Credit, Collections & Insolvency News
The poorest fifth of the population have experienced a 7 per cent fall in their disposable household incomes over the past two years, leaving their incomes no higher last year than they were back in 2004-05, the Resolution Foundation said in response to the latest ONS income and inequality data. The ONS latest data, which…
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New research from comparethemarket.com reveals that nearly one-third of consumers (30%) have to dip into their overdraft because they have run out of money before the end of the month. Many people are not able to save for a rainy day. The research found two-fifths (40%) use their overdraft for emergency funding and nearly one…
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While the UK’s rapid shift towards contactless and digital payments continues apace, these moves remain a very real problem and threat to the financial inclusion of a significant number of UK adults, according to the statistics, produced by The Money Charity. The latest figures released from LINK, the UK’s cash distribution network, show that the number…
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Finance specialists TotallyMoney have revealed figures that show many are being handed a credit card offer very different to the one they applied for. Although it’s not unusual for lenders to assess a borrower’s creditworthiness when they apply for credit, the latest research from TotallyMoney and MoneyComms reveals that many customers end up with a very different product to…
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Banking customers who use their arranged overdraft may find the cost to borrow rise over the next month as current account providers set out to ban usage fees in response to the Financial Conduct Authority’s (FCAs) overhaul to make things fairer. The latest research by Moneyfacts.co.uk has revealed that one brand has doubled the cost…
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The Bank of England has released its latest Money and Credit statistics which show that net consumer credit growth remained at 6.1% in January, stabilising after the downward trend seen over the past three years. Meanwhile, mortgage approvals for house purchase rose to 70,900, the highest since February 2016. Whilst UK businesses made net repayments…
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Collections specialist CRS has announced the launch of a brand-new event called ‘Collections in the Digital Age.’ The event will take place at the Marriott Hotel in Leeds on the 5th of March 2020. The event is looking to break the mould of traditional ‘collections industry’ gatherings by directing the day away from what has…
Read moreHere is an overview of The Money Charity’s latest statistics for Febrruary 2020 Personal debt in the UK People in the UK owed £1,675 billion at the end of December 2019. The average total debt per household, including mortgages, was £60,213 and per adult was £31,766, around 112% of average earnings. Net mortgage lending rose…
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Bluestone Group’s expansion in the UK and Irish finance and technology markets has received a substantial boost from alternative asset manager, Pollen Street Capital (“PSC”). The parties have agreed terms on a £15 million capital raising in the form of a 3-year debt facility. Bluestone will use the capital to support the continued growth of…
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Despite political and economic uncertainty, borrowers turned to established and familiar lenders in 2019, according to a new research report launched by Equiniti Credit Services and Credit Kudos. The report titled ‘A Brands’ New Decade: Loyalty on loan as consumers consent to data-driven lending services’ has found that although banks remained the lender of choice…
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The results of TotallyMoney’s Financial Awareness Survey has revealed that myths surrounding interest payments, credit limits and how often you need to use your card are clouding the judgement of UK consumers. One statistic shows that over half of UK adults (54%) didn’t know that paying off an outstanding balance in full each month may…
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A new report has highlighted the gap in responsible lending, highlighting that affordable credit providers make just £250 million of loans, while over the same period, high-cost short-term credit providers lend £3 billion – more than ten times as much. The report titled ‘Transforming affordable credit in the UK’ identifies affordable lenders who operate with…
Read moreThe gap between monthly rental costs and mortgage payments is at its smallest in a decade, but renters are still paying almost 20% more of their income on housing costs in parts of the country. Nationwide, rents are now just 3% more expensive than mortgage repayments, which save homeowners £227 a year, according to a…
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