Consumers denied access to financial products as a result of the pandemic

27th December 2020 Arrears and Recoveries |

New research by Royal London reveals that the pandemic has adversely affected consumers’ ability to access basic financial products. The figures indicate that taking out personal loans, credit cards and overdrafts has become more difficult, and many people are turning to the benefits system, often for the first time. Since the virus hit in March,…

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43% of consumers will need credit before the end of this year

14th December 2020 Arrears and Recoveries |

A recent financial survey by KIS Finance has revealed that 43.2% of consumers anticipate having to take out some kind of credit facility before the end of this year. The company says that Christmas is already an expensive time of year and scammers know that many people struggle financially and turn to borrowing to get them through. With…

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Credit eligibility checks rise

9th December 2020 Consumer Collections |

Rising numbers of UK consumers are avoiding unnecessarily risking their credit score by checking their eligibility, as demand for credit grew in the second lockdown compared to the first lockdown according to the latest findings from Experian’s Credit Barometer. The number of consumers checking their eligibility for credit cards in the first two weeks of…

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Money Statistics: November 2020

1st December 2020 Arrears and Recoveries |

Here is an overview of The Money Charity’s latest statistics for November 2020 Personal debt in the UK People in the UK owed £1,685 billion at the end of September 2020. The average total debt per household, including mortgages, was £60,449 and per adult was £31,798, around 110.3% of average earnings. Net mortgage lending rose by…

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Four in five consumer credit applications declined due to lack of data

4th November 2020 Consumer Collections |

Four in five UK consumer credit applicationswere declined due to lack of data with UK lenders declining up to 1.8 million consumer credit applications worth £10.6 billion last year. The credit applications were rejected to a lack of information about the consumer, rather than poor credit histories or genuine affordability concerns, according to a study…

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Increase in people missing card payments

2nd November 2020 Arrears and Recoveries |

THE number of people missing card and loan repayments has jumped in recent weeks, according to Which? An estimated 370,000 more people defaulted on a credit card or loan in October than in September, increasing from 410,000 to 780,000, the consumer group’s UK survey findings indicate. The latest findings from Which?’s consumer insight tracker reveal…

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Consumers made net repayments of £600m in September

30th October 2020 Arrears and Recoveries |

The Bank of England has reported that consumers made net repayments of £600 million in September whilst approvals of mortgages for house purchase increased to 91,500 last month from 85,500 a month earlier, with pent-up demand and the stamp duty holiday cited as reasons for the housing market boom. September’s figures total marks the highest…

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Money Statistics: October 2020

29th October 2020 Arrears and Recoveries |

Here is an overview of The Money Charity’s latest statistics for October 2020 Personal debt in the UK People in the UK owed £1,684 billion at the end of August 2020. The average total debt per household, including mortgages, was £60,526 and per adult was £31,972, around 111.5% of average earnings. Net mortgage lending rose by…

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Pandemic financial victims may see credit scores suffer for six years

28th October 2020 Banking and Loans |

Finance experts TotallyMoney have warned that those experiencing financial hurt due to coronavirus could see their credit scores suffer for six years as protections are taken away for over quarter of a million people still on payment holidays. A blanket end on 31st October to granting payment holidays on mortgages, credit cards, loans, and overdrafts…

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ICO takes enforcement action against Experian after data investigation

28th October 2020 Consumer Collections |

The Information Commissioner’s Office (ICO) has ordered credit reference agency Experian to make fundamental changes to how it handles people’s personal data within its direct marketing services. The enforcement notice follows a two-year investigation by the ICO into how Experian, Equifax and TransUnion used personal data within their data broking businesses for direct marketing purposes.…

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100% growth predicted for Second Charge Lending

20th October 2020 Arrears and Recoveries |

Second charge brokerage Loans Warehouse is predicting a 100% growth in second charge lending in the final quarter of 2020.  In February, prior to the COVID-19 pandemic, Second Charge lending stood at a total of £107 milliion. However, this figure had declined 81% by May to just £21 million.  Since then the market has recovered…

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Debit card spending hits record high in July

16th October 2020 Banking and Loans |

Debit card spending in the UK reached a record high of £59.1 billion in July, data published by UK Finance has revealed. Spending was up almost a fifth (17.9 per cent) compared to the previous month and an increase of 9.4 per cent compared to July last year. Credit card spending in July amounted to…

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Customers lose £300m every year through car dealership commissions

14th October 2020 Consumer Collections |

Totallymoney.com research has revealed how much customers could save by avoiding finance options at car dealerships with £300 million being lost every year across the UK due to commission-focused dealerships The research showed that the majority of new car registrations (nine in ten) were financed through dealerships in 2018 with nearly three-quarters of people (68%)…

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