Credit, Collections & Insolvency News
Despite mortgage lending growth falling -0.1% (net) in 2023, demand for housing loans is expected to rebound this year, buoyed by the prospect of falling interest rates according to predictions by the EY ITEM Club. It alsop predicts that the Bank of England will cut its policy rate from 5.25% to 4% by the end…
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EY Item Club is predicting that bank lending is expected to remain subdued this year, with elevated interest rates tamping appetite for borrowing. The report says that bank lending to businesses will rise by only 0.8% amid weak demand for credit and restrictive borrowing costs. EY says that although the Bank of England is expected…
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The value of reported UK fraud increased to £2.3bn in 2023, more than double the £1.1bn recorded in 2022 and the second largest annual fraud value recorded by BDO in 20 years. The report found that the number of reported cases rose by 18% to a three-year high, with high-value cases over £50m increasing by…
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New research by TopCashback has found that almost three-quarters of adults (71%) ‘in control’ of spending, an 8% increase compared to three months ago. The report reveals that consumers also have more in their bank account at the end of the month compared to Autumn 2023, climbing from £323 to £691 Yet, 17% are still…
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Latest figures from UK Finance has found that the number of retired people with mortgages has decreased by 30.56% in the past year. The data showed that there were 29,060 new mortgages taken out by older borrowers (over 55) in the last three months of 2023 – down 37.1% in a year. The value of…
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A new Citizens Advice Scotland (CAS) report has found that over 660,000 people cite debt as impacting their mental health.Analysis of polling from research company YouGov suggests around 665,148 of people in Scotland have seen their mental health and wellbeing affected by debt. CAS Financial Health spokesperson Sarah Jayne Dunn said “There is a clear…
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Law firm Hill Dickinson has announced the hire of James Harmer, who joins the London team as corporate partner specialising in debt capital market transactions. Harmer joins Hill Dickinson’s Business Services Group and his practice bolsters Hill Dickinson’s existing corporate finance, banking and financial law services in the City, where he will cover both private…
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One in five (20%) people only managed to make the minimum repayment on their most recent bill according to research from Compare the Market. The research shows that less than half of borrowers (48%) are regularly paying off their credit card balance in full each month. This suggests that outstanding balances on cards are increasing…
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