Credit, Collections & Insolvency News
More than three-quarters of people with defined contribution (DC) pension pots have already dipped into them before retirement, according to Scottish Widows. Analysis of the workplace pension scheme customers’ behaviour, across 232,654 different retirement claim transactions between 2019 and 2023, revealed that only 20% wait until their SRA before drawing down on their pension. The…
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New government data has shown 2,682 households in England were evicted from their homes by bailiffs as a result of Section 21 no-fault evictions between January and March – up 19% in a year and the highest number in six years. The Ministry of Justice figures show a further 7,863 landlords in England started Section…
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Mortgage and landlord possession volumes in the first quarter of 2024 have increased when compared to the same quarter last year new Ministry of Justice (MoJ) figures have shown. Mortgage possession actions have continued their gradual upward trend with mortgage claims at their highest since 2019. Compared to the same quarter in 2023, mortgage possession…
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Eight in ten credit card users admit to making common mistakes, according to new research from Compare the Market. The research found that withdrawing cash using a credit card (37%), only making the minimum repayments (35%), and getting close to or reaching your credit limit (34%) are the most common credit card mistakes. The research…
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UK Finance is leading a call. for changes are needed to help victim-survivors of domestic abuse regain control of their finances. Economic abuse occurs when the abuser restricts, exploits and sabotages their victim’s resources, such as mobile phones and transportation, to maintain power and control. Financial abuse is a subset of economic abuse and includes…
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Over 3 million people across the UK admit they have been forced to borrow from illegal lenders in the last 12 months, reveals research from responsible lender Creditspring. A third (31%) of people in the UK say they currently feel stuck and that there is nothing they can do to improve their financial situation, this…
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Debt advice charity, the Money Advice Trust, has welcomed the Government’s announcement on the introduction of a Share Once Support Register, calling the move a key part of ensuring protections for customers in vulnerable circumstances when dealing with firms providing essential services. The register is aimed at improving the experience vulnerable and disabled customers have…
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New second charge lender Interbridge Mortgages has announced its entry into the UK lending arena. The second charge specialist will provide secured loans in England, Scotland and Wales through a panel of specialist broker partners. Its market leading technology will provide a paperless application journey and this, supported by specialist underwriting expertise, will drive its…
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