Credit, Collections & Insolvency News
A recent poll by MoneyMagpie reveals that almost 40% of parents rely on credit at Christmas – despite also being more likely to save ahead of time for the festive season. The data showed that 37% of parents rely on credit cards to spend on Christmas, while 27% of childfree people do. While it’s to…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell in October with 8,952 individuals entering into insolvency, this was 14% lower than in September 2024. The personal insolvencies consisted of 596 bankruptcies, 3,793 debt relief orders (DROs) and 4,563 individual voluntary arrangements (IVAs). Monthly DRO numbers between…
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Latest UK Finance data releases has shown tha credit card spending and transactions increased in August 2024. The data showed that there were 381 million credit card transactions in August, 1.3 per cent more than in August 2023. The total spend of £20.9 billion was 1.9 per cent higher than in August 2023. There were…
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Credit Connect hosted its fourth in-person Credit & Collections Technology Think Tank last week in Manchester which saw credit and collections strategies and the impact of the cost of living discussed by sixteen professionals from a variety of industry sectors at the Midland Hotel in Manchester. The themes of cost of living impacting customer engagement,…
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New research from Go.Compare has found that financial worries are affecting how consumers are planning for the festive holiday, with over a third (35%) saying they’ve made the tough decision to cut their Christmas budget this year. The research found that 37% admitted they will have to be very careful with money this year. A…
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New research by TotallyMoney data found that one in five adults (19%) are overdrawn by £697 each day with many high street banks are charging between 35%-49.90% APR. This makes overdrafts an expensive way to borrow money, and in line with a typical near-prime personal loan (a prime personal loan would usually be below 10%…
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New research from Pay.UK, owner and operator of the Current Account Switch Service, reveals a stark generational divide in financial confidence and knowledge across the UK. Younger generations, particularly Gen Z, reveal lower levels of financial competence, with only 26% able to correctly calculate compound interest and just 35% understanding how savings accounts work. In…
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Growth in rent and mortgage spending increased to its highest rate in 13 months, at 6.4 %, last month according to the latest Barclays Property Insights report. The report found that more than half of Brits (55 %) are confident they can afford their monthly rental or mortgage outgoings – an increase compared to September…
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New research by Hargreaves Lansdown has found that one in four people (26%) said they wouldn’t talk to anyone if they had money worries. The data also shows that this figures rises to 30% among men and 36% among those aged 55 and over. The research found that 13% would speak to a debt charity…
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Accountancy firm, Wbg has announced that it has acquired the Scottish personal insolvency ‘book’ of accountants and business advisors Azets for an undisclosed sum. Donald McKinnon, Wbg COO, said the deal showcased the firm’s long-standing involvement in the personal insolvency market and commitment to it as a vital part of its rapidly-expanding business. “We’re delighted…
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New data has revealed a significant increase in debt levels for those approaching or in retirement, with the average debt for ‘baby boomers’ climbing by over 11% in the third quarter of 2024. In comparison to the previous year, boomers’ average debt levels now stand at an average of £19,571. The average debt levels across…
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A third (33%) of parents with children under 18 say they’re terrified for their financial future with over a quarter (27%) likely to start a side hustle or second job to make ends meet according to research by Creditspring. Over a fifth (22%) of parents will have to borrow in the next six months whilst…
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After purchasing their first home, one in 10 (10%) first-time buyers expect to have less than £200 left each month, while one in 20 (5%) believe they would have nothing at all to live on, according to Yorkshire Building Society. A further two-thirds (64%) are worried they won’t be able to afford to put any…
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