Credit, Collections & Insolvency News
Latest Data from the Bank of England shows that UK lenders approved the most mortgages in more than two years in October, with 68,300 home loans given the green light. This was the highest monthly total since August 2022 and compares to 66,115 approvals in September. While brokers had been anticipating a rebound in activity…
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Consumer credit growth slowed slightly in October, according to the Bank of England, falling to 7.3% from 7.5% in September according to latest data from the Bank of England. The data showed that over the same period, the annual growth rate for credit card borrowing remained stable at 9.5% with net consumer credit borrowing by…
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Business leaders’ confidence in the prospects for the UK economy fell to levels not seen since the pandemic during November, according to analysis by the Institute of Directors (IoD). The institute’s Economic Confidence index fell to -65 in November, down from -52 during October. This marks the fourth consecutive monthly fall and is the second…
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A third (34%) of single parents have missed paying a household bill to cover the cost of Christmas according to research debt counselling service Money Wellness, More than 50% of single parents with three or more children said being alone made it harder for them to afford the festive period. One in ten said they…
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A poll by Skipton Building Society has found that 85 per cent worry they will give their children bad financial advice. The data also found that many aren’t confident to give advice when it comes to investing (29 per cent) budgeting (25 per cent) and credit scores (23 per cent). While 21 per cent have…
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Energy regulator Ofgem is been urged to do more by Citizens Advice to protect consumers as soaring energy costs drive billing issues. Citizens Advice helped over 52,000 people with energy bill problems between January and October this year – equivalent to one person every two minutes. This is an 83% increase compared with the same…
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A company director has been given a suspended prison sentence after claiming a £50,000 Bounce Back Loan and then dissolving her business. Irena Tokarczyk from Watford, was the sole director of Good Food Shops Ltd when she applied for a £50,000 Bounce Back Loan in June 2020 – the maximum amount allowed under the rules…
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TSB has announced the appointment of Marc Armengol as Chief Executive Officer, subject to regulatory approval. Armengol will succeed Robin Bulloch, who will retire after a 45-year career in retail banking, including five years at TSB. Since becoming CEO of TSB three years ago, Bulloch has successfully transformed the customer experience, with TSB focused on…
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Nationwide has announced that it has joined forces with Experian in a partnership aimed at speeding up mortgage application process. Nationwide will use Experian’s Work Report™ income and employment verification service, teh system will be used to digitally confirm homebuyers’ declared income instantly, removing the need for applicants to provide manual income proofs, such as…
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