Credit, Collections & Insolvency News
Young people whose parents have property wealth are now almost three times as likely to be homeowners by the age of 30, compared to those whose parents have no property wealth, according to Resolution Foundation research. With the ‘Bank of Mum and Dad’ now considered to be a key lender for first-time buyers, House of the…
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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…
Read moreUK 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…
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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…
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Research commissioned by Dun & Bradstreet revealed UK small and medium-sized enterprise (SME) confidence in future financial success is down 19% compared to last year. The study found that almost a third (32%) of respondents have considered leaving the UK to increase their chances of success. As well as ongoing uncertainty over Brexit impacting growth,…
Read moreExtra Energy, an energy supplier with about 108,000 domestic and 21,000 business customers, has ceased trading. It becomes the sixth energy company to cease trading this year. The other suppliers to cease trading this year were: Future Energy ( January) National Gas and Power (July) Iresa (July) Gen4U (September) Usio Energy (October) Under Ofgem’s safety…
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One in five Brits now never carries cash, a study has found. Researchers who polled 2,000 UK adults found many are now opting to pay using different methods such as chip and pin and smartphone payments. Half believe cash is ‘on the way out’ and will ‘soon’ be superseded by alternative ways of paying for…
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A new research study, commissioned by Satsuma has found that working parents are paying for, on average over £20 per week, on extracurricular activities during term-time. Over 50% of UK parents struggle with the financial strain of these activities; one in three actually have no option but to stump up for sessions as they form all…
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Latest figures from UK finance show that the mortgage market has softened following period of strong growth. The figures indicate that there were 29,400 new first-time buyer mortgages completed in the month, some 4.5 percent fewer than in the same month a year earlier. The £5.0bn of new lending in the month was the same…
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New research by Experian has revealed that there are 5.8 million people in the UK who are virtually invisible to the financial system, because there is insufficient information available about their financial track record. The campaign which is fronted by British food writer, Jack Monroe aims to raise awareness and educate consumers of the importance…
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One in five (21%) medium-sized businesses in the UK believe that automation will help them compete with larger rivals, according to research from international payments, treasury management and foreign exchange specialist Centtrip. Seen as both a threat and opportunity, automation – the execution of a task or process without human assistance – is having a…
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Today’s school leavers have higher levels of financial literacy than adults aged 19-39, suggesting that financial education in English secondary schools is having a positive impact. The finding comes from free-for-life credit report and score provider Noddle.co.uk, who tested over 1,000 people in England on their personal finance skills with a mock GSCE financial literacy…
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New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q3 2018 was 36, 5.9% higher than in the same quarter in 2017. The annual rate of second charge mortgage repossessions as a percentage of average outstanding agreements at the end of Q3 2018…
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