A new report from the Office of National Statistics (ONS) has shown that, on average, each UK household last year spent or invested £900 more than they received in income. The Office for National Statistics said the shortfall amounted to nearly £25 billion and the overspend was mostly paid for with borrowed money, though households…
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New research on the UK car finance market has found that payments have now hit over £1 billion a month according to Kwik Fit. Kwik Fit has found, the average payment is now £226.12 per month. The North West was the region with the most drivers paying finance, 867,000, while Wales had the smallest finance…
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The Financial Conduct Authority (FCA) has published the outcome of a programme of behavioural research. The research looked at different ways repayment options can be presented to credit card customers to encourage those making low repayments to repay more when they can afford it. Together with the measures introduced on persistent credit card debt and earlier intervention (which…
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UK Finance has published mortgage product transfer figures for the first time. The figure highlights indicate that: 390,200 homeowners switched product with their existing provider (product transfers) in the first quarter of 2018. By value, this represents £53.7bn of mortgage debt refinanced internally. These figures do not feature in any market data on remortgaging, or other…
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The Treasury Committee has published a new report on household finances. In response to the report, MPs have called for greater support to help UK households that struggle financially, to help them deal with debt and encourage saving. The report highlighted that many households are over-indebted and lack a ‘rainy day’ savings buffer and that…
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A new report by The Treasury Select Committee says debts and overpayments are often pursued “over-zealously and uncompromisingly” by councils. In its report, it calls for public sector bodies to change the way they recoup debts. A summary overview of the report says that people become over-indebted not just through conventional credit, but through arrears on…
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Arrow Global has announced that it is poised to acquire Norfin Investimentos S.A (“Norfin”), a manager of real estate investments in Portugal. The acquisition further strengthens Arrow Global’s asset management and investment capabilities, is highly complementary to Arrow’s existing Whitestar platform, and will allow the Group to offer a comprehensive set of servicing solutions to…
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Encore Capital Group has announced that it has completed its acquisition of the remaining interest in Cabot Credit Management (Cabot) meaning that Cabot is now a wholly owned subsidiary of Encore. The transaction is expected to be accretive to Encore earnings in 2018 and beyond, and Encore’s earnings per share growth are expected to accelerate to…
Read moreHere is an overview of The Money Charity’s latest statistics for July 2018: Personal debt in the UK People in the UK owed £1.5877 trillion at the end of May 2018. This is up from £1.54 trillion at the end of May 2017– an extra £920.71 per UK adult. Per adult in the UK that’s an average debt of £30,670 in…
Read moreNew data published by the Financial Conduct Authority (FCA) as part of its annual report has revealed that 0.3 per cent of borrowers has failed to make their mortgage payments within six months of taking out their loan. This figure compares to 0.25 per cent of households falling behind on their payments after six months…
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The Credit Services Association (CSA) has been shortlisted within The Association Excellence Awards 2018 for its work in promoting the quality and professionalism of its members in supporting customers in debt and returning monies to the UK economy. A panel of 20 senior figures from UK-wide trade associations have identified the CSA as one of…
Read moreThe National Audit Office (NAO) has said that the government has lost more than £600m in revenue from selling student loans “too cheaply.” According to the NAO report, the government’s sale of its first batch of student loans was carried out efficiently, but its method for determining whether the sale would secure value for money…
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The HM Courts & Tribunals Service (HMCTS) has announced the results of the tender process for Approved Enforcement Agency Services. The provider companies appointed are Capita Business Services, Excel Civil Enforcement, Jacobs Enforcement and Outsourcing UK. In 2017 HMCTS commenced a procurement exercise to re-tender the Approved Enforcement Agencies contracts. Approved Enforcement Agencies act on behalf of…
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