Credit, Collections & Insolvency News
A new OnePoll survey of 2,000 UK adults commissioned by credit experts TotallyMoney has shown that many people don’t fully understand the cover they get through their credit card. If the item you pay for is worth over £100, but less than £30,000, you are covered by Section 75 if you make any of that…
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New data from Citizens Advice shows 49% of benefit claimants affected by the benefits freeze have struggled to meet essential costs such as rent, household bills and food while 40% have lost sleep due to money worries in the past 12 months. The findings are worse for Universal Credit claimants, with over half (55%) having…
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Here is an overview of The Money Charity’s latest statistics for August 2019: Personal debt in the UK People in the UK owed £1,642 billion at the end of June 2019. This is up from £1,596 billion at the end of June 2018, an extra £887 per UK adult over the year. The average total…
Read moreSpending on UK credit cards hit an all-time high in July according to new figures from the trade body for UK banking and financial services UK Finance The figures show credit card spending totalled £12 billion in July – the highest on record, an increase of 8.2% on July 2018. The findings may fuel fears…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in June by 4%, compared with the same month last year. The retail store and online credit sector reported new business up by 3% in June compared with the same month in 2018, while credit card and personal…
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Universal Credit is causing tenants to get behind with their rent according to new research for the Residential Landlords Association (RLA). It reports that 54 per cent of those private landlords who have let to tenants on Universal Credit in the past 12 months have seen them fall into rent arrears. Of these, 82 per…
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New figures released by the Finance & Leasing Association (FLA) show that the point of sale (POS) consumer car finance market fell by 3% in June 2019, compared with the same month in the previous year. The POS consumer new car finance market reported a fall in new business volumes of 5% in June compared…
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Numbers released this morning by the Financial Ombudsman Service (FOS) show that complaints during Q1 of the FOS complaints year (starting 1st April 2019) are down considerably on the same period last year. In the first three months of this financial year, FOS received 136,681 new enquiries and 70,304 new complaints – with 12,538 complaints…
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Hanley Economic Building Society has restructured and bolstered its senior leadership team in a bid to drive positive change through its customer propositions. The Society has appointed Lynsey Carter as Head of Operations and Will Jones as Head of Technology. These high-level additions to the senior leadership team follow the recent appointment of Larne Payne…
Read moreVisa’s UK Consumer Spending Index, compiled by IHS Markit, signalled a further fall in overall household spending during July. At -1.2% year-on-year, the reduction was modest and softer than that seen in June (-1.4%). Nonetheless, this extended the current period of declining spend to ten months, to mark the longest sequence of falling expenditure since…
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Challenger bank Monzo has announced that it has introduced a new “Get Paid Early” feature, whereby the bank’s customers will be able to receive a salary payment via BACS credit at 4pm the day before they get paid – instead of at midnight. Monzo has over two million customers across the UK who will be…
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The amount of people searching for a mortgage who meet the qualifying criteria for every deal on the market is as low as 3.5%, according to new analysis from Experian. One in five (22%) of those using pre-qualification websites to find a mortgage meet the initial qualifying criteria for every lender on the market. But…
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New figures from UK Finance show that consumers spent almost £16.9 billion on credit cards in May, a year-on-year increase of 2.3%. The annual growth rate of outstanding balances on credit cards stood at 4.1 per cent in May 2019, continuing the downward trend from its recent peak of 8.3 per cent at the start…
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