Credit, Collections & Insolvency News
The latest high street banking data from UK Finance shows that consumer credit growth was 1.9% in June, compared with 2.1% in the previous month. Gross mortgage borrowing totalled £13.0 billion in June. Net mortgage borrowing was 2.6% higher than a year ago. Eric Leenders, Head of Personal at UK Finance said “June saw consumer borrowing from high…
Read moreLoyal customers who don’t remortgage after their fixed term deal can pay £400 extra a year, Citizens Advice research reveals. The penalty affects people who are rolled onto their bank’s standard variable interest rate at the end of a fixed term mortgage deal. The Citizens Advice research finds that people who remain on the standard…
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Lloyds Banking Group (Lloyds) has agreed to set up a redress scheme for mortgage customers who incurred fees after they fell behind with their mortgage payments. Following engagement with the Financial Conduct Authority (FCA), Lloyds acknowledged that when customers fell into arrears, they did not always do enough to understand customers’ circumstances to be confident…
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According to July’s Money Statistics published by the Money Charity, the level of unsecured debt in the UK at the end of May was £199.7 billion. News around personal debt will always be a topic of concern and be in the headlines but what can organisations do to help support those in financial difficulty and…
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The amount of individuals reaching out for debt management advice has increased by 20 per cent since May according to figures revealed by free debt advice provider PayPlan. Findings revealed at a recent creditor roundtable, hosted by PayPlan at the Money Advice Service headquarters in London, saw digital debt advice top the bill, with PayPlan…
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