The winners of the inaugural 2024 Credit & Collections Industry Awards have been revealed. There were thirteen winners (four of which were partnership wins) from the fourteen awards categories which are covered by three main headings of Credit & Collections, Inniative & Innovation and Partnerships. The award winners were announced in a webinar after a…
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Latest data from the Bank of England has found that lenders expect default rates on home loans to climb in the coming months, The data showed that mortgage default rates rose in Quarter 2 (Q2) with banks and building societies believing that the rate will increase further in the next three months. Lenders reported a…
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New figures released by the Finance & Leasing Association (FLA) have shown that second-charge mortgage new business volumes grew by 36% in April 2024. 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…
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Credit Connect hosted its Online Collections Technology Think Tank last week which saw collections strategies and the impact of political and the cost of living economic stresses discussed by collections professionals from a variety of industry sectors. In the ninth edition of the Collections Technology Think Tank series, hosted by Credit Connect Media, industry professionals…
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Latest figures from Ofgem show energy debt levels have broken records again, now standing at £3.1 billion. The research also showed that 6.1 million households are struggling to pay energy bills as energy arrears continue to break records National Debtline says the lower energy price cap will bring some relief to households but is calling…
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New research commissioned through YouGov by StepChange Debt Charity of UK adults (of whom 186 live in Scotland) shows that one in four adults (24%) in Scotland have used a form of credit to pay for essentials (groceries, utilities, housing) in the past three months, while one in five (19%) adults in Scotland have borrowed…
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Unsecured household debt is set to rise by over £1,600 this year as families continue to struggle with the cost of living crisis, according to new TUC analysis. The analysis shows that unsecured debt (loans, credit cards, purchase hire agreements) is on course to increase by 9.4% (£1,660) in real terms, on average, per household…
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Latest data published by the Department for Levelling Up, Housing and Communities (DLUHC) show outstanding council tax arrears have reached a total of £6 billion as of 31stMarch 2024, a 9% year-on-year rise and an 71% increase since before the pandemic – the total outstanding arrears stood at £3.5 billion in 2019 to 2020. Over…
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With rent prices rising 9% over the last 12 months, three in ten (28%) renters across the UK have been forced to turn to benefits due to rising costs, reveals research from responsible lender Creditspring. ONS figures show that average rents increased by 8.9% over the last 12 months, with tenants paying over £100 more…
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The number of mortgages in arrears, relative to all outstanding mortgage balances, increased to 1.28% in Quarter 1, according to figures from the Bank of England. The data shows an increase of 1.23% in the final quarter of 2023, taking it to the highest proportion since the end of 2016. The value of outstanding mortgage…
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New research from Moneyboat has found that six in ten (60%) of adults are worried about the effects an unexpected cost would have on their savings, with 23% of adults stating that they aren’t confident that they currently have enough saved to pay for one should it arise. The research also showed that nearly a quarter…
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New research by Compare the Market’s latest Household Financial Confidence Tracker has found that almost half of people (45%) admit they need to dip into their savings around three times per month to afford everyday living costs, despite optimism about their household finances. Over half (61%) feel more optimistic about their finances compared to this time…
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A sharp rise in debt repayments was recorded in April as cost-of-living pressures continue to bite according to research by Nationwide. The data showed that customers repaid unsecured debts of £735 million in April – a 25 per cent year-on-year rise, while the number of transactions to debt repayment increased by 14 per cent. Many…
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