Latest figures from the Finance & Leasing Association (FLA) have shown that there is modest growth in second charge mortgage volumes in May. Commenting on the May 2018 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said“The May figures…
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New research from equity release lender More 2 life has revealed that unsecured debt amongst 55 to 74-year-olds has risen by more than a third (+34%) over the last four years – or more than twice as fast as the national average (+14%). While 34% of over 55s have some form of unsecured debt, it…
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A new report from Christians Against Poverty (CAP) is highlighting the powerlessness of those facing multiple debt collections from local councils and the state. While the practices of private companies have become more customer-focused, a study shows the depths of suffering from people chased for debts like council tax and benefit overpayments. Now the charity wants…
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The Financial Conduct Authority (FCA) has today proposed a new Directory to help consumers and firms check the status and history of individuals working in financial services. The Directory will include all those who hold Senior Manager positions requiring FCA approval and those whose roles require firms to certify that they are fit and proper.…
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New research from Direct Line Life Insurance reveals consumers are hiding over £69bn of debt from their partners. People are completely in the dark over their loved ones’ finances, with 8.3 million (16 per cent) of consumers having debts their partner knows nothing about. The average debt hidden from a partner in the UK is £8,293,…
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At least 2.97 million families living in properties across the UK do not have life insurance cover to ensure that their mortgages are paid off should the policyholder pass away, according to new research by Compare The Market. The lack of life insurance protection is particularly concerning given the growing levels of mortgage debt and…
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Law firm Walker Morris is providing support to its financial services clients in Scotland by taking office space in Lochrin Square, in Edinburgh’s financial district, as part of its strategy to provide a multi-jurisdictional service offering to lender clients. Banking Litigation partner, Rob Aberdein, will split his time between Edinburgh and Leeds, whilst still being…
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Latest research by the Joseph Rowntree Foundation (JFR) has revealed that low-income families need a third more disposable income than a decade ago to make ends meet and are facing bigger barriers to meet rising costs – despite tightening their belts and shopping around online for better deals and tariffs. The rising cost of transport,…
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New figures show that Bath and North East Somerset council authority is owed nearly £5 million in unpaid council tax, The figure includes £2.1 million of arrears relating to 2017/18 that were still outstanding at the end of the financial year. Bath and North East Somerset Council said this debt is still being recovered and…
Read moreLiverpool City Council is owed almost £100m in unpaid council tax, according to the latest government data. The data showed that Liverpool City Council was owed £99.9m of historic unpaid council tax as of the end of March. The City council owed £100m in unpaid tax The data comes from the Ministry of Housing, Communities and…
Read moreThe Irish Central Bank has released its latest money and banking statistics for May 2018 indicating that loans to households for consumption purposes grew by 1.2 per cent in the year to end-May. Other highlights from the report include: · Loans to households, adjusted for loan sales and securitisations, declined by 1.6 per cent in…
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Over recent years there has been a tendency for the general public to lament the decline in personal interaction within the consumer credit industry that has been afforded by technological advances. People have bemoaned branch closures, increased automation, call centres and what has been seen as a ‘computer says no’ approach to affordability assessments and…
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Latest figures from UK Asset Resolution (UKAR) has announced it has shrunk its balance sheet by 83%, or £96 billion, so far and repaid 79% of taxpayer cash. UKAR has said it is aiming to complete the wind down of mortgage books within three years. UKAR incorporates failed lenders Bradford & Bingley and Northern Rock…
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