Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for December 2021 Personal debt in the UK People in the UK owed £1,749.9 billion at the end of October 2021. The average total debt per household, including mortgages, was £62,965 and per adult was £33,086, around 108.3% of average earnings. Net mortgage lending rose by…
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New FICO data has suggested that the tide might be turning on consumer finances with average card spend falling and early missed payment rates rising as furloughs finish FICO says that though its, analysis of UK card trends for October 2021, says that it appears that with the first signs that lockdown savings — which…
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Many people with significant amounts of outstanding borrowing will be worrying about the double whammy of inflation and higher interest rates following the Bank of England’s decision to raise the policy rate. According to StepChange Debt Charity, higher interest rates will push up the cost of borrowing while being unlikely to feed through to relief…
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Researchers from abrdn Financial Fairness Trust have issued a stark warning on the post-pandemic outlook for living standards in the UK following an extensive review of over 200 reports examining the impact of the pandemic. Although the macro-economic forecasts for the UK are comparatively positive, at a household level the situation is more mixed. The…
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Consumers experiencing financial difficulties as a result of economic abuse will receive further support to help them regain control of their finances and their independence, as part of an updated industry Code. The changes, in UK Finance’s revised voluntary Financial Abuse Code of Practice, will enable the industry to continue its commitment to helping victim-survivors…
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Rising living costs, reduced incomes, and cuts to support among the easons more people than last year will turn to borrowing to pay for the festive season according to research by StepChange debt charity. The report says that this Christmas will be a time of financial distress for many households, with more people expecting to…
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Average rent debts still owed by renters as a result of the pandemic have increased by 41 per cent since May according to the latest research by the National Residential Landlords Association (NRLA). A survey of over 2,000 private renters in England and Wales by research consultancy Dynata has found that average COVID related rent…
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More than eight in 10 (86%) consumers are concerned about the rising cost of living and have taken steps to reduce their household spending, according to research by Scottish Friendly. A survey of 2,000 UK adults found that more than one in three (36%) are anxious that inflation will mean they don’t have enough money…
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New analysis by the Centre for Economics and Business Research (CEBR) suggests a typical UK family will spend £1,700 more per year on household costs in 2022. The forecast for the BBC’s Panorama says a family of two adults and two children is set to spend £33.60 more per week compared with December 2020 due…
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Research from PwC suggests the economy will be hit by a triple whammy of a climbing cost of living, higher interest rates and the end of pandemic-related support from the government, with weaker household spending likely to slow the recovery. The analysis says more affluent households will be able to shake off the impact of…
Read moreThe Vulnerability Registration Service (VRS), has announced that it partnered with the Illegal Money Lending Team (IMLT), an organisation that investigates and prosecutes illegal money lenders, commonly known as loan sharks, while supporting those who have been affected by the crime. An estimated 310,000 people are in debt to illegal money lenders in the UK.…
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Credit Connect has announced its annual Credit & Collections Technology company power list for 2021. The third 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…
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The Financial Conduct Authority (FCA) has reformed its decision-making process to ensure it can make faster and more effective decisions for consumers, markets and firms. As part of its transformation to a more innovative and assertive regulator, more decisions will be taken by the FCA’s senior managers rather than by the Regulatory Decisions Committee (RDC). The…
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