Credit, Collections & Insolvency News
Consumers are “more pessimistic and polarised about Brexit” impact on finances according to new research by Royal London. In a third quarterly YouGov the survey found that age and gender make a big difference to expectations, with women more likely to expect their finances to get worse rather than better after Brexit (35 per cent…
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Average UK incomes continue to struggle in 2019, with regular real pay, as of April, 1.1% lower than the pre-crash peak in February 2008 and total real pay (i.e. including bonuses) 5.5% below, according to the June 2019 Money Statistics, produced by The Money Charity. Real pay, calculated by adjusting money wages for changes in…
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Here is an overview of The Money Charity’s latest statistics for June 2019: Personal debt in the UK People in the UK owed £1,637 billion at the end of April 2019. This is up from £1,588 billion at the end of April 2018, an extra £946.00 per UK adult over the year. The average total debt per…
Read moreNewcastle Building Society has announced that is set to transform the way it helps customers in financial difficulty by launching a digital debt help service, with integrated Open Banking technology. Newcastle Building Society’s new online facility, which has been developed by Paylink Solutions, will be available to customers of the Society who are facing financial…
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The Financial Conduct Authority (FCA) has launched a market study to examine how the credit information market operates and the impact it has on consumers. Firms use credit information when assessing credit risk and affordability. Therefore, it can impact how likely consumers are to be able to access a range of financial services, including mortgages,…
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A new report released by the Money and Pensions Service (MaPS) is calling on the retail banking sector to promote customer wellbeing. The Money and Pensions Service says that using saving goal-setting pots to spending analysis tools and features to find better energy deals, the retail banking sector has made significant inroads to help customers…
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Figures from UK Finance show that mortgage lending rose to its highest level since the Brexit vote last month, a total of 49,683 mortgages were agreed in May, up 9.1% on a year earlier, and the highest level since June 2016. Overall, £14bn was lent by High Street banks, up 3.5% from May 2018. Overall,…
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Consumer spending will continue to outperform the economy as a whole despite being at its lowest level in six years, according to an EY ITEM Club special report. The EY ITEM Club forecasts consumer spending growth of 1.6% in 2019 and 1.7% in 2020, down from 1.8%, 2.2% and 3.2% in 2018, 2017 and 2016…
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New research from the Centre for Economics and Business Research (Cebr) commissioned by equity release lender, more 2 life, has revealed that the later life lending market is set to almost double in size over the next decade. By the end of 2019, lending is expected to reach £295bn – rising to more than half a…
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In a bid to boost transparency and help consumers make more informed decisions about their finances, Experian has expanded its guaranteed rates service. The expansion of the service comes after Experian launched guaranteed rates for loans in May, with LiveLend and Admiral Car Finance joining Likely Loans, Zopa, Lendable, and Shawbrook to provide this offering.…
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The first major bank signs up to Money and Mental Health’s accessibility standards to prevent millions with mental health problems being ‘locked out’ of essential services The Money and Mental Health Policy Institute has today launched the first ever Mental Health Accessible standards, to make essential services easier to use for millions of people with…
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A new report from Zopa has revealed the difficulties faced by customers applying for a personal loan, with most customers offered a rate higher than advertised or rejected altogether. The report, which included a mystery shopping exercise and research amongst loan customers, found that it’s nearly impossible for customers to compare loan providers or shop…
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Young people today are spending 7 percent less on non-housing items than they were back in 2001, according to the Resolution Foundation’s inaugural Intergenerational audit report. The audit, supported by the Nuffield Foundation, is a major examination of the big generational living standards issues facing Britain. From the labour market to the housing market, and…
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