Credit, Collections & Insolvency News
Younger drivers more than twice as likely as older generations to have deferred car financing repayments in 2020 according to new research by Deloitte. The research, based on responses from more than 1,500 driving-age consumers in the UK, revealed that 27% of drivers aged 18-34 have requested a payment deferral on car financing in 2020,…
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The coming year is set to mark the peak of the pandemic-induced living standards downturn for households, especially those on lower incomes, even as the economy enjoys a vaccine-induced recovery, according to new Resolution Foundation research. While the debate around the current economic crisis and recovery tends to focus on GDP, the annual Living Standards…
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Personal insolvencies increased by 2% to 9,518 in December 2020 when compared to November’s figure of 9,328, and were 13.4% higher than December 2019’s figure of 8,391. Further analysis of the data on personal insolvencies has revealed a 38% increase in England and Wales over the last three months compared to the same quarter in…
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Scottish personal insolvencies in December 2020 fell by almost a third (33%) when compared with December 2019 numbers. The figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland showed that in December 2020 that there were 9,070 personal insolvencies in the calendar year 2020, 4,542 (33.4%)…
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Nearly a third of people (34%) organising a funeral for a COVID-19 related death has been pushed into financial difficulties according to Sunlife’s ‘Cost of dying’ report. The report also reveals that funeral costs have risen for the seventeenth year in a row, with the average cremation now costing £3,885 and the average burial £5,033,…
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A new report by the Joseph Rowntree Foundation has suggested that the poorest families hardest hit by pandemic will find it hard to recover. The ‘State of the Nation’ report, warns that ministers must make tackling poverty an economic priority in 2021 or they risk being defined by a record of worsening hardship. The report…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in November 2020 by 16% compared with the same month in 2019, and remained 18% lower in the eleven months to November 2020 than in the same period in 2019. The retail store and online credit sector reported…
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The extra costs of food, energy and remote learning piled financial pressure on low-income families during lockdown according to new research by the Resolution Foundation. The research has revealed that the extra cost of food, energy, and entertaining, distracting and home-schooling children has meant that low-income families with children are twice as likely to have…
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The Financial Conduct Authority (FCA) has warned that up to 4,000 financial services companies were at a ‘heightened risk’ of collapse even before the second wave of coronavirus struck. The Financial Conduct Authority (FCA) has published the results of its coronavirus financial resilience surveys. The surveys were sent to solo-regulated firms to inform the FCA…
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The third national lockdown announced by the Government this week will see the majority of university students stay at home rather than return to their campuses and courses in person. However, staying with families beyond the Christmas break is set to put additional pressure on household finances, according to research from comparethemarket.com. The findings show…
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Half a million private renters in the UK are behind on their rent, with protections against eviction due to expire this weekend, according to new analysis by Citizens Advice. The charity has warned that the news comes as the country enters another period of national lockdown, causing further economic hardship. Renters have already been badly…
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The Bank of England (BoE) latest figures have revealed that households repaid just over £1.5 billion of credit card debt, personal loans and car finance in November, with weaker consumer spending with the second national lockdown believed to be a contributing factor. Net consumer lending dropping by £1.54 billion marking a 6.7% decline on the…
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Credit Connect has published its second annual Credit & Collections Technology company power list for 2020. The power listed is a round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies. The…
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