Credit, Collections & Insolvency News
Fraudulent activity soared during the course of the pandemic with loan fraud up 40% in Q2, according to Experian, with criminals opening bank accounts at five times the rate of the same quarter last year. The research found that the fraud rate for current accounts rose by 13% in Q2* compared to the previous quarter and…
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New research by Royal London has indicated that 15.9 million consumers are more financially vulnerable as a result of the pandemic. The research has found that the pandemic has caused a dramatic rise in the UK’s financial vulnerability with 15.9 million people (30%) now feel more financially vulnerable than they did in March 2020, of…
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Here is an overview of The Money Charity’s latest statistics for August 2021 Personal debt in the UK People in the UK owed £1,742.7 billion at the end of June 2021. The average total debt per household, including mortgages, was £62,705 and per adult was £32,950, around 109.7% of average earnings. Net mortgage lending rose by…
Read moreThe Access to Cash Action Group has announced two early steps to support customers who depend on cash: the extension of shared Bank Hub pilots, and the rapid rollout of ‘cashback without purchase’ to thousands of smaller shops. The group (also known as CAG) was formed earlier this year and is chaired by Natalie Ceeney,…
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Almost two-thirds of UK homeowners find the mortgage process intimidating, new research by Twenty7Tec has revealed. The survey of 2,000 UK adults found 40% said deciding which mortgage to get ‘scared them’. Whilst 37% were kept awake by the mortgage process, while one in five admitted to crying because of it. The research also found…
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Digital bank, Revolut is launching a new service called ‘Payday’ that will enable workers to draw out as much as half of their salary weeks before payday, with the bank to work with employers to grant customers access to their cash as they earn it. As part of the initial launch, Revolut is partnering with…
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New Freedom of Information (FOI) data from the FCA gathered by wealth manager, Quilter has revealed a sharp increase in the number of mortgage sales with a term of 35+ years at the beginning of 2021. In March of this year, 25,112 mortgages were sold with a term of 35+ years, a 70% increase compared…
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Latest UK Finance figures show that mortgage arrears remained at record lows in the second quarter of 2021, with 1,370 fewer mortgages in arrears at the end of June compared to the end of March. The number of mortgages in early arrears is below the level seen prior to the pandemic. Total mortgage arrears remain…
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New research from Yolt, has revealed that over one in six (16%) UK adults never review some of their key household expenses. The research indicates that the 8.6 million in the UK who are ‘bill blind’ could be missing out on the most competitive deals available. This follows Ofgem’s recent announcement that the energy price cap…
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Data from Barclaycard showed that consumer card spending grew 11.6 per cent in July compared to the same period in 2019, as the heatwave and easing of restrictions saw consumers make the most of their newfound freedoms. The data revealed that spending on essential items grew 14 per cent last month, compared to July 2019. This…
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The ONS has released new statistics charting 50 years of housing change patterns between 1961 and 2011. The report showed that in 1961, only 42% of households owned their own home, and in several parts of London fewer than 10% did. By 2011, 64% of people owned their own home, and the area with the…
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Furlough and forbearance measures helped the UK avoid the spike in loan defaults that were expected at the start of the pandemic, but as they are phased out this year, a recent surge in payment holidays for unsecured loans suggests one in ten borrowers are still concerned about maintaining repayments according to new analysis by…
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New research by consumer group, Which? has found that some fraud victims are being left without satisfactory support from banks. The research found that while 83% of victims of fraud or fraud attempts in the past 12 months said they were satisfied overall with how their bank had managed the incident, some customers struggled to…
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