Credit, Collections & Insolvency News
Around three million households are set to see their mortgage payments rise in the next two years, according to the Bank of England’s latest Financial Stability Report. The report found that around 400,000 mortgage holders face some very large payment increases. The Bank found that around a third of mortgage holders in the UK are…
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More than two-thirds of students regularly use financial products and services, but levels of financial literacy remain too low to ensure they can all avoid financial risks while benefiting from available opportunities, according to a new OECD report. The OECD says that the Government should seek to boost young people’s financial literacy, enabling them to…
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Over 200 organisations committed to ending poverty have called on the people most likely to be the next Prime Minister to put tackling hardship at the top of their agenda from day one. Frustrated by the “stark lack of focus” from Rishi Sunak and Keir Starmer during the campaign, the diverse network of organisations placed…
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Atom bank has announced that it has appointed Gareth Jones as its new Chief Risk Officer subject to regulatory approval. He replaces Chris Sparks, who is retiring after nine years at the bank. Jones joins Atom bank from The Co-operative Bank, where he has worked for 26 years, most recently as Chief Risk Officer. Over…
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The cost of living pressures are easing for some households due to lower inflation and strong wage growth, however for many, high house prices and mortgage rates are adding to affordability pressures on first-time buyers and those looking to re-mortgage or move home according to aProperty Tracker report from the Building Societies Association (BSA). The…
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More than half of small businesses would have to put their plans on hold if they could not secure finance according to Novuna Business Finance. The research shows that access to finance is becoming a critical issue for UK small businesses, with new research finding that more than half (53%) would have to put their…
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Nearly 11 million households could risk overpaying on their energy bills by a collective £30 million if they delay submitting a meter reading before 1st July, research by Uswitch.com, the comparison and switching service, has found. To benefit fully from the new cheaper price cap which comes into effect in July, households on standard variable…
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Consumers are opting to spend more on experiences, with a poll from Barclays suggesting that consumers are increasingly choosing experiences over purchases. The spend data shows that consumers are predicted to spend a total of £178 billion on these activities between June and September this summer, averaging £3,322 per person (median consumer estimate: £701). While…
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Payment companies are urging the Payment Systems Regulator (PSR) to delay or rethink fraud refund rules that are due to come into force in October, saying few firms are ready to implement them. The rules will force banks and other payment firms to refund victims of authorised push payment (APP) fraud up to a limit…
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