Lower-income households are using savings and borrowing more during the coronavirus lockdown according to research by the Resolution Foundation. In fact, poorer families are twice as likely as richer ones to have increased their debts during the crisis. By contrast, richer families are actually saving more because they’re not able to eat out or go on planned trips abroad. Just one-in-eight high-income households have increased their use of consumer credit Read More….
According to a report by consumer reporting agency Experian, credit scores across the UK have improved year-on-year. People living in the South East have the highest average credit scores of 795 in the country, which falls into the ‘fair’ category. This was followed by the South West at 788 and London at 784. In contrast, the North East has the worst credit score in the UK at 727. What’s more, Read More….
QuickQuid, the UK’s largest remaining payday loan provider, is set to close even though thousands of complaints about its lending have not yet been resolved. US owner Enova said that QuickQuid will leave the UK market “due to regulatory uncertainty”. The collapse means that thousands of borrowers who said they were missold unaffordable loans will only get a proportion of the payouts they would have been due. In the first Read More….