The Financial Conduct Authority (FCA) has published findings on how mortgage lenders treat customers who have long-term mortgage arrears and provide forbearance to affected customers. The FCA had previously identified that there was a trend of increasing long-term arrears cases, whilst the number of homes being repossessed had been falling. As a result of this…

The value of residential mortgages written off by banks and building societies has increased by 58% in the last year, jumping from £77 million to £122 million in the year to 30 June  2018 according to new analysis by Moore Stephens. Moore Stephens says the increase could be an early sign of distress in the…

According to the Joseph Rowntree Foundation’s UK Poverty 2018 study, water arrears weighs heaviest on the poorest families – ahead of other debts including council tax, rent and energy bills. The findings echo the concerns of the Consumer Council for Water (CC Water) which has been pressing water companies to do more to ensure financial support reaches the…

The Joseph Rowntree Foundation JRF) has released a new report which highlights than Britain are going into Brexit with half a million more children trapped in poverty, this following a relentless rise in the number of working families struggling to make ends meet over the last five years. It means in a typical classroom of 30 children, nine are now living in…

The Money Advice Service (MAS) has launched new guidance which they say will assist Local Authorities to take a more progressive approach to the recovery of Council Tax, encouraging improved resident engagement, fairer outcomes and sustainable arrears repayments. Across the UK, the number of overindebted people is approximately 8.3 million. Furthermore, a third of people…

UK Asset Resolution (UKAR) the company behind Bradford and Bingley and Northern Rock Asset Management (NRAM) has paid back £6.3 billion in government loan repayments in the last six months. UKAR announced the figures as part its interim results for the six months ended 30 September 2018. Government loan repayments of £6.3bn, including the remaining…

The Bank of England has released its latest Money & Credit data indiating that consumer credit increased by £0.9 billion in October, similar to the previous few months, but below much of the period since 2016. Mortgage market activity remained broadly stable in October. The flow of mortgage lending increased to £4.1 billion in October…

The Credit Services Association (CSA), the voice of the UK debt collection and purchase industry, has appointed Zoe Dellow as its new Senior Learning & Development Consultant to further drive the CSA apprenticeship programme. Dellow will be working with members and the wider industry on the Association’s Learning & Development (L&D) initiatives to ensure a…

Ofgem has appointed Ovo Energy to take on Spark Energy Supply’s 290,000 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for the customers of Spark Energy Supply, which announced it was ceasing to be a supplier on Friday (23 November 2018). Separately, Ovo Energy has acquired Spark…

UK Finance has released its latest household finance update for October 2018 which has revealed that £11.3 billion of credit card spending in October was 12.1 percent higher than last October. Over the past twelve months, the outstanding level of credit card borrowing grew by 5.7 percent. Whilst personal borrowing through loans and overdrafts grew by…

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