Credit, Collections & Insolvency News
Three-in-ten working-age consumers who have faced a sustained income hit during the pandemic are now unable to afford some basic household costs such as heating and fresh fruit and vegetables, as the persistence of the crisis exacerbates divides in how low- and high-income households are coping financially, according to new Resolution Foundation research. The Foundation’s…
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More than half of consumers have no idea what their current credit score is which could have a huge impact on their financial health according to latest research from Experian. The research of 2,000 adults found three in ten never look at their credit score, while a quarter are unaware of what factors contribute to…
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The average adult spends the equivalent of an entire year worrying about money over their lifetime, with more than a quarter admitting it is bad for their mental health. A study of 2,000 consumers found they typically think about their finances four times-a-day, for a total of 28 minutes. This amounts to 170 hours-a-year –…
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New research has found that one in eight families have struggled to cover funeral debts, with a shortfall of almost £2,000 on average causing financial issues. According to SunLife’s ‘Cost of Dying Report 2020’, two in five of us don’t make any financial provision to pay for our own funeral, leaving loved ones to pick…
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New research from StepChange Debt Charity reveals levels of household borrowing and arrears attributable to coronavirus have soared to £10.3 billion since the start of the pandemic, an increase of £4.3 billion (66%) since May. StepChange’s report, ‘Tackling the Coronavirus Personal Debt Crisis‘, has found the number of people affected by Covid who are in…
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New credit card accounts plummeted following the start of the first UK lockdown, but potentially riskier sub-prime approvals have bounced back hardest, more than doubling since August 2020, according to data from the new Equifax Market Pulse series. The overall volume of new credit card accounts bottomed out in May, 86% below March levels when…
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Almost two in five people in Scotland are concerned about their income during the Covid-19 pandemic, research for Citizens Advice Scotland (CAS) has found. The research, carried out by the Diffley Partnership, found 39 per cent of people concerned about their income during coronavirus. The research concludes seven months of tracking attitudes by CAS and…
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A quarter of a million older workers have stopped making pension contributions to make ends meet during the pandemic, according to new study by SunLife. According to Sunlife’s ‘Finances After 50’ research, before the crisis, around 22% working people over 55 were making regular contributions into a personal pension, UK-wide, this is equivalent to 2.4million…
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Experian is launching the UK’s first service to give consumers the ability to instantly improve their credit score, using information such as regular video and music streaming payments and council tax payments. The company says early analysis suggests over half of people (51%) using the new service will receive an instant increase to their Experian…
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Latest figures from the Financial Ombudsman Service (FOS) have indicated that there was a surge in complaints about consumer credit services in the three months to September, with claims management companies said to have driven a big rise in complaints being upheld. FOS says that between July and September 2020, there was a continued increase…
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A new report from Money and Mental Health has shown that the ease and convenience of online shopping can offer a lifeline for many people experiencing mental health problems, especially in the context of lockdown restrictions. However, it also warns that the design of retail websites is making it extremely difficult for people with poor…
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A third (34%) of those who are planning to retire in 2020 continue to financially support their families with regular handouts amounting to over £3,700 per year, new exclusive research from specialist adviser Key shows. The research found that with retirees planning on an average retirement income of £20,663, figure that may drop due to…
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People in the UK continue to feel the strain on their finances due to Covid-19 pandemic with those aged 18 to 24 most affected according to credit reference agency Credit Kudos’ second Borrowing Index. The survey of 2,000 people across the UK found that almost two in five (37%) of the youngest adults have seen…
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