Credit, Collections & Insolvency News
Over-55s have used housing equity to clear more than £612 million of unsecured debt in 2020, according to new data analysis from Key shows. Credit cards (av. £8,500), overdrafts (av. £2,000) and loan balances (£11,700) were most commonly repaid as people looked to manage their retirement income by reducing outgoings. Around a fifth (18%) of…
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Research from global information and insights provider TransUnion has revealed an increase in optimism around household finances in the UK. More than half (54%) of those surveyed now feel optimistic about their current financial situation, up from 42% at the end of 2020. The confident outlook coincides with the successful UK rollout of the Covid-19…
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Almost one year on from the UK’s first national lockdown, UK Finance has outlined key statistics on the impact of the banking and finance industry’s support for businesses and customers across the country over the last twelve months. 2.75 million mortgage payment holidays were granted up until the end of 2020, with 1.8 million in…
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Nearly one in five of homeowners (19%) have been unable to remortgage their home since the pandemic started and could now face higher monthly mortgage repayments as a result, according to research by comparethemarket.com. The impact of the pandemic on employment and financial stability has meant that many households have become ineligible for competitive fixed-rate…
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The low levels of disposable income for when Covid restrictions end have been highlighted by AA Financial Services research. The research found took a look at the health of the nation’s finances to see where people’s money goes each month and found that 88% of people’s paychecks are fully committed, leaving only 12% of their…
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A report from the Centre for Economics and Business Research (CEBR) and Scottish Friendly suggests that consumers will go on a £50 billion spending spree once restrictions are lifted, spending money saved over the past year. The analysis says households intend to take more holidays and eat out more, with a quarter of the £192…
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UK households have repaid a record £17.6 billion of mortgage debt in just three months, equivalent to £192m a day, as savings made under lockdown helped some existing borrowers to reduce their debt commitments. Analysis of official data by the Equity Release Council, the representative trade body for the equity release sector, shows a surge in…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in January 2021 by 34% compared with the same month in 2020. The retail store and online credit sector reported new business 1% lower in January than in the same month in 2020. By contrast, credit card and…
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The Financial Conduct Authority (FCA) has announced that it has commenced criminal proceedings against National Westminster Bank (NatWest) over allegedly failing to comply with money laundering rules (Money Laundering Regulations 2007. The FCA alleges that NatWest failed to adhere to the requirements of regulations 8(1), 8(3) and 14(1) of MLR 2007 between 11th November 2011…
Read moreAnalysis of the latest debit card data from Lloyds Bank has found that as the UK approaches one year living with Covid-19 pandemic restrictions, 55% of customers’ money was spent online by the end of February 2021, compared to 38% in February 2020. For those who continue to spend away from their homes, the median…
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New research by free debt advice provider Financial Wellness Group, shows that people using Buy Now Pay Later (BNPL) loans are getting into problem debt younger. The average age of customers seeking debt advice with BNPL debts is 34, compared to 37 for those without BNPL debts. In fact, 40% of BNPL customers seeking debt…
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The Online Collections Technology Think Tank 2.0 has confirmed its agenda and speaker line-up ahead of the event next Thursday (18th March). The second Collections Technology Think Tank has been created as an online event platform so that collections professionals can specifically discuss the role of the technology as we potentially emerge from the pandemic,…
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The value of new mortgage agreements has reached a 13-year high after rising over 24% in Q4 according to new data from the Bank of England (BoE). The figures showed that more mortgages have been agreed for early 2021 than any time since the financial crisis Mortgage commitments (agreed for the coming months) were £87.7…
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