Credit, Collections & Insolvency News
Economic uncertainty means that judging credit risk is more complex than ever for insurers according to research by TransUnion. The company’s research shows that nearly half (48%) of UK households have recently experienced a change to income. Most commonly, this was due to being furloughed (14%), experiencing a reduction in salary (11%), losing a job…
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The UK’s over-55s are expected to borrow £10 billion more in 2021 as consumer confidence returns to a post-Covid economy, according to new research from equity release lender, more2life, and economics consultancy, Cebr. The research reveals that the total amount of both secured and unsecured debt owed by the over-55s will rise from £226bn in 2020…
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The Bank of England’s latest Financial Stability Report which sets out the Financial Policy Committee’s (FPC) agenda has urged banks to remember the pressures consumers and businesses still face despite the rapid rollout of a Covid-19 vaccine. The FPC also said that while businesses and individuals have emerged largely stable from the pandemic, there are…
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The Financial Conduct Authority (FCA) has fined Lloyds Bank’s insurance arm £90,688,400 (£90 million) for sending insurance renewal letters to customers suggesting they were getting a ‘competitive price’ without backing up the claim. The FCA says that Lloyds failed to ensure that language contained within millions of home insurance renewals communications was clear, fair and…
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Young adults well protected from increased hardship through the pandemic but a risk that many will bear scars of the recession for years to come according to new research by the Institute for Fiscal Studies, funded by the Joseph Rowntree Foundation. The report says that the careers of young adults have been heavily disrupted by…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 293% in May 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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Despite Covid-19’s impact on personal finances, over three quarters (77%) of UK homeowners over the age of 40 are confident about their current financial situation, research from Canada Life has revealed. However, when looking further ahead, they are less positive about their retirement prospects. 16% don’t feel they will have enough pension savings to fund their…
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2.4 million employees still furloughed after May reopening according to latest HMRC JRS statistics. The HMRC data shows that the number of people on furlough fell by over a million during May, from 3.5 million on 30th April to 2.4 million on 31st May. Resolution Foundation analysis suggests that the number of employees on the…
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Here is an overview of The Money Charity’s latest statistics for June 2021 Personal debt in the UK People in the UK owed £1,714.4 billion at the end of April 2021. The average total debt per household, including mortgages, was £61,509 and per adult was £32,355, around 108.7% of average earnings. Net mortgage lending rose by…
Read moreLatest Bank of England (BoE) figures show that consumer borrowing rose in May, outpacing the amount repaid for the first time since August 2020. Net borrowing rose by £280 million during the month, up from a net repayment of £228 million in April. The report shows that borrowing on credit cards fell but there was…
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New research has found that the ending of the furlough scheme could spell financial disaster for younger workers. From 1st July 2021, the Government will reduce the level of support given to employers under the Coronavirus Job Retention Scheme. Currently, the Government pays 80% of an employee’s wages for any hours not worked. From Thursday,…
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Employees are coming off furlough at a rapid pace but the UK labour market is lukewarm rather than hot, as total hours worked remain well below pre-crisis levels and most vacancies are still relatively easy to fill despite the focus on shortages in some sectors, according to new Resolution Foundation research. The Foundation’s research has…
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New research from leading equity release lender, more2life, has revealed that over three-quarters (78%) of advisers think more of their customers will look to equity release to support basic retirement needs over the next year. More than half (59%) of advisers also think a greater number of their clients will enquire about equity release as a…
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