Credit, Collections & Insolvency News
New data from StepChnage has revealed the effect of Christmas on people’s finances, with nearly seven in 10 (68%) unable to comfortably afford this festive season and nearly a third turning to credit to help fund Christmas shopping. The survey asked 1,533 people who use social media and will be celebrating Christmas this year about…
Read more
As consumers get ready to hit the shops to buy their Christmas presents – be that on the high street or online – three in four plan to do so with a specific budget in mind. However, research by Lloyds Bank has shown that, despite their good intentions, nearly half (48%), still expect to overspend.…
Read more
Bank of England (BOE) figures show consumer debt levels rose to an all-time high of £225 billion last month, increasing by £1.3 billion between September and October according to the BOE’s latest statistics. The net flow of consumer credit was above the £1.1 billion average since July 2018. The figures reveal that banks and building…
Read more
The Financial Conduct Authority (FCA) has confirmed that Active Securities trading as 247 Moneybox, have been placed into administration. Active Securities a high-cost short term lender (payday lender). In a statement that appears on the website, the company said that all existing loan agreements remain in place and will not be affected by the proposed…
Read more
New research by American Express has suggested that seasonal spending will hit £75 billion this Christmas The research has predicted that consumers plan to spend on average £1,522 each this festive season. As a nation, this comes to more than £75 billion being spent on everything from presents to parties. The top three costs this…
Read more
LendingMetrics’ clients will soon be able to use WPS Analytics for data processing and advanced predictive analytics. The provider of multi-award winning auto-decisioning platform ADP has partnered with the company behind WPS Analytics – UK-based World Programming – to give users access to a heavyweight suite of data processing and analytics tools. ADP already has…
Read more
Financial stress among European consumers is rising with almost half (45%) say their bills are rising at a faster rate than their income, thus negatively affecting their general wellbeing according to Intrum’s latest edition of its European Consumer Payment Report. The report says that borrowing culture is on the rise. An increasing number (24%) have…
Read more
HSBC and Santander have agreed to refund customers after they both broke a legal order for unarranged overdraft charges. An investigation by the Competition and Markets Authority (CMA) found that HSBC has twice broken Retail Banking Market Investigation Order and will now refund £8 million to 115,000 customers. Santander broke the Order 6 times and…
Read more
A combination of challenging situations are bringing high pressure on young people aiming to manage their money well and achieve financial wellbeing, according to the November 2019 Money Statistics, produced by The Money Charity.The November report draws a number of statistics related to young people together into one page, giving a clearer cumulative picture of…
Read more
Here is an overview of The Money Charity’s latest statistics for November 2019: Personal debt in the UK People in the UK owed £1,661 billion at the end of September 2019. This is up from £1,612 billion at the end of September 2018, an extra £930 per UK adult over the year. The average total…
Read more
Comparison website, GoCompare has joined Cifas, as an official member. The membership builds on GoCompare’s existing efforts to tackle fraud, having joined as members of the Insurance Fraud Bureau (IFB) in May. The agreement will mean that GoCompare can check suspicious activity against data at point of quote and quickly receive an indication of whether…
Read more
The latest figures from UK Finance show that the £11 billion of credit card spending in October 2019 was 2.3 percent lower than in September 2018, with repayments remaining in line with credit card spending, demonstrating that consumers are managing their finances effectively overall. Repayments remained in line with credit card spending, showing that consumers…
Read more
New research by iVendi shows that 8% of used cars have potentially conflicting information attached to their digital record – meaning that any finance quotes supplied for them could be incorrect. From a sample of around 140,000 vehicles being sold online, the motor retail technology specialist identified more than 11,000 as having a potential problem.…
Read more