Credit, Collections & Insolvency News
New research by Age UK has found that one in five UK women pensioners now living in poverty. Age UK’s research shows that in less than a decade the proportion of female pensioners in the UK living in poverty has increased by six percentage points, resulting in one in five female pensioners – 1.25 million…
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Investment firm Fintex Capital, has launched an innovative suite of buy-now-pay-later (BNPL) lending products aimed at established businesses seeking smart and cost-efficient debt financing and new avenues of growth. Over the past six months, Fintex has developed a range of bespoke BNPL products for creditworthy businesses, to help them access new markets and unlock value…
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A specialist police unit that targets the organised criminal gangs behind fraud prevented a further £85 million from being stolen in the first half of this year. The Dedicated Card and Payment Crime Unit (DCPCU) is funded by the banking and finance industry and is made up of officers from the City of London Police…
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More than half of new mortgage borrowers do not expect to pay off their loans before they turn 65, according to a recent study. Research published by UK Finance said longer mortgage terms coupled with the ageing population was driving a trend towards borrowing later in life. Some 52% of new homeowner mortgage lending in…
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A new report published today by the British Retail Consortium (BRC) highlights the need for government to take immediate action to reduce the burden placed on retailers by business rates. According to the report, this would help to “unlock the industry’s potential to support the economic recovery from the pandemic, ensuring that retail remains a…
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New research from Bulb, the green energy company, has revealed that a quarter of consumers under 35 still turn to their parents for help understanding their energy bills and many don’t understand common utility bill terms.. Over half (52%) of all consumers said that they’d like more resources from their energy supplier in order to…
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JPMorgan’s new digital current account has launched in the UK, under its Chase brand. Chase is offering customers 1% cashback on debit card spending for their first year and 5% interest on small change round-ups. The latter will take place when a customer uses their debit card to make a purchase and the amount deducted from…
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Personal insolvencies in England & Wales increased by 0.2% to 9,106 in August 2021 compared to July’s figure of 9,090, and were 42.7 % higher than August 2020’s figure of 6,381 according latest Insolvency Services figures. There were, 614 bankruptcies were registered, which was 22% lower than August 2020 and 54% lower than August 2019.…
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Latest figures from the Insolvency Service have indicated that business insolvencies increased by 22.9% to 1,348 in August 2021 compared to July’s figure of 1,097, and increased by 71.1% compared to August 2020’s figure of 788. In August 2021 there were 1,256 Creditors’ Voluntary Liquidations (CVLs), which is the highest level seen in the series…
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UK Finance and the Building Societies Association are calling for important changes to be made to the Support for Mortgage Interest (SMI) scheme to help struggling homeowners as the furlough scheme draws to a close. SMI is a government loan scheme that helps homeowners who are in receipt of benefits1, but as it stands, they…
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Ofgem has appointed EDF to take on supplying Utility Point’s approximately 220,000 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. EDF is offering customers a competitive tariff. Outstanding credit balances, including money owed to both existing and former customers of Utility Point will also be…
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The amount spent on credit cards has fallen, compared to pre-pandemic times according to the latest UK Finance card spending figures. Debit card usage has soared by 22% in June while contactless payments have leapt 70% in the past two years. The figures showed that there were 1.9 billion debit card transactions in June, 46.6…
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Research by the nationwide buy-to-let specialist, Sequre Property Investment, has revealed that the tide of pandemic rental arrears woes that have impacted one in five landlords could be starting to turn, as the majority are now seeing a reduction in the level of late rental income owed to them. The survey of nearly 4,000 UK…
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