Credit, Collections & Insolvency News
UK Finance has published its latest lending figures. Findings from the figure include: Mortgage activity has been building through the year, helped by increasing numbers of first-time buyers. We estimate gross mortgage lending in October was £23.1 billion, nine per cent higher than a year earlier, with 60 per cent of all new lending provided by…
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Plans to protect people from unresolved debts which can damage credit ratings without them knowing have been outlined by the Government. It has launched a consultation on how County Court Judgments (CCJs) are issued after concerns were raised that some rogue companies were deliberately sending claims to consumers using incorrect addresses. Credit ratings can be…
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New research from uSwitch.com has indicated that one in four consumers will carry an average credit card debt of £452 into this year. Despite the cost of living reaching a five year high in 2017, the British public has not held back on their Christmas spending, with almost £8.5 billion being spent on plastic this…
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As 2018 fast approaches, new data from MoneySuperMarket reveals that the average Brit will see in the New Year with over two thousand pounds (£2,172) of debt hanging over their heads. Despite 55 percent of Brits feeling confident that they will stay within budget this Christmas, the leading price comparison website reveals that eight in 10 would…
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One in three consumers shopped ‘blindly’ this Christmas – by not checking their bank balance before, during or after hitting stores and retail websites according to latest research by Asda Money Despite 77 percent setting a typical budget of £539 the study of 2,000 adults found overall one fifth spent more than they intended to.…
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Christmas shoppers will spend record amounts on credit cards as consumers search for safer online shopping according to new research by Equiniti. Credit card payments have already seen an uptick in the value of payments made in 2017 with over £3 trillion already spent on credit cards up to October (the latest data available), compared…
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Financial Conduct Authority (FCA) plans to change how credit card firms offer credit limit increases do not go far enough to protect consumers from problem debt, Citizens Advice says. The update paper on credit cards and persistent debt released today shows the FCA has stopped short of the clear ban on unsolicited increases Citizens Advice…
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The Financial Conduct Authority (FCA) has published an updated consultation on rules to help customers in persistent credit card debt. This follows an April 2017 consultation paper on proposed remedies to help millions of people get out of expensive longer-term credit card debt. These include firms, at designated timeframes, prompting customers to make faster repayments…
Read moreWith 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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