Credit, Collections & Insolvency News
Mortgage payments will rise by at least £500 a month for nearly one million households by the end of 2026, according to the latest Financial Stability Report from the Bank of England. (BoE) Housholds on fixed deals who remortgage by the end of 2026 will see a sharp jump in costs of at least £6,000…
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Research by the Centre for Business and Economics Research (CEBR) and Asda has revealed that wealthy households in the UK were the only group to see a rise in living standards this year, while poorer families are being pounded by soaring energy and food bills. The decrease in disposable income has been particularly stark for…
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Financial software solutions provider, Aryza Group has announced a partnership with payments specialists Acquired.com to deliver a sophisticated range of data driven collection and disbursement options for their lending division with plans to extend this into other parts of the group including debt recovery and insolvency. Aryza says the partnership will also strengthen its consumer protection offering…
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Signs that inflation is proving stickier than expected have raised market expectations for how high the Bank of England will raise interest rates, with total annual mortgage repayments now on course to rise by £15.8 billion by 2026, and by £2,900 for the average household re-mortgaging next year, according to new research published by the…
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A new report from StepChange Debt Charity has revealed that the private rental market is unable to meet the needs of financially vulnerable tenants, with one in six private renters (1.2m people) relying on credit to make ends meet. The charity welcomed last week’s Renters (Reform) Bill, but says it does not go far enough…
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Around 116,000 households will soon see the cost of their mortgage jump, with Financial Conduct Authority (FCA) data showing that their fixed-rate deals will come to an end this month. The FCA says that if they do not secure a new deal and move on to their lender’s standard variable rate, they could face an…
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Analysis of the latest Bank of England data on average quoted household interest rates from Freedom Finance has raised hopes that consumer credit rates may now be in reverse after a year of sustained increases in the cost of borrowing. The data shows that average rates on personal loans of £5k and £10k as well…
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The increase in the cost of living is being felt by almost every household, however a survey of financial advisers by Royal London has highlighted that their clients are more worried about their adult children’s financial predicament than their own, according to over half (55%) of respondents. While around half (53%) of advisers report that…
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Chancellor Jeremy Hunt has announced the Spring budget for 2023. Commenting on budget, Credit Services Association (CSA) Chief Executive Chris Leslie said: “For the collections sector, Jeremy Hunt’s Spring Budget has greatest relevance in its impact on the surplus money people have at their disposal and the cost-of-living squeeze that may affect an individual’s ability…
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New research by Fluro has found a surge in personal loan requests as consumers consolidate their debts.. The study reveals that the UK consumer lending market has experienced a spike in activity in January 2023, with Fluro’s data tracking the highest numbers of loans requested since the summer. The year began with just over a…
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Debt solution company MoneyPlus Group has announced that it has completed the purchase of debt advice management specialist Bright Oak. MoneyPlus Group has received substantial investment over the last 2 years from both Intriva Capital and Oak North Bank and has spent that time fine-tuning internal operations ready for significant scaling. There is no firm…
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Latest data from UK Finance found that credit card balances grew in November 2022. The data found that there were there was 355.1 million credit card transactions in November, 0.3 per cent more than in November 2021. The total spend of £19.6 billion was 5.3 per cent higher than November 2021. Outstanding balances on credit…
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UK Finance has announced two new appointments to the UK Finance Board. Robin Bulloch, Chief Executive Officer and Executive Director, TSB Bank and Wayne Lawson Turnbull, UK Chief Operating Officer for UBS AG London Branch and EMEA Regional Operating Officer for UBS Investment Bank, have joined the Board. Arun Kohli, Managing Director and Chief Operating Officer…
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