UK Finance has released its latest mortgage arrears and possessions for Quarter 3 (Q3) with figures indicating that residential mortgage arrears have increased by 18% and buy-to-let mortgages in arrears also rising by 29%. The latest data shows that there were 87,930 homeowner mortgages in arrears in Q3 2023, seven per cent more than the…
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New Ministry of Justice data, has found between July and September 8,399 landlords in England started Section 21 no-fault eviction court proceedings against their tenants, the highest number for seven years. With the number of court proceedings resulting from no-fault evictions climbing by 38% in a year, Shelter is urging the government not to further…
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New research from Standard Life has found that almost one third of parents (30%) with children under 18 are finding their financial situation difficult, which compares to 22% of people without children. This comes during a second full year of high inflation, with the cost of essentials like food and household bills still outpacing income…
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New research conducted by StepChange Debt Charity has revealed that its clients who are women face an average budget shortfall of £30 per month, which is £70 less than men’s average monthly surplus of £40. The charity’s new report, Bearing the burden, which has been published during Talk Money Week, looks at how debt differs between…
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Everyday People Financial, a Canadian-based financial services company, has announced that its subsidiary, BPO Collections has signed a purchase agreement to acquire Arvato Financial Solutions UK (AFS). Arvato Financial Solutions is a provider of accounts receivable management services primarily focusing on providing financial and collection management services in the regulated environment. Arvato’s main creditors operate…
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New research by National Institute of Economic and Social Research (NIESR) has found that low to middle income households are facing seven years of falling living standards NIESR says that GDP growth will remain sluggish in 2023 and 2024 as the monetary policy tightening continues to bite and expects GDP growth of 0.6 per cent…
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New research by StepChange Debt Charity has revealed women are more likely to have energy debt, pay more on household essentials and have been disproportionately impacted by the cost of living crisis. The charity’s new report Bearing the burden, looks at how the gendered picture of debt differs, exploring why women are more vulnerable to…
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Almost half of people approaching retirement (49%) are rethinking their plans as the high cost of living bites into their everyday finances. Research carried out by LiveMore among people aged 50-79 found that 26% have been forced to postpone their retirement while 23% are seriously considering delaying it. In addition, 7% have taken on more…
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More than 16 million people have missed payments on key household bills this year and over two million did so for the first time, according to new research for Talk Money Week 2023. A survey of 3,016 UK adults, commissioned by the Money and Pensions Service (MaPS), shows that a third of people (30%) have…
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New research by TotallyMoney has found that one in two people are paying banks interest on a total of £31 billion of credit card debt every month with the average outstanding monthly balance they’re paying interest on is £2,748. Each year, on the average balance, those with a poor credit score could be paying £1,371…
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Now the clocks have gone back, and households begin switching the heating on, it’s estimated 7 million people are reliant on credit to pay their bills this winter according to research by Creditspring. The research showed that as many as 15% of the adult population (8 million) readily admit they’ll be forced to borrow to…
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Gobal credit intelligence company, Pepper Advantage has reported a 23.3% annual increase in the arrears rate in the third quarter of 2023 to reach a new post-Financial Crisis high. The growth in the arrears rate follows successive increases in the percentage of mortgages that experienced a Direct Debit Rejection (DDR), where a direct debit instruction…
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Latest Bank of England figures have shown that remortgaging approvals fell to 20,600 in September, making this the lowest level since January 1999. Net borrowing of mortgage debt by individuals decreased from £1.1 billion in August to -£0.9 billion in September – the lowest since April 2023. Net mortgage approvals for house purchases fell to…
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