Consumer judgments continue to rise

The number of County Court Judgments (CCJs) issued against consumers in England and Wales saw another very large rise in Q3 2021 compared to the same period last year, according to the latest figures by Registry Trust. The number registered in Q3 2021 was 241,952, up 116 percent from 111,931 in Q3 2020 – this…

Read more

Registered debt by Scottish consumers rises

20th October 2021 Arrears and Recoveries |

The number of decrees and the total amount of debt registered against Scottish consumers saw large rises in Q3 2021 compared to the same period last year, according to latest quarterly figures by Registry Trust. The number rose from 2,805 to 3,487 in Q3 2021, a rise of nearly one quarter from Q3 2020. The…

Read more

Personal insolvencies rise by 9.2%

18th October 2021 Arrears and Recoveries |

Latest figures from the Insolvency Service have indicated that person insolvencies increased by 9.2% to  9,954 in September 2021 compared to August’s figure of 9,118, and were 33.2% higher than September 2020’s figure of 7,471. There were  614 bankruptcies were registered, which was 42% lower than September 2020 and 55% lower than September 2019. Numbers…

Read more

Over one-third of care home residents struggling to pay for their care

18th October 2021 Arrears and Recoveries | #debt

Over one-third of care home residents face long term struggle of paying for their care according to new ONS statistics. The research found that in 2019/20 it is estimated 143,774 or 36.7% of people in care homes in England were self-funders. This compares to 248,153 who are state-funded. The South East had the highest proportion…

Read more

Bank of England issues warning over potential loan default rise

A Bank of England (BOE) survey of lenders suggests that more households are expected to have defaulted on mortgages and other loans by the end of November. The Bank’s credit conditions survey asks banks and building societies to detail the climate over the previous quarter and what they expect in the next three months. While…

Read more

Rental arrears figures rising

The Department for Levelling Up Housing and Communities has released the third wave of the Household Resilience Survey which has indicated that renters’ resilience has been pummelled by the pandemic, and has highlighted the new threat of inflation. The research found that 7% of private renters were behind on the rent in April-May (up from…

Read more

Second charge mortgage new business grows by 103%

New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 103% in August 2021 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said:…

Read more

CSA warns of fallout from energy company failures

The Credit Services Association (CSA), the UK trade association for organisations active in the debt collection and purchase industry, has written to Ofgem to seek clarification in respect of the standards customers should expect in regards to the practices of administrators and accounts in arrears. It has also asked for reassurance that the integrity and…

Read more

Fragile finances leading to poor mental health

New research by Yorkshire Building Society has shown that more than one in five UK consumers feel worse off financially since the start of the pandemic. The research has indicated that two-thirds of those whose finances, who have been affected had suffered a negative impact on their mental health. Whilst over one in five (23%)…

Read more

Universal Credit cut will worsen rent arrears crisis

7th October 2021 Arrears and Recoveries |

The Universal Credit cut will worsen rent arrears crisis according to the National Residential Landlords Association (NRLA) The NRLA says that with the  Government pressing ahead with a planned cut to Universal Credit of £20 per week, the level of welfare support which had been increased in light of the impact of the pandemic on…

Read more

Government urged to rethink £20 a week cut to Universal Credit

6th October 2021 Arrears and Recoveries |

The Government will today (Wednesday 6th October) withdraw £20 a week in support from Universal Credit claimants in a move that debt charity, StepChange says will have devastating consequences for its clients. Before today’s cut, among StepChange clients who rely on Universal Credit, the majority (59%) had more income than outgoings each month. Now, just…

Read more

Rental demand rises by 10% in major cities

6th October 2021 Arrears and Recoveries |

Research by estate and lettings agent, Barrows and Forrester, has revealed that rental demand has continued to climb across the vast majority of major UK cities during Q3, as a slow but steady return to the workplace, amongst other things, spurs a greater demand for rental homes within major urban areas. The Barrows and Forrester…

Read more

Mortgage borrowing increased by £5.3bn in August

30th September 2021 Arrears and Recoveries |

Latest Bank of England data has shown that net mortgage lending increased by £5.293 billion in August, bouncing back from July’s net repayment of £1.758 billion. Gross mortgage lending increased to £21.5 billion, recovering from a low seen in July when lending came in at £16.6 billion. Meanwhile, mortgage approvals fell to the lowest level…

Read more

1 2 3 140