Credit, Collections & Insolvency News
With the average cost of Christmas topping £700 for UK households, 40% of people have been forced to make sacrifices to pay for this year’s festivities, including cutting back on heating, clothes and food shopping, taking on an extra job and even selling belongings, according to new research out today.* The run-up to Christmas can…
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Here is an overview of The Money Charity’s latest statistics for December 2017: Personal debt in the UK People in the UK owed £1.562 trillion at the end of October 2017. This is up from £1.504 trillion at the end of October 2016 – an extra £1,106.13 per UK adult. Per adult in the UK that’s an average debt…
Read moreIn a recent survey to help promote a better understanding of Basic Bank Accounts, Virgin Money has found that one in six people (16%) expect the cost of Christmas to mean they are likely to use their overdraft over the festive period, which would equate to over 8 million people across the UK. Of those likely…
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The winners of the inaugural 2017 Credit & Collections Technology Awards have been revealed. There were sixteen winners (three of which were partnership wins) from the sixteen Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation. The Credit & Collections Technology Awards were launched in the Summer and…
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UK households are set to spend around £20 billion celebrating Christmas. According to new research commissioned by GoCompare Money, this Christmas the average British household expects to spend £726 on presents, parties, feasting, gifts and decorations. For UK households as a whole – that equates to £20.3bn. Gifts for loved ones represent just over half of…
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Over two million people in the UK are stuck in a constant cycle of persistent overdraft debt, according to a new report – ‘Stuck in the Red’ – by StepChange Debt Charity. The report also highlights evidence of unaffordable lending in the overdraft market and cases where banks have failed to offer their customers a…
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One in ten UK adults (10%) have cancelled their credit or debit card in the last year due to attempted fraud, according to new research by comparethemarket.com. This equates to over five million people becoming the victims of the cybercrime in the last twelve months, highlighting the worrying levels of online fraud in the UK. In…
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People who don’t think they can pay their debts are being given thousand of pounds of credit they haven’t asked for, Citizens Advice has warned. Fresh evidence from the charity suggests that 6 million people have had their credit limit increased in the last year without their consent – and 32% of those showing signs…
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New figures released by the Finance & Leasing Association (FLA) show growth of 3% in consumer finance new business in September, compared with the same month last year. In Q3 2017, new business grew by 6% compared with the same quarter in 2016. In September, credit card and personal loan new business together grew by…
Read moreHere is an overview of The Money Charity’s latest statistics for November 2017: Personal debt in the UK People in the UK owed £1.557 trillion at the end of September 2017. This is up from £1.505 trillion at the end of September 2016 – an extra £1,030.47 per UK adult. Per adult in the UK…
Read moreThe Financial Conduct Authority (FCA) has published its ‘FCA Mission – Our Future Approach to Consumers’. When the FCA launched its mission, it committed to publishing a series of documents that would explain its approach to regulation in more depth. The FCA’s Approach to Consumers is the first in this series, and explores the approach…
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Following on from the Bank of England Monetary Policy Committee news that is has voted to increase interest rates by 0.25% to 0.5% – the first rate rise since 2007. The credit and collections industry has responded to the rate change. Joanna Elson OBE, Chief Executive of the Money Advice Trust, the charity that runs…
Read moreThe Credit Services Association (CSA) has urged members to start preparing for the government’s decision to ban additional charges for certain future card payments. From 13 January next year, businesses, including CSA Members, will no longer be able to charge surcharges for certain card transactions, but will still face the costs for processing card payments.…
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