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INSIGHTS ¦ Debt Collection Action Plan for Credit Unions

Link Key Take Aways Labour market easing: The July 2024 jobs report shows job creation falling below expectations, with rising unemployment.Credit union delinquency: Delinquency rates for credit unions have risen significantly, particularly 90+ days past due.Delinquency trends stabilising: Growth in delinquency for certain products, such as bank cards and personal loans, appears to be slowing.Impact of economic conditions: Loans originated in 2023 are performing worse than those from previous years, suggesting a link to broader economic challenges.Risk segmentation tools: Experian… Read more

KEY THEMES+ ¦ DEMSA Newsletter

What you need to know this week Royal Mail is increasing the price of 1st class stamps to £1.65 from October 2024. Christians Against Poverty (CAP) reports that 47% of debt advice seekers have a deficit budget. The Financial Conduct Authority (FCA) banned debt packager referral fees in June 2023. Oversight of Appointed Representatives is showing areas for improvement in effectiveness. Morgan Ash has published a vulnerability checklist to aid firms with Consumer Duty requirements. Lowell Debt Download notes that… Read more

KEY THEMES+ ¦ DEMSA Newsletter

What you need to know this week Bank of England reports an increase in net consumer credit borrowing to £1.2 billion in July 2024. Mortgage borrowing rose to £2.8 billion in July 2024, the highest since November 2022. Credit union total income fell by 5.50% in Q1 2024, but membership and loans to members increased. UK Finance introduced the Economic Abuse Evidence Form to help victim-survivors of abuse. Young gamblers (aged 25-34) are more likely to use credit for betting,… Read more

Less of a Blur – more surge pricing

Saturday was the release of Oasis tickets for general sale in the UK. Now I would not say that I am an Oasis fan really, but having spent time in Manchester in the early 90s, it did evoke a certain nostalgia for my youth… I decided to join the queue. I thought if I was lucky and the tickets were under £150, why not go along? It will be quite the spectacle. [In transparency, I felt the same about the… Read more

KEY THEMES+ ¦ DEMSA Newsletter

What you need to know this week Ofgem has set the energy price cap at £1,717 starting from 1st October 2024, reflecting a 9.5% increase. StepChange reports ongoing difficulties for households managing energy bills despite recent price falls. Changes to Winter fuel payments will affect over 10 million older people, removing a £300 benefit. Research indicates significant struggles among older people in managing water bills. AI reliance could increase vulnerabilities to cyberattacks and data breaches. The UK Finance Annual Mortgage… Read more

KEY THEMES+ ¦ DEMSA Newsletter

What you need to know this week Prices rose by 2.2% year-on-year to July 2024. The FCA's CONC 8 review is now expected to start in early 2025. Top-ranked personal current account providers in GB include Monzo, Starling Bank, and Chase. Cyber-resilience remains a focus, with the ICO offering tips on securing IT systems. The PSR has published its response to the call for views on expanding variable recurring payments. The IPA reminded IPs of the IVA reporting requirements under… Read more