym memberships (26%) and magazine…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business held steady in August, and grew by 1% in the twelve months to August, compared with the same period last year. Retail store and online credit new business in August was at a similar level to the same month…
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To mark World Mental Health Day, four leading banks have announced they are backing Money and Mental Health’s campaign to ‘Stop the DebtThreats.’ Barclays, Monzo, Nationwide and Metro Bank have joined over 30 charities in calling on the government to change out-of-date rules on debt letters, to make them less intimidating, and more supportive to…
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New research from mobile bank N26, to coincide with World Mental Health Day, has revealed that money worries are plaguing the minds of more than 18 million UK adults on a daily basis. This not only causes significant distress among those affected but has resulted in around 9.5 million consumers suffering from mental health issues as…
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Mental Health UK and Lloyds Banking Group have announced an extension to their charity partnership for another two years. The partnership aim is to raise £4 million by the end of 2021 to expand ‘Bloom’ which supports the mental health of young people. The funds raised through the extension of the partnership will enable Mental Health…
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The Scottish Government is being urged to bring forward new game-changer policies across housing, work and social security if it is to achieve its ambitious child poverty targets. New evidence shows the cost of housing has been the main reason behind lower levels of poverty in Scotland than in the rest of the UK. But…
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Poverty is rising for all groups – even those in work – according to a new financial inclusion monitor report. The report from the University of Birmingham and the University of Lincoln shows nearly 1.6 million people falling behind with council tax payments, with six in ten people in the poorest fifth of the population reporting…
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