Bank of England issues warning over potential loan default rise

A Bank of England (BOE) survey of lenders suggests that more households are expected to have defaulted on mortgages and other loans by the end of November. The Bank’s credit conditions survey asks banks and building societies to detail the climate over the previous quarter and what they expect in the next three months. While…

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Consumer spending grew 13.3% in September

13th October 2021 Banking and Loans | #spend

Consumer card spending grew 13.3 per cent in September compared to the same period in 2019, as consumers enjoyed the last of the summer sun. However, ongoing supply chain shortages and rising food and energy prices have hampered consumer confidence. Data from Barclaycard has revealed that spending on essential items increased 14.4 per cent –…

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Card spending figures show that financial confidence remains strong

13th October 2021 Banking and Loans | #credit cards

Latest card spending figures from global analytics software provider FICO has indicated that the summer holidays and continued reliance on pandemic savings probably contributed to a growth in average spending on cards. The analysis shows that the average spend on credit cards increased £23 to £711 in August 2021. This is the highest level since…

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Chair of Open Banking resigns

4th October 2021 Appointments |

The Chair of the Open Banking Implementation Entity (OBIE), the body set up to deliver open banking in the UK, has resigned as an investigation found that the agency allowed’“a culture of bullying and intimidation to prevail.” The Competition and Markets Authority (CMA) says Imran Gulamhuseinwala tendered his resignation as trustee and chair as part…

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Mortgage borrowing increased by £5.3bn in August

30th September 2021 Arrears and Recoveries |

Latest Bank of England data has shown that net mortgage lending increased by £5.293 billion in August, bouncing back from July’s net repayment of £1.758 billion. Gross mortgage lending increased to £21.5 billion, recovering from a low seen in July when lending came in at £16.6 billion. Meanwhile, mortgage approvals fell to the lowest level…

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Furloughed workers relying on credit cards, family and friends, and loans

29th September 2021 Arrears and Recoveries |

As the furlough scheme comes to an end this month, research from Canada Life has revealed how currently furloughed workers have boosted their income throughout the pandemic. The most common way of boosting finances was borrowing money on credit cards, with two in five (44%) saying they have considered or done this. This was closely…

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Money Statistics: September 2021

28th September 2021 Arrears and Recoveries |

Here is an overview of The Money Charity’s latest statistics for September 2021 Personal debt in the UK People in the UK owed £1,741.7 billion at the end of July 2021. The average total debt per household, including mortgages, was £62,670 and per adult was £32,931, around 109.3% of average earnings. Net mortgage lending fell by…

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Mortgage repayments hit record £38bn

27th September 2021 Arrears and Recoveries |

Mortgage repayments jumped by 20% to a record £38 billion in the first half of the year compared to 12 months ago, according to latest Equity Release Council statistics. Debt payments were fuelled by regular repayments and record overpayments, new borrowing ahead of the stamp duty deadline and fewer mortgage payment holidays, as customers began…

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End of furlough threatens household finances

24th September 2021 Arrears and Recoveries |

The winding-up of the furlough scheme on 1st October threatens to add further pressure to household finances atop the triple threat of inflation, rising energy costs and covid uncertainty according to Interactive Investor. Consumers could also face an additional challenge of reining in spending which has escalated since lockdown. In a poll of 801 interactive…

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Half of consumers will still be paying mortgages off after 65

21st September 2021 Arrears and Recoveries |

More than half of new mortgage borrowers do not expect to pay off their loans before they turn 65, according to a recent study. Research published by UK Finance said longer mortgage terms coupled with the ageing population was driving a trend towards borrowing later in life. Some 52% of new homeowner mortgage lending in…

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Call for support for struggling homeowners as furlough ends

20th September 2021 Arrears and Recoveries |

UK Finance and the Building Societies Association are calling for important changes to be made to the Support for Mortgage Interest (SMI) scheme to help struggling homeowners as the furlough scheme draws to a close. SMI is a government loan scheme that helps homeowners who are in receipt of benefits1, but as it stands, they…

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UK debt market hits record heights in first half of 2021

20th September 2021 Arrears and Recoveries |

New research by GCA Altium has indicated that the UK debt market hit record heights in the first half of 2021. The research showed that a record number of refinancings and recapitalisations were completed in the first half of 2021 in the UK. Data provided by the firm’s MidCapMonitor identified that over the course of…

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Consumer confidence sees moderate increase in card spending and unsecured borrowing

3rd September 2021 Banking and Loans |

House purchase lending volumes in June reached the highest monthly level on record, with Q2 2021 house purchase the highest quarterly figures in 13 years according to UK Finance’s latest Household Finance Review. The Q2 Review also highlights that credit card spending and personal loan take-up have increased as the hospitality and entertainment industries reopened…

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