Credit, Collections & Insolvency News
Unemployment rose sharply even before the start of the winding down of the Coronavirus Job Retention Scheme (JRS) from August, with young people at the centre of Britain’s mounting jobs crisis, the Resolution Foundation said in response to the latest ONS data. The headline unemployment picked up in the three months to July – from…
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UK banks achieved the biggest reduction in card fraud losses last year among 18 countries across Europe, according to the updated FICO European Fraud Map. More than half of the countries saw increases in card fraud losses in 2019 according to the report, based on data from Euromonitor International and UK Finance. Toby Carlin, Director…
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New research from Royal London has suggested that professional financial advice can help to improve emotional wellbeing by making people feel better about themselves and their finances. The company says that around 17 million people in the UK have received financial advice with the vast majority feeling positive about their adviser and the services they…
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The Financial Conduct Authority (FCA) has set out its expectations for the steps firms should take when considering closing branches or ATMs, or converting a free-to-use ATM to pay-to-use. In its finalised guidance, the FCA makes it clear that banks, building societies and credit unions are now expected to keep the FCA informed of any…
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Figures from over 50s from SunLife suggests that more than 7 million over 50s have no private pension and more than 8 million don’t think they have enough money to fund their retirement. In its Finances After 50 study, SunLife found that 28% of over 50s do not have a private or company pension. The number…
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Consumer spending grew 0.2 per cent year-on-year in August – the first uplift since February 2020 – as Brits enjoyed the last of summer by socialising and holidaying in the UK. Data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, has revealed that spending on essential items grew 5.1…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in July 2020 by 9% compared with the same month in 2019, and decreased by 23% in the first seven months of 2020. Retail store and online credit new business grew by 1% in July compared with the…
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New figures released by the Finance & Leasing Association (FLA) show that new business in the consumer car finance market grew 19% by value and 9% by volume in July 2020 compared with the same month in 2019. In the seven months to July 2020, new business volumes in this market remained 30% lower than…
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In the UK, the average consumer owes of £176 per person to Buy Now Pay Later (BNPL) Schemes such as Klarna, Laybuy and Clearpay according to a new report by Money.co.uk In a report titled ‘Shop Now Stress Later’ the report also suggests that as Influential organisations, such as Manchester City have begin to enter…
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Analysis by Halifax shows that the price of the average first home has increased by more than two-thirds in the last decade, jumping 69% from £142,473 in 2010 to £241,025 today. In the same period, the average house price has only risen 33%. The report also shows that the number of first-time buyers has fallen…
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UK Finance’s Household Finance Review for Quarter 2 has highlighted that lenders have maintained a cautious approach to underwriting in uncertain times with higher-loan to value (LTV) lending is still taking place and contracted less than the wider market. House purchase lending plummeted in Q2 as the housing market was suspended due to lockdown, with…
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The economic impact of the coronavirus crisis has been far-reaching with millions of people unable to work due to lockdown restrictions. New research shows that nearly a third (31%) of UK adults have seen their income cut as a direct result of the crisis. The research, commissioned by GoCompare Money, reveals that 8% of people are…
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A Standard Life Foundation study of national survey of household finances has shown that of the 3.7million households in the UK granted a bill ‘payment holiday’, over six in ten are already facing financial difficulties and will struggle to repay their debts when these arrangements end. For many, these payment holidays will cease on 31st…
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