Credit, Collections & Insolvency News
A sharp rise in debt repayments was recorded in April as cost-of-living pressures continue to bite according to research by Nationwide. The data showed that customers repaid unsecured debts of £735 million in April – a 25 per cent year-on-year rise, while the number of transactions to debt repayment increased by 14 per cent. Many…
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Personal finance skills rank above maths, digital skills and cooking as parents prioritise money knowledge for children at school, new research from Nationwide highlights. Almost nine in ten (89%) parents of 8-13-year-olds say that more personal finance education would help their children better understand the value of money. More parents said personal finance was more…
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New research from Compare the Market has revealed that almost one in four (23%) 21–34-year-olds who rent privately regularly consider moving back into their family home, while nearly one in three (32%) sometimes think about doing so. The largest proportion say that this is due to general living costs being too high (55%), while four…
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Building Societies gross mortgage lending hit £31.3 billion in six months to March 2024, a 30% market share of all lending according to latest Building Societies Association data. Building Societies’ mortgage balances grew in the six months between October 2023 and March 2024, when they had declined across the rest of the market. At the…
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Castle and Crystal Credit Union has been placed into administration. James Sleight and Peter Hart of the advisory team at PKF Littlejohn have been appointed as joint administrators. Castle & Crystal Credit Union is based in Dudley, it’s membership covered residents and employees who live or work across parts of the West Midlands. Regulatory bodies have…
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Higher interest rates will cost British businesses an additional £4.7 billion a year for the rest of the decade – and much of this cost will be pushed onto consumers, according to a new study by management consultancy Baringa. Baringa believes companies are experiencing the largest such hike in debt-related costs ever faced by the…
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A survey by online credit provider iwoca shows that SMEs believe big banks will further reduce funding for small businesses. The poll shows that nearly eight in ten brokers (77%) believe that high street banks are scaling back their willingness to fund small and medium-sized businesses, according to iwoca’s latest Q1 2024 SME Expert Index.…
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