Credit, Collections & Insolvency News
More than a third of UK young people think they will still be in debt by the time they’re 40, as they report worsening debt levels, finds Young Women’s Trust. The charity, which helps young women on low or no pay, surveyed more than 4,000 young people with Populus Data Solutions to find that one…
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Personal insolvencies are on track to hit 105,000 per annum by 2022, breaking highs last seen six years ago, according to the latest econometric forecast from Arrow Global’s ‘Debt Britain 2018’ research. Analysis shows that personal insolvencies have been on the increase since 2015 and rising interest rates on the back of the Bank of…
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The Financial Ombudsman Service (FOS) has published its latest quarterly update about the financial products and services complaints data. The statistics include the number of enquiries and new complaints received, the number of complaints referred to an ombudsman’s final decision, and the proportion of complaints resolved in consumers’ favour. The latest statistics analyse April, May…
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New research has revealed that 42% of contactless payment users would like to see the limit for transactions increased, with of them 38% saying it could be £50 or higher, while 9% would like to be able to make payments of £100 or more. Currently, individual contactless card transactions are limited to £30 but research…
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The number of households in personal debt default is set to increase to 3.8 million by the end of 2022, up from 3.3 million at the end of 2017 according to the latest econometric forecast from Arrow Global’s ‘Debt Britain 2018’ research. Arrow Global’s forecast is based upon analysis of the Office of Budget Responsibility…
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The Dedicated Card and Payment Crime Unit (DCPCU) has prevented £25m of fraud and carried out 84 arrests and interviews under caution in the first half of 2018, new figures have revealed. The DCPCU, a specialist police unit sponsored by the finance industry, achieved estimated savings of £25m from preventing and disrupting fraud in the…
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In the same month that the Bank of England base rate has risen to 0.75% – the highest level since 2009, debt growth has fallen to its lowest level in over a year. According to the August 2018 Money Statistics, produced by The Money Charity, debt growth per adult slowed to £900.74 in the year…
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New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in June by 9%, compared with the same month last year. Credit card and personal loan new business together grew by 10% compared with June 2017, while retail store and online credit new business increased by 5%. Second charge…
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Here is an overview of The Money Charity’s latest statistics for August 2018: Personal debt in the UK People in the UK owed £1.592 trillion at the end of June 2018. This is up from £1.545 trillion at the end of June 2017– an extra £900.74 per UK adult. Per adult in the UK that’s an average debt of…
Read moreThe finalists for Credit Connect’s second annual Credit & Collections Technology Awards 2018, the UK’s celebration of tech innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect, brings together credit and collections technology executives to honour the industry’s leading players across 18 categories. The Technology focused-Awards scheme seeks…
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A new report by Which? has revealed how the broken deposit system is placing financial pressure on renters, with some tenants facing weeks to get their money returned or having to challenge charges that they feel are unreasonable. The consumer champion’s findings reveal that two in five (43%) renters that faced moving costs used a…
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Nearly 1 in 10 UK adults (9%) have been defrauded via their debit or credit card in the last year, equating to 4.7 million people across the country. This is according to a poll of 2,000 UK adults commissioned by Compare the Market, which found that nearly 5 million people have had their credit card,…
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Most (77%) UK consumers have made a contactless payment in the last year, with over 19 million (37%) now saying contactless is their first-choice payment method for purchases under £30, according to new research, commissioned by GoCompare Money. The research reveals that 77% of people (40 million) have made a contactless payment in the last 12…
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