Credit, Collections & Insolvency News
New research from Citizens Advice reveals one fifth (20%) of UK adults say they have applied or expect to apply for benefits as a result of the coronavirus outbreak. This rises to 68% of people on zero-hours contracts. The findings come as government data today shows over 1.5 million households made a Universal Credit claim…
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Eight in 10 consumers are ‘worried about their money’ and millions have cut back on their spending since the UK began self-isolating. A study of 2,000 adults found 47 per cent have drastically reduced their outgoings, feeling the need to stockpile cash instead. Four in ten direct debit users have plans to cancel at least…
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Duff & Phelps has announced that it has appointed Joanne Wright as Managing Director in its Restructuring Advisory practice. She will lead the firm’s UK Personal Insolvency team. Wright, who is based in Manchester, joins Duff & Phelps with over 30 years of experience in the insolvency industry, with the last 20 years spent specialising…
Read moreUK households will have £43 billion less cash available for essential spending between April and June, as the UK slides into its deepest recession in decades. Disposable income earned by UK households, once it has been adjusted for tax and benefits, will be 17% lower in the second quarter of this year, according to analysis…
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37% of people across the UK have seen their incomes had been affected by the Coronavirus impact according to new research by Kantar. Nearly four in 10 people who have been financially impacted by coronavirus have seen half their income or more wiped out. Some 14% of people whose income had been impacted said it…
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The Insolvency Service has announced changes to the IVA Protocol guidance. In a joint statement by creditor representative members of the committee it said “As members of the Individual Voluntary Arrangement (IVA) Standing Committee we have recognised that the COVID-19 pandemic will impact a number of consumers who currently have or will soon be proposing…
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The Financial Conduct Authority (FCA) has announced a proposed package of measures to directly support consumers facing payment difficulties due to coronavirus (Covid-19). The range of targeted temporary measures covers the motor finance and high cost credit agreements, which include: high-cost short-term credit (including payday loans), buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking. The proposals…
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Citizens Advice says that it has seen record-breaking demand for advice on its website over the past month with nine million page views, a 39% rise in the same period last year. After an initial surge in enquiries about sick pay and redundancy, data from the charity now shows a dramatic increase in people seeking…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in February 2020 by 6% compared with the same month in 2019. Credit card and personal loan new business together grew in February 2020 by 9% compared with the same month in 2019, while retail store and online…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in February 2020 by 1% compared with the same month in 2019. The consumer new car finance market reported new business volumes 8% lower in February 2020 compared with the same month in…
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The regulator of UK’s gambling industry says the credit card ban which has now come into force (14th April) will add another vital layer of protection for consumers. In January, the Gambling Commission and the Department for Culture, Media and Sport (DCMS) announced the widely-publicised ban – meaning that from today any consumer gambling will…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes up by 13% in February 2020 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The second…
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Over 1.2 million mortgage payment holidays have been offered by lenders to customers impacted by Covid-19 according to the latest figures from UK Finance. Action by lenders means one in nine mortgages in the UK are now subject to a payment holiday. The number of payment holidays in place more than tripled in the two…
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