Credit, Collections & Insolvency News
First-time buyers are now saving more than £800 a year as the gap between buying and renting has stretched by 8% in the past 12 months, according to new data from Halifax. The Halifax Buying vs Renting Review is based on the housing costs* associated with a mortgage on a three-bed home, compared to the average…
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New research by Resolver has found that thousands of people are being penalised or pursued for buy now, pay later (BNPL) debts incorrectly, as a direct result of errors by retailers and credit companies. Resolver says that it has helped people sort out more than 17,500 complaints about buy now, pay later credit in the…
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New research from global insights and information company TransUnion suggests an increased intention among consumers to engage with online-only banks or apps, narrowing the gap between these challengers and traditional high street banks. The figures show 11% of consumers intend to open an account with an online-only bank or app in the next 12 months,…
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A new report from the Institute of Economic Affairs (IEA) has drawn attention to the shortcomings of the Financial Ombudsman Service (FOS). The report has found that the FOS has failed to deliver its key objectives of ‘providing fair and reasonable resolution of disputes at speed’ and ‘providing value for money and supporting competition and…
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New research by Key has indicated that retired households saw their average disposable incomes fall by 12% last year. The analysis shows average disposable incomes for retired people fell in the financial year ending 2020 from the previous year by nearly 12% with much of the cut coming from lower private pension income and investment…
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Here is an overview of The Money Charity’s latest statistics for March 2021 Personal debt in the UK People in the UK owed £1,700.2 billion at the end of January 2021. The average total debt per household, including mortgages, was £60,999 and per adult was £32,087, around 107.6% of average earnings. Net mortgage lending rose by…
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Consumers paid off £1.2 billion in credit card debt and overdrafts in the final month of full lockdown according to the latest Bank of England figures. The figures showed that net repayments on products such as credit cards, personal loans and overdrafts were at the strongest annual rate in 27 years. The repayment figures are…
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One in five consumers in the UK (20 percent), equating to an estimated 10.2 million people, say they are worried their finances will not fully recover from the impact of Covid-19, according to new research from the Money Advice Trust. The research, based on a poll of more than 2,000 adults conducted online by YouGov,…
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Irish regulator, The Central Bank of Ireland, has fined Ulster Bank €37.8 million (€37,774,520) for its role in Ireland’s tracker mortgage scandal. The Central Bank of Ireland issued the penalty after finding that 5,940 people were denied tracker mortgages, resulting in “significant and widespread overcharging”. The Central Bank’s investigation found that the Bank had breached…
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Nearly a third (31%) of credit cardholders have been unable to repay their balance in full each month since the pandemic began, which can lead to further interest and debt accruing due to high APR rates, according to new research from comparethemarket.com. Among 25-34-year-olds, this figure increases to more than two-fifths (41%). Millennials are the hardest…
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The divide between rich and poor is widening, as many consumers have grown their savings during the COVID-19 pandemic, while others are struggling to make ends meet according to new research by TransUnion. The research reveals the pandemic has given over a third (35%) of UK adults the chance to increase their savings and 16%…
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New card spending data published by UK Finance has revealed that more Christmas shopping was done online in December 2020 than during any previous Christmas, as continued coronavirus restrictions saw people move their festive spending online. Online card spending accounted for 33.8 per cent of the total value of credit and debit card spending in the UK worth over £21.7…
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Credit Connect’s hosted its second Online Collections Technology Think Tank 2.0 last week which saw collections strategies and the impact of the pandemic discussed by fourteen collections professionals from a variety of industry sectors. The themes of business transformation, customer engagement, affordability, and open banking collections were discussed by panellists and Chair Vanessa Northam from StepChange.…
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