Credit, Collections & Insolvency News
New research by the Financial Services Compensation Scheme (FSCS) shows that almost two-thirds of respondents feel reassured knowing that FSCS protects their money if their bank, building society or credit union fails. On 30 January 2017, the FSCS protection limit increased from £75,000 to £85,000 following a consultation from the Prudential Regulation Authority. The research by…
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The Council of Mortgage Lenders estimates that gross mortgage lending reached £21.4 billion in March. This is 19% higher than February’s lending total of £17.9 billion, and 19% lower than the £26.3 billion lent in March last year. The sharp fall in year-on-year lending was expected, as March last year saw significant rises in activity…
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Households are experiencing the tightest squeeze on their spending power since the summer of 2014, according to Markit’s Household Finance index. A “sharp and accelerated” squeeze on households’ financial well-being is largely being driven by renewed pressures on the amount of cash available to spend – which has fallen at the fastest pace seen since…
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New research from insurer Royal London has found that over £400 billion in wealth being held by Britain’s grandparents is set to cascade down through the generations to the benefit of Millennials in the coming years. Although most of the wealth held by the grandparents’ generation will be passed on initially to their baby boomer…
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New forecasts by economics consultancy the Centre for Economics and Business Research (Cebr) – show that the UK economy will grow by 1.7% in 2017, only marginally behind last year’s 1.8% growth. However, underneath this headline figure, which is bolstered by an improving outlook for exports, is a rapidly deteriorating picture for household finances, with…
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EDF Energy has announced a rise in its standard variable electricity and gas tariffs. EDF will raise the price of its standard variable dual fuel tariff by 7.2% (£78) in June. EDF Energy CEO Vincent de Rivaz said: “I know that price rises are never welcome, but the industry is facing significant cost increases. To…
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The Money Charity has released statistics which show that it would now take 30 years to save for a deposit for a home. Releasing their latest Money Statistics the report finds that historically low saving rates and negligible returns on deposits make home ownership an ever more distant dream for many. If someone on the average…
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Latest figures from Visa suggest that spending growth slowed in March. Rounding off weakest quarter for spending growth since Q4 2013 Kevin Jenkins, UK & Ireland Managing Director at Visa said “Our data suggests that consumer spending is beginning to slow from the strong levels seen in late 2016, as rising prices increasingly squeeze household purchasing power.…
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New figures released today by the Finance & Leasing Association (FLA) show that the point of sale (POS) consumer car finance market reported new business volumes down 2% in February, compared with the same month in 2016, while the value of new business was up by 2% over the same period. New business in the…
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New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business fell 3% in February, compared with the same month in 2016. Credit card and personal loan new business together fell by 4% compared with February 2016, while retail store and online credit new business was down by 5%.…
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Consumer credit continues to climb in the latest data release from the Bank of England. Key numbers include: Total outstanding consumer credit (excluding student loans and property related debt) hit £196bn The collective credit card balance is £67.3bn Consumers borrowed an additional £1.4bn in February alone Approvals of loans secured on dwellings fell slightly in…
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Research by IPPR, the progressive policy think tank, finds that Income Crisis is widespread in the UK. 946,656 households are unable to cover the cost of two or more of their essential bills, representing three per cent of all households in the UK. An Income Crisis is when a household is unable to pay two…
Read moreFour-fifths of the gains from tax and benefit changes coming into effect later this week (6 April) will go to the richest half of households, with the poorest third of households set to be £70 worse off on average, according to a new briefing note published by the Resolution Foundation. The analysis looks at the…
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