Credit, Collections & Insolvency News
New research from Citizens Advice finds that many people in council tax arrears can’t afford to pay their debts, and have an average of just £7 left at the end of the month after covering their living costs. Some four in ten have no money left at all. The overwhelming majority – nine in ten…
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StepChange Debt Charity has announced that it is entering into an exciting new partnership with fintech innovator OpenWrks to bring the opportunities offered by Open Banking into its services. StepChange’s new Money Coaching tool, which will be made available to clients accessing support with their persistent credit card debt, will utilise OpenWrks’ sector-leading Open Banking…
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A third of undergraduates are using loans, overdrafts and credit cards to pay rent at university, the National Student Accommodation Survey 2020 has found. Some are even taking out payday loans to pay their landlords. The annual research by money advice site Save the Student polled 2,168 students, and reveals widespread borrowing among undergrads. Although 36% turn…
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A new guide has been published to help financial firms — and other creditors — better understand and support customers struggling with both debt and mental health problems. Research by the Money and Mental Health Policy Institute shows that half of all people in problem debt in England also have a mental health problem, which…
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The Financial Conduct Authority (FCA) has published its annual Sector Views, an assessment of the risks and potential harm to consumers across financial services markets. The Sector Views look at the impact of macroeconomic developments and common drivers of change emerging across financial markets. They also outline areas where there may be a negative impact…
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Eight in ten businesses believe data is one of their most valuable assets, but a high degree of inaccuracy is hindering critical initiatives, new research from Experian has revealed. The annual Global Data Management report, which surveyed 1,100 data practitioners and data-driven business leaders globally, found that businesses are still struggling to incorporate meaningful data…
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Improving data and the quality of decisions are two of the top strategic priorities for credit management professionals in the next three years. A new study of credit management professionals from Equifax Ignite reveals nearly three quarters (72%) believe there is scope for future improvement of data analytics at their current companies. The study, in…
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More than three out of ten consumers (34%) say they would be most likely to take on extra debt if they were faced with a sudden gap in their finances, according to new research from R3, the insolvency trade body. Thirteen percent of over 2,000 people surveyed by Savanta ComRes for R3’s latest Personal Debt…
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A group of cross-party MPs and Peers has joined a coalition of debt advice campaigners in urging the Government to break its silence on bailiff industry reform. Today marks a year since the Ministry of Justice (MOJ) closed its call for evidence on the bailiff industry, but despite overwhelming evidence of the need for wide-ranging…
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The Financial Conduct Authority (FCA) has today imposed a fine of £2.77 million on car finance provider, Moneybarn for not treating customers fairly when they fell behind with loan repayments while in financial difficulties, between 1 April 2014 and 4 October 2017. The FCA says Moneybarn also did not communicate the likely financial consequences of…
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Communities are being encouraged to take part in a new initiative to help improve access to cash. The new Community Access to Cash Pilots, being funded by the financial services industry, will help to work out ways to meet local access to cash needs. ATM and bank branch closures have fuelled fears that “cash deserts”…
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UK Finance has published its latest Card Spending Update, outlining the data for spending on card transactions by UK cardholders in November 2019. The update shows there were 1.6 billion transactions on debit cards in November 2019, 8.8 per cent more than on the same month in 2018. This reflected a total spend of £51.2…
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Mortgage possession claims have increased by 11%, when compared to October – December 2018 figures according to Ministry of Justice (MOJ) figures. The increase in mortgage possession claims, saw a 24 per cent rise in orders and a 9 per cent rise in repossessions compared with the same quarter last year. The latest MoJ statistics…
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