Credit, Collections & Insolvency News
Debt Advice Provider Stepchange has launched an election briefing calling on parties to help struggling households this Election. Here is an overview of Stepchange’s statement: 8.6 million households are using credit for everyday living expenses, including 1.1 million having to turn to high cost credit. These are households who might be managing for now but are increasingly…
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Research by L&C Mortgages has revealed that 1.4 million UK households are struggling to pay their mortgage and 2.6 million people think their monthly mortgage payments are too high. Over half (58%) have never remortgaged for a better deal, as highlighted in L&C’s ongoing campaign to get homeowners to save as much as they possibly…
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New figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in March, compared with the same month last year, and 6% growth in Q1 2017 as a whole. Credit card and personal loan new business together grew in March by 7%, compared with the same month…
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New figures released by the Finance & Leasing Association (FLA) show that the number of second-charge mortgage repossessions in Quarter 1 2017 was 17 – down by 50% compared with the same quarter in 2016. Commenting on the figures, Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said: “The number of second-charge…
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OneFamily Funeral has revealed that in the UK between 2012 and 2017 the average price of a cremation increased by a huge 33% from £2,896 to £3,894, while the price of a burial has risen by 26% to £5,446. Comparatively inflation has risen just 11.91% over the same period. The most significant costs are for…
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The latest research from Plentific.com, an online home service marketplace, has found that financial help from the Bank of Mum and Dad isn’t just limited to purchasing a property; it also extends to improving the home. A fifth of homeowners (18%) say they rely on the Bank of Mum and Dad to help finance home…
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The Institute For Fiscal Studies (IFS) has released a new briefing note as part of its pre-election analysis, provides key information on incomes and inequality. It analyses net household incomes (after taxes and benefits) since the recession, and looks ahead to what we might expect over the next parliament if official economic forecasts turn out…
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Insight from MoneySuperMarket has revealed that the introduction of an energy price cap, widely rumoured to feature in the Conservative Party general election manifesto, could mean the end of cheap fixed rate tariffs, risking a situation where UK households miss out on additional savings of £200. Last year alone the cheapest deals offered by MoneySuperMarket…
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New research from Gocompare.com finds that young people’s financial reliance on their parents could be putting families under pressure. The Bank of Mum and Dad picks up bills for food, mobile phones, clothing, cosmetics and transport – as well as treats. The research, commissioned by Gocompare.com Money, looked at the financial help parents of 17…
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A study, by the International Longevity Centre-UK (ILC-UK), supported by the Building Societies Association (BSA) has found that borrowing into older age is likely to move from niche to mainstream within the next decade. The amount of mortgage debt held by over 65s is set to increase by more than £19 billion by 2030 (from…
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Legal & General and Cebr have published a new report into the role the Bank of Mum and Dad plays in helping their children get on, or move up the property ladder. The research shows the Bank of Mum and Dad will lend over £6.5 billion in 2017, up from £5bn in 2016, providing deposits for…
Read moreThe British Bankers Association (BBA) has released March 2017 figures for the high street banks. Eric Leenders, BBA Managing Director for Retail Banking said: “In March, annual growth in consumer borrowing from the main high street banks* slowed, perhaps mirroring the dip seen in retail sales volumes as price rises appear to have started biting…
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A new briefing note released by the Institute for Fiscal Studies (IFS) has analysed the impact of tax and benefit changes since May 2015 on the incomes of different kinds of households. One of the key findings in the reports suggests that the one million families with children and nobody in paid work would be…
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