The Bank of England has reported that consumers made net repayments of £600 million in September whilst approvals of mortgages for house purchase increased to 91,500 last month from 85,500 a month earlier, with pent-up demand and the stamp duty holiday cited as reasons for the housing market boom. September’s figures total marks the highest…

Here is an overview of The Money Charity’s latest statistics for October 2020 Personal debt in the UK People in the UK owed £1,684 billion at the end of August 2020. The average total debt per household, including mortgages, was £60,526 and per adult was £31,972, around 111.5% of average earnings. Net mortgage lending rose by…

Finance experts TotallyMoney have warned that those experiencing financial hurt due to coronavirus could see their credit scores suffer for six years as protections are taken away for over quarter of a million people still on payment holidays. A blanket end on 31st October to granting payment holidays on mortgages, credit cards, loans, and overdrafts…

A new global and UK study by the Economist Intelligence Unit for information and insights provider TransUnion has overwhelmingly found the key to whether or not companies go out of business hinges on providing consumers friction-right digital transactions. More than eight out of 10 executives, both in the UK and globally said they believe smooth…

According to a recent study by The Aryza Group, 27 out of 29 of the country’s worst-affected Covid-19 pandemic areas are experiencing debt levels higher than the UK average. The results showed that COVID-19 is disproportionately impacting those in debt the hardest. Out of 29 of the worst-affected areas, 27 locations are collectively experiencing average…

A new Bill designed to ensure the UK’s world-leading financial services sector continues to thrive and grasp new opportunities on the global stage has been introduced to Parliament. The Government says that the new Financial Services Bill is an important first step in taking responsibility for our financial services regulation, ensuring that the UK maintains…

Latest figures from UK Finance have revealed that the number of customers on a payment deferral has significantly decreased in recent months. Of the 4.4 million payment deferrals granted across mortgages, credit cards and personal loans since the start of the pandemic, 323,700 are currently still in place. The support provided by lenders builds on…

The Financial Conduct Authority (FCA) is urging borrowers affected by coronavirus lockdowns to seek support from their banks, as its figures show 12 million consumers are likely to be struggling with bills or loan repayments. The FCA research also found that the pandemic has hit the finances of ethnic minorities and young people the most.…

Mourners are struggling with the cost of funeral services according to new research by Royal London. The research shows that 9% of funeral arrangers struggled to meet the cost of the funeral, a decline from 12% in 2019. Of those, more than one in four (27%) took on debt, using a credit card, loan or…

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