10th November 2023 - Credit Connect

Landlords and homeowners mortgage arrears rises

10th November 2023 Arrears and Recoveries | #mortgage arrears

UK Finance has released its latest mortgage arrears and possessions for Quarter 3 (Q3) with figures indicating that residential mortgage arrears have increased by 18% and buy-to-let mortgages in arrears also rising by 29%. The latest data shows that there were 87,930 homeowner mortgages in arrears in Q3 2023, seven per cent more than the…

No fault evictions hit seven-year high

10th November 2023 Arrears and Recoveries | #enforcement

New Ministry of Justice data, has found between July and September 8,399 landlords in England started Section 21 no-fault eviction court proceedings against their tenants, the highest number for seven years. With the number of court proceedings resulting from no-fault evictions climbing by 38% in a year, Shelter is urging the government not to further…

Business debt repayment figures halved in Q3

10th November 2023 Commercial Collections and Recoveries | #business debt

Analysis of the Bank of England’s data by Ebury has found that debt repayments halved in Quarter 3 (Q3) 2023 compared to the previous quarter with SMEs are continuing to pay down the significant debt pile accumulated through the pandemic. SMEs have accelerated debt repayments amid the soaring cost of borrowing as interest rates have…

One third of parents feeling financial pressure

10th November 2023 Arrears and Recoveries | #financial pressure

New research from Standard Life has found that almost one third of parents (30%) with children under 18 are finding their financial situation difficult, which compares to 22% of people without children. This comes during a second full year of high inflation, with the cost of essentials like food and household bills still outpacing income…

One in ten can’t confidently explain key financial topics

10th November 2023 Consumer Lending | #car finance

New research by car finance provider, Ford Credit has uncovered a gap in consumer financial literacy with one in ten admitting they can’t confidently explain key financial topics. More than 50% of people looking to buy a car in the next 12 months plan to use car finance; this comes at a time when the…

Eight in ten brokers believe banks have reduced appetite to fund SMEs

10th November 2023 Alternative Business Lending | #business lending

High street banks are pulling back from lending to small and medium-sized businesses (SMEs). At the same time, demand for capital is set to rise with over eight in ten SME finance experts (83%) believing that high street banks are reducing their appetite to fund the UK’s 5.5m SMEs, according to iwoca’s latest SME Expert…

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