Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 176% in April 2021 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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Consumer watchdog Which? says banks should show how many customers are repaid money from accounts lost due to fraud. Most large banks compensate some funds to customers who are defrauded by criminals and publish information on compensation rates as a group, with only Barclays and TSB committing to doing so individually. Which? says Banks must…
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The number of consumers considering personal loans has fallen by a quarter (24%), according to new research by MoneySuperMarket. Figures analysed by the price comparison website show that as pandemic restrictions near their end, the home improvement trend might have peaked. The boom in home improvements under lockdown and loan interest underlines this but between…
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Latest Bank of England (BoE) figures show that consumers continued making net repayments of consumer credit in April 2021. The figures show that households collectively made a £377 million net repayment in consumer credit, the repayment figures included credit cards, personal loans and overdrafts. Analysis shows that while people have been making significant net consumer…
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Applications for mortgages in May 2021 are up 8% on 2019 levels, a pre-pandemic year, with just one month to go until the stamp duty holiday extension is phased from 30 June according to new industry data released by Experian. Applications from those under 30 have seen the biggest growth (+11%), and now represent a…
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The Financial Ombudsman Service (FOS) has published its annual complaints data for the 2020/21 financial year (April 2020-March 2021) with commentary and insight. The overall number of new complaints received increased by 2% to 278,033, compared to the 271,468 complaints received in the 2019/20 financial year. Excluding the number of PPI complaints, the figures reveal a…
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UK Finance and the Building Societies Association (BSA) are calling for further help for those struggling to pay their mortgage due to the financial effects of the Covid-19 pandemic. The organisations are calling for changes to Support for Mortgage Interest (SMI) which is currently offered to help homeowners to avoid their financial situation deteriorating by…
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Here is an overview of The Money Charity’s latest statistics for May 2021 Personal debt in the UK People in the UK owed £1,712.9 billion at the end of March 2021. The average total debt per household, including mortgages, was £61,435 and per adult was £32,326, around 110.3% of average earnings. Net mortgage lending rose by…
Read moreNew research from Diebold Nixdorf has found that over 50% of the public are still using cash on a weekly basis, reinforcing the importance of access to cash as lockdown restrictions ease. The use of cash across age groups remained relatively consistent, with 61% of 55 year-olds and using cash in the last week, compared…
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Online banking fraud victims lost over £160 million in the past year (2020-21) according to new research by Moneytransfers.com The research says that for many of us, online banking and credit/debit cards are an essential part of our everyday lives as they allow us to pay for a multitude of necessities such as food and…
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The Credit & Collections Technology Awards has confirmed the judging panel for the 2021 event. Launched in 2017, the fifth annual awards seek to recognise excellence in credit and collections technology. The judging panel includes industry association leaders whose expertise includes specialisms from a diversity of different backgrounds, this ranges from consumer and business commercial…
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Four new banks were launched in the UK in the first ten months of the pandemic, adding to the 41 launched over the previous seven years, according to analysis by ACP Altenburg Advisory. The debt advisory specialist says that the new banks provide a sign of the growing options available to businesses looking for finance as…
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In the last 12 months, the pandemic has altered digital and financial lives, causing significant financial distress and uncertainty around employment and yet for others, financial reserves have improved. Either way, over the past year consumers, have been re-evaluating their relationships with money and technology according to Lloyds Bank Consumer Digital Index research. Given the…
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