Credit, Collections & Insolvency News
New figures released today by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 67% in September 202 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA),…
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More than three million households are entering winter in debt to their energy supplier, half a million more than last year according to new research from Uswitch.com. Households are going into the coldest time of year owing £510 million, a rise of £77 million since 2020, with many feeling additional pressures caused by the rising…
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New research by NerdwWallet has found that over a quarter of consumers have borrowed due to gambling The research found that 46% who gamble daily have taken a loan or credit because of gambling, the highest of any category. Whilst 28% who gamble at least once a month have taken a loan or credit because…
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Coronavirus support measures reduced the number of customers seeking debt advice, but caused an increasing rise in existing debt solution customers needing support according to new figures from the Financial Wellness Group’s Impact Report, The report showed that the average debt of new advice customers rose to £17,900 with an increasing proportion of customers having…
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Latest figures from the Insolvency Service have indicated that there were 26,758 seasonally adjusted personal insolvencies in Q3 2021, a fall of 1.8% compared to Q2 2021’s figures of 27,252 and a rise of 32.5% compared to Q3 2020 (20,194). This is the sixth quarter to be wholly affected by the pandemic and associated national measures, and…
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New insight from Lowell’s Vulnerability Index has indiacted a 11% rise in financial vulnerability across the pandemic (Q3 2019 to Q1 2021) The Financial Vulnerability Index, is a joint project between Lowell, one of the largest credit management services companies in Europe, and the Urban Institute, a leading U.S.-based research organization, uses unique Lowell data…
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Younger consumers in the UK, aged 16 to 24 year olds, are among those most likely to now consider themselves vulnerable – 48%, compared to 34% of all consumers, according to research by the Vulnerability Registration Service (VRS), a not-for-profit company providing the UK’s first central vulnerability database. The FCA’s Financial Lives findings back in…
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Chancellor Rishi Sunak has announced changes to the Universal Credit Taper rate, which is the amount of Universal Credit (UC) withdrawn for every pound someone earns (from 63% to 55%, so for every extra £1 earned, 55p of Universal Credit will be withdrawn) as part of his latest budget announcement. StepChange Debt Charity says that…
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Here is an overview of The Money Charity’s latest statistics for October 2021 Personal debt in the UK People in the UK owed £1,745.7 billion at the end of August 2021. The average total debt per household, including mortgages, was £62,813 and per adult was £33,006, around 108.9% of average earnings. Net mortgage lending rose by…
Read moreA new report by Aryza has found an increase in the numberstruggling to manage their personal finances. Drawing on a dataset of nearly 300,000 insolvent UK consumers currently struggling with their personal finances, the company’s latest debt statistics report found the average debt level across the UK to be £17,823. This is compared to £15,924…
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The record energy price cap increase of £139 in October is set to push two in five families into debt with their supplier, according to the latest Household Financial Confidence Tracker from comparethemarket.com. 43% of families with children at home believe that if energy bills increase it will push them into debt with their energy…
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Credit Connect has confirmed the line-up for next week’s Credit & Collections Technology Awards which takes place at the Midland Hotel in Manchester next Thursday (4th November). The awards are judged by a panel of industry experts who have reviewed technological excellence in four different categories sections: creditor and lender, collections and recoveries, applied technology, and…
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The Credit & Collections Technology Think Tank has confirmed its agenda and speaker line-up ahead of the event in-person event at the Midland Hotel in Manchester on Thursday 4th November. The launch of the event follows on from the successful launches of the Online Collections Technology Think Tank and the Online Lending Technology Think Tank…
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