A one percent interest rate rise would add £10billion to the UK’s mortgage bill, ultimately adding £930 a year to the cost of servicing the average mortgage, according to new analysis from international property adviser, Savills. Four in 10 borrowers on variable rate mortgages would be first to feel the pain. Their annual mortgage bill would…
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UK Finance has published its latest lending figures for 2018 that spending on cards was 5.8 percent cent higher than in January 2017, although higher repayment levels meant that the pace of borrowing saw little change, growing at 4.8 per cent annually. Commenting on the data, Eric Leenders, Managing Director, Personal Finance at UK Finance said: “January…
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Family incomes are set to start slowly rising again next year but low and middle-income households risk missing out with three years of stagnating living standards lasting until 2020, according to the Resolution Foundation’s annual living standards outlook. The report brings together the OBR’s latest economic forecasts with policy impact assessments to show what’s in…
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A new report by charity Gingerbread analysing how single parents lives have changed has found that unsustainable work and poverty are two of the biggest issues facing the UK’s 1.7 million single-parent families. The report titled “One in four: single parent families in the UK”, finds that huge progress has been made over the past 100 years to…
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Two small energy suppliers have left the big six energy companies trailing when it comes to customer satisfaction according to a new survey by Uswitch.com. Challenger supplier Octopus Energy, which launched in 2016 and is included in the report for the first time, takes first place for overall customer satisfaction with a score of 96%.…
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Here is an overview of The Money Charity’s latest statistics for February 2018: Personal debt in the UK People in the UK owed £1.572 trillion at the end of December 2017. This is up from £1.512 trillion at the end of December 2016 – an extra £1,105.77 per UK adult. Per adult in the UK that’s an average…
Read moreCouncils across the Black Country and Staffordshire called in bailiffs to collect more than £21 million in debts over the past two and a half years, new figures have revealed. From 2015 six local authorities used debt collectors on 161,471 occasions, with council tax arrears accounting for around 65 percent of cases. The association that…
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Almost one in three working-age adults in Northern Ireland are out of work, according to a new Joseph Rowntree Foundation (JRF) report that shows that Northern Ireland’s employment rate is lagging behind the rest of Great Britain. The warning comes as JRF highlights the poverty rates in Northern Ireland and the challenges facing low-income families.…
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Computershare has announced the successful transfer of £12 billion of buy-to-let Bradford & Bingley and Mortgage Express mortgages to their new owners. The transfer follows the sale of the loans to Blackstone and Prudential last year, and the new owners have retained the UK’s largest third-party mortgage administrator to provide a full suite of administration…
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The Government is due to undertake a major review of university funding and student financing. In its unanimously-agreed Report on Student Loans, the Treasury Committee has made a series of recommendations, which the Government should address as part of its review. Interest rates Justification for high interest rates on student loans is questionable Above-inflation rate…
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A recent survey conducted by leading online automotive shopping platform, CarGurus, has found that a staggering 47% of drivers with a car on finance admitted that they could not specify how much they had effectively borrowed to fund the vehicle. The research found that a further 63% of people with cars on finance acknowledge that…
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Ofgem has launched an investigation into Energy company Iresa’s customer service processes. The investigation will examine whether Iresa broke rules relating to customer information and customer contact. This includes examining whether they treated customers fairly in their call handling and complaints processes, gave indebted customers sufficient notice that they were taking a debt repayment out of…
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Collections specialist Grosvenor Services Group has announced two new appointments to its team. Russell Brewin has been brought on board as head of field operations, whilst Keigley Griffiths has been appointed as a new account manager. Brewin has 21 years’ of industry experience at NPower, where he was responsible for field operations, debt collection and…
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