Credit, Collections & Insolvency News
Credit Connect has published its second annual Credit & Collections Technology company power list for 2020. The power listed is a round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies. The…
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New research by Royal London reveals that the pandemic has adversely affected consumers’ ability to access basic financial products. The figures indicate that taking out personal loans, credit cards and overdrafts has become more difficult, and many people are turning to the benefits system, often for the first time. Since the virus hit in March,…
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Statistics from, fraud prevention specialist, Cifas have revealed an increase in the number of victims of facility takeover in the telecommunications and retail sector. Cases recorded to the National Fraud Database for facility takeover, where an existing facility such as a retail account or phone contract is hijacked by a fraudster for their benefit, increased…
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Here is an overview of The Money Charity’s latest statistics for December 2020 Personal debt in the UK People in the UK owed £1,688.5 billion at the end of October 2020. The average total debt per household, including mortgages, was £60,580 and per adult was £31,867, around 109.1% of average earnings. Net mortgage lending rose by…
Read moreNew Ofcom research reveals the challenges and tough choices many telecoms customers are facing this year, with more action needed from the industry to support customers in financial difficulty. Ofcom says that reliance on phone and broadband services has increased significantly in recent years, and this trend accelerated in 2020 as people continue to spend…
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New research from over 50s finance specialist SunLife has found that, as a result of the pandemic, six per cent of homeowners over 55 would now consider taking out an equity release plan when they previously wouldn’t have. SunLife’s Equity Release Report 2020 shows that: Those who say the pandemic has made them think that…
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The Lending Standards Board (LSB) has published a summary report evaluating firms’ implementation of provision SF1(2) – Effective Warnings of the Contingent Reimbursement Model (CRM) Code for Authorised Push Payment (APP) scams today. The voluntary code, launched in May 2019, sets out consumer protection standards to detect, prevent and respond to APP scams and provides…
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Rising numbers of UK consumers are avoiding unnecessarily risking their credit score by checking their eligibility, as demand for credit grew in the second lockdown compared to the first lockdown according to the latest findings from Experian’s Credit Barometer. The number of consumers checking their eligibility for credit cards in the first two weeks of…
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New figures from debt advice provider Financial Wellness Group has indicated that people are falling into problem debt at a younger age. 31% of new debt advice and solution customers are now under 30, up from 23% last year. Alongside this trend, customers are also more likely to be single now (60% of all new…
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New figures released by the Finance & Leasing Association (FLA) show that the consumer car finance market reported a fall in new business volumes of 3% in October 2020 compared with the same month in 2019. In the ten months to October 2020, new business volumes in this market were 20% lower than in the…
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New figures released by the Finance & Leasing Association (FLA) have shown that consumer finance new business fell in October 2020 by 11% compared with the same month in 2019, and decreased by 18% in the ten months to October 2020. Consumer car finance new business by value and retail store and online credit each…
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Economic upheaval is putting a disproportionate strain on young adults and parents in the UK, according to the latest European Consumer Payment Report by Intrum The annual European-wide survey of more than 24,000 consumers found that 36% experienced an income drop as a result of the Covid-19 crisis. Though 10% said their income has since…
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Latest figures from UK Finance have that there are 127,000 mortgage holidays (payment deferrals) in place in mid-November, a significant reduction in customers seeking this form of support from June’s peak of 1.8 million The figures indicate that the number of payment deferrals across mortgages and consumer credit reduced in recent weeks as more customers returned to making repayments or sought alternative…
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