Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for November 2020 Personal debt in the UK People in the UK owed £1,685 billion at the end of September 2020. The average total debt per household, including mortgages, was £60,449 and per adult was £31,798, around 110.3% of average earnings. Net mortgage lending rose by…
Read moreBank of England (BoE) latest data on lending shows that households repaid £600 million of debt in October, the repayment matches the same amount as September. This means the total repaid since the end of March now stands at £15.6 billion. Credit card debt has fallen by 13% over the past year, with consumers having…
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The Resolution Foundation has predicted that the coronavirus crisis will see Britain’s 15-year squeeze on household incomes prolonged, with pay cut by £1,200 annually within the next four years. The Foundation’s report ‘Here Today, Gone Tomorrow ‘shows that the Covid crisis is causing immense damage to the public finances and permanent damage to household finances…
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Credit Connect has announced its annual Credit & Collections Technology company power list for 2020. The section edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies.The list…
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Bank of England researchers have found that the risk of catching coronavirus from handling banknotes is low. According to a study by the Bank of England (BOE), the risk of transmitting Covid-19 via polymer and paper bank notes is lower than on other day-to-day surfaces. Researchers found the main infection risks in shops are due…
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The amount spent by consumers on Black Friday has soared by 20% in three years according to the latest spending data from Lloyds Bank. Last year, when Black Friday fell on payday for many, customers spent in excess of £718m. Looking at the longer-term historical trend, and taking into account that 2020 Black Friday will…
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One in three people has got into debt since the start of the pandemic, according to a new report by national poverty charity, Turn2us. The findings also reveal how families with three or more children are twice as likely to run out of money as families with only one child. The report, which was co-designed…
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The winners of the 2020 Credit & Collection Technology Awards have been announced following a live interactive virtual awards broadcast yesterday (Thursday 19th November). The awards are the flagship event for innovational technological professionals working in credit and collections and the fourth annual event honoured the UK’s technological innovators, celebrating outstanding achievement across nineteen hotly…
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Lloyds Bank has taken a further step in its ongoing support for customers, by developing a new Trusted Person Card. Launching at the end of this month, the card will make it easier for friends, family and carers to help those who need additional help to make everyday purchases and access cash. The new feature…
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Average spending on credit cards has levelled after previous months’ increases, whilst rates of one missed payment fell according to new analysis by FICO. The analysis of card trends for September 2020, highlightedthe continuing impact of Covid-19 on household finances even while furlough and payment holidays remained in place during the month. Stacey West, principal…
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Credit Connect Media will host a free live webinar on Tuesday 15th December which will showcase innovation in mobile collections technology. The webinar titled ‘Agile collections technology that’ll outlive the pandemic’ is the latest in the series of Credit Connect webinars which have looked at the latest thematic innovations enhancing collections strategy. The event partner…
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Older homeowners are using their property wealth to clear debt and help family with nearly three-quarters of the £884 million released going to boost their finances and support relatives, according to new analysis from equity release adviser, Key. Figures from the company’s Quarter 3 (Q3) Market monitor report highlight that the market has returned to…
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Banks and building societies have agreed to allow six month mortgage holidays up until 31st July, 2021, with the industry agreeing the move with the Financial Conduct Authority (FCA). Lenders have committed to renewed support for mortgage customers facing financial difficulty as a result of the Covid-19 pandemic, as the Financial Conduct Authority (FCA) confirms…
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