Credit, Collections & Insolvency News
New data from Premium Credit has shown that 44% of insurance customers are using credit or are reliant on finance from insurers and premium finance companies. The research showed that nearly six out of ten (57%) consumers use some form of credit to pay for one or more policies they have.. Whilst 44 per cent of…
Read more
New research from MoneySuperMarket warned that former flatmate’s finances could be pulling down their credit score. Despite 79% of people having lived with a flatmate, 94% don’t realise that joint financial products – like shared bank accounts or bills – can directly link their credit score to a housemate’s. Worryingly, only 8% of those surveyed…
Read more
A new survey from the UK’s leading credit-building business, Loqbox, has revealed that people in the UK are struggling to understand how credit works and what it means for their everyday lives. At a time when the average credit score in the UK is 644 on the Equifax scale and an estimated one in ten…
Read more
Consumers are increasingly using credit to pay for insurance cover and switching to monthly payments for car and home insurance to manage their bills, new research from Premium Credit shows has found. Premium Credit’s Insurance Index, now in its sixth year, found that 76% of insurance customers use some form of credit to pay for…
Read more
Credit Connect hosted its fourth in-person Credit & Collections Technology Think Tank last week in Manchester which saw credit and collections strategies and the impact of the cost of living discussed by sixteen professionals from a variety of industry sectors at the Midland Hotel in Manchester. The themes of cost of living impacting customer engagement,…
Read more
Latest ONS data on the cost of living shows that despite the easing in inflation, many people remain concerned over their credit commitments. In the latest period, just over 4 in 10 (44%) adults who are currently making rent or mortgage payments reported that these payments had gone up in the last six months, with…
Read more
New polling by YouGov for StepChange Debt Charity shows that nearly one in four (23%) UK mortgage holders has turned to some other form of credit or borrowing in the last three months so that they could keep up with existing borrowing commitments. This comes as the Bank of England is expected to hold interest…
Read more
High inflation, interest rates, and a confirmed recession are fuelling a household debt rise, with signs of consumers increasing their reliance on credit products, deferring payments, and spreading out debts for longer to face down the rising cost of living. Equifax data reveals a sustained increase in credit card debt, with levels rising by 9.6%…
Read more
A third of adults have less than £500 saved for emergencies, leaving them heavily exposed to income shocks, according to a nationally representative survey of 8,000 UK adults from Lowell. Nearly half (46%) of UK adults saw their financial situation worsen in 2023 and nearly 70% do not expect their financial situation to improve in…
Read more
Women who have been rejected for a credit or loan application are significantly more likely than men to assume that “no means never” and struggle on without financial support, according to research by Fair4All Finance, the not-for-profit financial inclusion organisation. Polling of 3,101 adults across the UK showed more than one in three women (36%)…
Read more
New research by Pepper Money has found that 900,000 potential mortgage customers are likely to have adverse credit in 2024. The 2023 Specialist Lending Study found that 15.16m people have some history of adverse credit, including missed credit payments, defaults, CCJs, unsecured arrears, secured arrears or entering a debt management plan. It also found that…
Read more
Higher loan rejections and limited traditional affordability checks are impacting consumers’ ability to access credit to help make ends meet, according to new research from Tink. The company’s research found that those who hold either a mortgage or loan suggest that a significant number of consumers need to find a way to bridge the gap…
Read more
The cost of living is causing more young people to become dependent on the use of credit to manage their finances according to new research Moneyhub Decisioning. The research has found that in the last six months, a quarter (24%) of people under the age of 35 have applied for an overdraft, of which 21%…
Read more