Credit, Collections & Insolvency News
Ten years on from the onset of the global credit crunch, millions of people are still enduring financial pain. New research from GoCompare has found that nearly half (46%) of the UK’s population feel worse off now than they did in 2007, with one in four concerned that they would be in serious financial trouble…
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According to a new study from protection specialist LV=, renters among the late-Millennial generation (25-34 years old) are one of the least financially resilient groups in the UK. Based on research conducted with over 9,000 people, the first instalment of LV=’s ‘Income Roulette’ research found that more than half (55%) of 25-34-year-olds fall short of the…
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The latest results Insolvency statistics from The Insolvency Service for Quarter 2 (April to June 2017 (Q2 2017) reveal that total individual insolvencies decreased in Q2 2017, driven primarily by a decrease in individual voluntary arrangements, which decreased from a record high back to the level seen in 2016. Commenting on the statistics Joanna Elson…
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The latest high street banking data from UK Finance shows that consumer credit growth was 1.9% in June, compared with 2.1% in the previous month. Gross mortgage borrowing totalled £13.0 billion in June. Net mortgage borrowing was 2.6% higher than a year ago. Eric Leenders, Head of Personal at UK Finance said “June saw consumer borrowing from high…
Read moreMore Scots have accessed statutory personal debt solutions, with numbers increasing from the recent low levels in 2015-16. In the three months between 1 April and 30 June 2017, total personal insolvencies, which include awards of bankruptcy and protected trust deeds, increased by 17.3% from 2,420 in the same quarter a year ago to 2,839.…
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Mortgage sales for the UK decreased by £200 million in June, down 1.2% on the previous month, according to Equifax Touchstone analysis of the intermediary marketplace. Buy-to-let figures bucked the general trend, rising by 3.2% (£80 million) to £2.6 billion, while residential sales contracted by 2.0% (£280 million) to £13.9 billion. Overall, mortgage sales for…
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New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in May by 8% compared with the same month last year. Credit card and personal loan new business together grew by 11% compared with May 2016, while retail store and online credit new business increased by 3%. Second charge…
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Working families with children are facing bigger shortfalls in their household budgets this year, despite an increase in the National Living Wage and tax cuts, according to the Joseph Rowntree Foundation’s authoritative annual report on living standards. A return to inflation combined with a freeze in working benefits has caused the shortfall to increase for…
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The rollout of Universal Credit should be paused until significant problems with it are fixed, says Citizens Advice. In a major new report – Delivering on Universal Credit – the charity reveals that the requirement to wait for six weeks to receive any payment means people face serious financial insecurity, with many being forced into…
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Here is an overview of The Money Charity’s latest statistics for July 2017: Personal debt in the UK People in the UK owed £1.537 trillion at the end of May 2017. This is up from £1.489 trillion at the end of May 2016 – an extra £929.97 per UK adult Based on May 2017 trends, the UK’s…
Read moreMortgage sales for the UK increased by £3.4 billion in May, up 25.4% on the previous month, according to Equifax Touchstone analysis of the intermediary marketplace. Buy-to-let figures jumped 26.1% (£0.55 billion) to £2.7 billion, with residential up 25.2% (£2.88 billion) to £14.3 billion. Overall, mortgage sales for the month grew to £17.0 billion. Every…
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Legal & General’s annual Bank of Mum and Dad survey has found that parents unlocking the equity in the family home could help to put nearly 450,000 young people into their first property. The survey found that this year 4% of homeowners over the age of 55 were considering releasing equity from their home. The…
Read moreFollowing the announcement of Thursday’s UK General Election the credit industry has been responding to the result. Paul Marston, Managing Director of RateSetter Commercial Finance, said “Without doubt, a hung Parliament is the worst outcome for the business community. While politicians vie for position over the next few days, a shadow of uncertainty forms, meaning…
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