Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 147% in April 2021 compared with the same month in 2020. In the first four months of 2021, new business was 1% higher than in the same period in 2020. The retail store and online credit sector…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 176% in April 2021 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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Credit Connect Media will host the latest edition of its Connected News digital free live webinar series on Wednesday 14th July. The webinar titled “Delivering responsible vulnerable communications” will be the latest in the series of webinars looking at the latest thematic innovations enhancing collections strategy. Speakers from Lowell and the Lending Standards Board will…
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Latest Bank of England (BoE) figures show that consumers continued making net repayments of consumer credit in April 2021. The figures show that households collectively made a £377 million net repayment in consumer credit, the repayment figures included credit cards, personal loans and overdrafts. Analysis shows that while people have been making significant net consumer…
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The Joseph Rowntree Foundation (JRF) has warned that the country risks a two-tier recovery from the pandemic as new research highlights the disproportionate risks facing people who rent their homes. The temporary ban on bailiff-enforced evictions introduced in March 2020 and extended several times since, has provided much-needed security to renters at a time of…
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Just 7% of UK shop payments predicted to be in cash by 2024 according to new research by Worldpay. The report found that cash purchases fell to 13% last year as pandemic increased the switch to cards and mobiles The report found that by 2024 it expects tha mobile to make up a third of…
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The Financial Conduct Authority (FCA) has announced a package of remedies to improve competition and protect home and motor insurance customers from loyalty penalties. The changes mean that people renewing their home or motor insurance will pay no more than they would as a new customer from January. The FCA says that these measures address the…
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UK Finance and the Building Societies Association (BSA) are calling for further help for those struggling to pay their mortgage due to the financial effects of the Covid-19 pandemic. The organisations are calling for changes to Support for Mortgage Interest (SMI) which is currently offered to help homeowners to avoid their financial situation deteriorating by…
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More than a million households are struggling to pay their water bills according to the Consumer Council for Water (CCW). According to the CCW, there are about 1.5 million people in ‘water poverty’ which it defines as having to spend more than 5% of their income after housing costs on water bills. As a result…
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Here is an overview of The Money Charity’s latest statistics for May 2021 Personal debt in the UK People in the UK owed £1,712.9 billion at the end of March 2021. The average total debt per household, including mortgages, was £61,435 and per adult was £32,326, around 110.3% of average earnings. Net mortgage lending rose by…
Read moreNew research by the Financial Conduct Authority (FCA) has highlighted the borrowing patterns of consumers during the pandemic, with men have borrowed more during the crisis (9% of men and 6% of women). The research looked at the impact on the finances of men and women during the pandemic and showed that before the pandemic,…
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New research has found that men have more debt than women. The research by personal insolvency, lending and debt solutions software provider Aryza, indicated that currently, men have an average debt of £17,323 and women have an average debt of £14,712. Those aged 60-69 have the highest level of average debt per person across the…
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The Credit & Collections Technology Awards has confirmed the judging panel for the 2021 event. Launched in 2017, the fifth annual awards seek to recognise excellence in credit and collections technology. The judging panel includes industry association leaders whose expertise includes specialisms from a diversity of different backgrounds, this ranges from consumer and business commercial…
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