Credit, Collections & Insolvency News
A new global and UK study by the Economist Intelligence Unit for information and insights provider TransUnion has overwhelmingly found the key to whether or not companies go out of business hinges on providing consumers friction-right digital transactions. More than eight out of 10 executives, both in the UK and globally said they believe smooth…
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According to a recent study by The Aryza Group, 27 out of 29 of the country’s worst-affected Covid-19 pandemic areas are experiencing debt levels higher than the UK average. The results showed that COVID-19 is disproportionately impacting those in debt the hardest. Out of 29 of the worst-affected areas, 27 locations are collectively experiencing average…
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A new Bill designed to ensure the UK’s world-leading financial services sector continues to thrive and grasp new opportunities on the global stage has been introduced to Parliament. The Government says that the new Financial Services Bill is an important first step in taking responsibility for our financial services regulation, ensuring that the UK maintains…
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Latest figures from UK Finance have revealed that the number of customers on a payment deferral has significantly decreased in recent months. Of the 4.4 million payment deferrals granted across mortgages, credit cards and personal loans since the start of the pandemic, 323,700 are currently still in place. The support provided by lenders builds on…
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The Financial Conduct Authority (FCA) is urging borrowers affected by coronavirus lockdowns to seek support from their banks, as its figures show 12 million consumers are likely to be struggling with bills or loan repayments. The FCA research also found that the pandemic has hit the finances of ethnic minorities and young people the most.…
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Mourners are struggling with the cost of funeral services according to new research by Royal London. The research shows that 9% of funeral arrangers struggled to meet the cost of the funeral, a decline from 12% in 2019. Of those, more than one in four (27%) took on debt, using a credit card, loan or…
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Debit card spending in the UK reached a record high of £59.1 billion in July, data published by UK Finance has revealed. Spending was up almost a fifth (17.9 per cent) compared to the previous month and an increase of 9.4 per cent compared to July last year. Credit card spending in July amounted to…
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A new independent report, which contains 13 recommendations to address the urgent financial wellbeing implications of the Covid-19 pandemic, has been released by the Challenge Chairs who advise the Money and Pensions Service (MaPS) on the UK Strategy for Financial Wellbeing. These recommendations, which include immediate actions, such as help with credit for people coming…
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Nearly two in five (38%) retirees aged 54 and over say their monthly expenditure exceeds their household’s income, either on an occasional or regular basis according to new research from equity release lender more2life and economics consultancy Cebr The research also indicated that a third (33%) of women aged over 54 who have taken on or held…
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Consumers will be able to get cashback from shops without needing to buy anything under new Government proposals to protect the UK’s cash system. Under the government proposals, cashback without a purchase could be widely available from retailers of all sizes in local communities/ Although cash use is declining, with people increasingly choose cards, mobile…
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Buy Now Pay Later (BNPL) provider Zilch has partnered with challenger credit reference agency and Open Banking provider Credit Kudos to better assess the affordability of its customers. Zilch says that the COVID-19 outbreak has brought affordability into sharp focus and BNPL providers are under increased pressure to protect potential borrowers – in particular young…
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Totallymoney.com research has revealed how much customers could save by avoiding finance options at car dealerships with £300 million being lost every year across the UK due to commission-focused dealerships The research showed that the majority of new car registrations (nine in ten) were financed through dealerships in 2018 with nearly three-quarters of people (68%)…
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Pent-up demand and government incentives jolted the UK’s property market back to life this summer despite caution from lenders about the effects of Covid-19, according to a new Experian report. Experian’s research in Lending with Confidence: A data-led Analysis of the Mortgage Market has revealed that mortgage applications increased year-on-year by 13% in July, followed…
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