Consumer finance new business grows by 19%

New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 19% in March 2022 compared with the same month in 2021. In Q1 2022 overall, new business was 34% higher than in the same quarter in 2021. The credit card and personal loan sectors together reported…

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Small firms call for help with ‘unmanageable’ debt burden

Record levels of smaller businesses sought external financial support in 2020, with further significant demand expected in 2021, British Business Bank research has found. The report highlights a surge in applications for external financial support, including government and local grants, among small and medium sized businesses (SMEs), with almost half (45%) of all SMEs surveyed…

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Households faced financial difficulties before Government payment support arrived

Many recipients of government support after the onset of the pandemic crisis saw their income fall one or two months before receiving support according to findings of new work, funded by the Standard Life Foundation. In the period in between, household spending hit a low and non-payment of bills hit a high. This particularly affected…

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MaPS sets out ten-year strategy for financial wellbeing

The Government is set to roll out a financial wellbeing programme designed to turn UK into a ‘nation of savers’ by 2030. The Money and Pensions Service (MaPS) says that the initiative will see an extra 2 million people saving regularly within a decade, while 2 million fewer would be using credit cards for day-to-day…

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Nearly half of benefit freeze claimants can’t afford essential bills

2nd September 2019 Consumer Collections | #featured main

New data from Citizens Advice shows 49% of benefit claimants affected by the benefits freeze have struggled to meet essential costs such as rent, household bills and food while 40% have lost sleep due to money worries in the past 12 months. The findings are worse for Universal Credit claimants, with over half (55%) having…

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Industry reaction: Government to launch breathing space scheme in 2021

The Government has announced a new breathing Space scheme which will protect Individuals and families struggling with problem debt. Under the new scheme, consumers will be given extra help and time to get their finances under control, City minister John Glen has revealed. The new plans will see the introduction of a 60-day Breathing Space…

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