Credit, Collections & Insolvency News
One in seven (14%) of people have fallen behind on essential bills, including energy, water, mobile phone and broadband bills, council tax, rent or mortgage payments, the equivalent of seven million people in the UK, according to new research from Citizens Advice. A poll of 6,004 people, conducted by ICM Unlimited for the charity, also…
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The number of people experiencing destitution increased by more than 50% to 2.4m between 2017 and 2019, according to the Joseph Rowntree Foundation (JRF), which is calling for the Government to make permanent and extend a £20 uplift to the basic rate of benefits, along with other reforms to make the welfare system more generous.…
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New research has found that 45.5% of people have been forced to take out some kind of financial facility or borrow money from friends/family due to the pandemic according to KIS Finance. Alongside this, a further 43.2% of people expect to seek out more financial help before the end of the year. Young adults between…
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The rate of personal insolvencies in England and Wales rose for the fourth year in a row in 2019, to 26.1 per 10,000 adults according to new analysis of Government figures by insolvency trade body R3. Women (27.8 per 10,000) had a higher personal insolvency rate than men (24.1 per 10,000) whilst the North East…
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New figures from debt advice provider Financial Wellness Group has indicated that people are falling into problem debt at a younger age. 31% of new debt advice and solution customers are now under 30, up from 23% last year. Alongside this trend, customers are also more likely to be single now (60% of all new…
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Economic upheaval is putting a disproportionate strain on young adults and parents in the UK, according to the latest European Consumer Payment Report by Intrum The annual European-wide survey of more than 24,000 consumers found that 36% experienced an income drop as a result of the Covid-19 crisis. Though 10% said their income has since…
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Latest figures from UK Finance have that there are 127,000 mortgage holidays (payment deferrals) in place in mid-November, a significant reduction in customers seeking this form of support from June’s peak of 1.8 million The figures indicate that the number of payment deferrals across mortgages and consumer credit reduced in recent weeks as more customers returned to making repayments or sought alternative…
Read morePeople struggling with money are paying an extra £478 for essentials like energy, credit and insurance because of the poverty premium, according to new research by the University of Bristol. The Fair By Design study of 1,000 low-income households accessing the services of national poverty charity Turn2us, shows that poorer households are spending the equivalent…
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Bank of England (BoE) latest data on lending shows that households repaid £600 million of debt in October, the repayment matches the same amount as September. This means the total repaid since the end of March now stands at £15.6 billion. Credit card debt has fallen by 13% over the past year, with consumers having…
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Credit Connect has announced its annual Credit & Collections Technology company power list for 2020. The section edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies.The list…
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Consumers are more than twice as likely to feel anxious about their finances than they are to be content with them, leading to sleeping problems and distraction at work. A survey of 2,000 consumers revealed the average person loses almost 22 hours of sleep each year thinking about their money woes in the middle of…
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One in three people has got into debt since the start of the pandemic, according to a new report by national poverty charity, Turn2us. The findings also reveal how families with three or more children are twice as likely to run out of money as families with only one child. The report, which was co-designed…
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Debt charity, StepChange has announced that it has launched a new Covid payment plan which means that people who have experienced a temporary reduced income due to the pandemic can enter into the new arrangement. The plan will enable them to make reduced payments on their borrowing for up to a year, providing time for…
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