Credit, Collections & Insolvency News
Almost half of consumers are in some kind of financial debt, with 15% of those turning to illegal money lenders, according to new research from VoucherCodes.co.uk. The research found that 48% of respondents say they are in at least one type of debt (excluding mortgages), with credit card spending (78%) and overdraft repayments (44%) being…
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Buy Now Pay Later (BNPL) debts included on debt solutions have jumped by over 300% in the past six months, according to new data from debt advice provider Financial Wellness Group. The average BNPL debt added to a debt solution is around £250 and customers will typically have more than one BNPL account (and in…
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The poorest fifth of the population have experienced a 7 per cent fall in their disposable household incomes over the past two years, leaving their incomes no higher last year than they were back in 2004-05, the Resolution Foundation said in response to the latest ONS income and inequality data. The ONS latest data, which…
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New research from comparethemarket.com reveals that nearly one-third of consumers (30%) have to dip into their overdraft because they have run out of money before the end of the month. Many people are not able to save for a rainy day. The research found two-fifths (40%) use their overdraft for emergency funding and nearly one…
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While the UK’s rapid shift towards contactless and digital payments continues apace, these moves remain a very real problem and threat to the financial inclusion of a significant number of UK adults, according to the statistics, produced by The Money Charity. The latest figures released from LINK, the UK’s cash distribution network, show that the number…
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Finance specialists TotallyMoney have revealed figures that show many are being handed a credit card offer very different to the one they applied for. Although it’s not unusual for lenders to assess a borrower’s creditworthiness when they apply for credit, the latest research from TotallyMoney and MoneyComms reveals that many customers end up with a very different product to…
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Council tax debt is growing in Scotland, with Citizens Advice Scotland (CAS) finding that its clients are almost £7 million in arrears. Figures from the charity’s network also suggest that the average debt (£3,102.46) is now almost three times that of the average bill (£1,147). Following up on the findings, CAS is now launching a…
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The average insolvency rate amongst individuals in ‘red wall’ constituencies is 27% higher than the UK average, according to research by UHY Hacker Young. ‘Red Wall’ constituencies are areas in the midlands and northern England which have historically supported the Labour Party but voted for the Conservatives in the 2019 General Election. The average insolvency…
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The UK’s largest insolvency regulator, the Insolvency Practitioners Association (IPA), has announced that it will introduce new unprecedented measures to regulate new and dynamic areas of the insolvency market. The Association has produced its first benchmark report on its new Scheme, which was implemented in January 2019, to regulate Insolvency Practitioners who operate large volumes…
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The use of “buy now, pay later” products in the UK set to more than double by 2023, according to a new report by Worldpay. The newly released Worldpay from FIS 2020 Global Payments Report has found that eCommerce growth in the U.K. is being fueled by online sales through mobile devices, which are increasing 13…
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Here is an overview of The Money Charity’s latest statistics for Febrruary 2020 Personal debt in the UK People in the UK owed £1,675 billion at the end of December 2019. The average total debt per household, including mortgages, was £60,213 and per adult was £31,766, around 112% of average earnings. Net mortgage lending rose…
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the Money and Pensions Service (MaPS) has announced the appointment of 11 sector leaders named who it says will help shape the UK’s future financial wellbeing The leaders will chair Challenge Groups which will recommend how the UK can achieve the five national goals set out in the government-backed UK Strategy for Financial Wellbeing, launched…
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The results of TotallyMoney’s Financial Awareness Survey has revealed that myths surrounding interest payments, credit limits and how often you need to use your card are clouding the judgement of UK consumers. One statistic shows that over half of UK adults (54%) didn’t know that paying off an outstanding balance in full each month may…
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