Credit, Collections & Insolvency News
A new report by Lowell has revealed that 32% of consumers say that the pandemic has made them talk about their finances, whilst 31% of the UK worry about their finances every day. Whilst for those who have opened up to others regarding their own debt, 42% said it made them feel that they had…
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The winners of the 2020 Credit & Collection Technology Awards have been announced following a live interactive virtual awards broadcast yesterday (Thursday 19th November). The awards are the flagship event for innovational technological professionals working in credit and collections and the fourth annual event honoured the UK’s technological innovators, celebrating outstanding achievement across nineteen hotly…
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Banks and building societies have agreed to allow six month mortgage holidays up until 31st July, 2021, with the industry agreeing the move with the Financial Conduct Authority (FCA). Lenders have committed to renewed support for mortgage customers facing financial difficulty as a result of the Covid-19 pandemic, as the Financial Conduct Authority (FCA) confirms…
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The Money and Pensions Service (MaPS) has released its response to 13 ambitious financial wellbeing recommendations from influential sector leaders, which were published last month. The response document, which details how the organisation will deliver alongside others in the sector to help support and build a financial wellbeing movement from 2021 onwards, includes an explanation of how MaPS will refocus its current campaigning activity to help those most in need of guidance and…
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Three-in-ten working-age consumers who have faced a sustained income hit during the pandemic are now unable to afford some basic household costs such as heating and fresh fruit and vegetables, as the persistence of the crisis exacerbates divides in how low- and high-income households are coping financially, according to new Resolution Foundation research. The Foundation’s…
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More than half of consumers have no idea what their current credit score is which could have a huge impact on their financial health according to latest research from Experian. The research of 2,000 adults found three in ten never look at their credit score, while a quarter are unaware of what factors contribute to…
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New figures from the Insolvency Service’s latest personal insolvency figures have risen by 60% in October 2020 when compared to September in England and Wales. Personal insolvencies increased to 11,939 in October 2020 compared to September’s figure of 7,458, and were higher than October 2019’s figure of 10,030. There were, on average, 6,154 IVAs registered…
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Accountant in Bankruptcy (AiB) has published its latest figures which indicate that in October 2020 Scottish personal insolvencies decreased by 32%. The figures show that there were 7,799 personal insolvencies in the year to the end of October 2020, 3,707 (32%) fewer than in the same period the year before. Bankruptcies decreased by 37% in…
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Northern Irish personal insolvencies fell by over a half (51%) according to the latest Insolvency Service figures which indicate that in October 2020 there were 114 individual insolvencies in Northern Ireland, down 51% from October 2019. The figures consisted of 77 IVAs, 18 DROs and 19 bankruptcies. Meanwhile, company insolvency numbers showed that there were…
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The average adult spends the equivalent of an entire year worrying about money over their lifetime, with more than a quarter admitting it is bad for their mental health. A study of 2,000 consumers found they typically think about their finances four times-a-day, for a total of 28 minutes. This amounts to 170 hours-a-year –…
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Almost two in five people in Scotland are concerned about their income during the Covid-19 pandemic, research for Citizens Advice Scotland (CAS) has found. The research, carried out by the Diffley Partnership, found 39 per cent of people concerned about their income during coronavirus. The research concludes seven months of tracking attitudes by CAS and…
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A quarter of a million older workers have stopped making pension contributions to make ends meet during the pandemic, according to new study by SunLife. According to Sunlife’s ‘Finances After 50’ research, before the crisis, around 22% working people over 55 were making regular contributions into a personal pension, UK-wide, this is equivalent to 2.4million…
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New research by Royal London has revealed a startling picture of people’s personal finances during the pandemic. the figures above show, household incomes have fallen while bills have risen, with many people believing that things are going to become even bleaker. The company found that the self-employed have been more acutely affected by Covid-19 than…
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