Credit, Collections & Insolvency News
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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Bradford & Bingley plc (B&B), part of UK Asset Resolution (UKAR), today confirms that following an open and competitive process it has agreed to sell two separate asset portfolios comprising performing buy to let loans for a total of £11.8bn to Prudential plc and to funds managed by Blackstone. Financial completion is expected within the…
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Commenting on figures published by the ONS today (Friday), which shows that unsecured borrowing is at its highest level (as a share of household income) in 8 years, TUC General Secretary Frances O’Grady said: “Today’s figures should set alarm bells ringing. The last thing our economy needs right now is another consumer debt crisis. But…
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The Bank of England’s latest money and credit statistics show consumer borrowing increasing by 10.5% in the year to February to £196 billion. As the Bank and the Financial Conduct Authority launch reviews into lending practices, Citizens Advice says more must be done to make sure lenders across all consumer credit markets behave responsibly towards…
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The UK government is to make households that are made homeless exempt from Universal Credit following reports that the new benefits system has led to an increase in rent arrears. According to The Guardian, local authorities in London have said that rent collection levels for homeless tenants placed in emergency accommodation have collapsed following the introduction…
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