Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that new business in the consumer car finance market grew 19% by value and 9% by volume in July 2020 compared with the same month in 2019. In the seven months to July 2020, new business volumes in this market remained 30% lower than…
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New figures released today by the Finance & Leasing Association (FLA) has shown that second charge mortgage new business volumes fell by 64%. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer & Mortgage Finance at the Finance & Leasing Association (FLA), said “The second charge…
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Analysis by Halifax shows that the price of the average first home has increased by more than two-thirds in the last decade, jumping 69% from £142,473 in 2010 to £241,025 today. In the same period, the average house price has only risen 33%. The report also shows that the number of first-time buyers has fallen…
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UK Finance’s Household Finance Review for Quarter 2 has highlighted that lenders have maintained a cautious approach to underwriting in uncertain times with higher-loan to value (LTV) lending is still taking place and contracted less than the wider market. House purchase lending plummeted in Q2 as the housing market was suspended due to lockdown, with…
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The economic impact of the coronavirus crisis has been far-reaching with millions of people unable to work due to lockdown restrictions. New research shows that nearly a third (31%) of UK adults have seen their income cut as a direct result of the crisis. The research, commissioned by GoCompare Money, reveals that 8% of people are…
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A Standard Life Foundation study of national survey of household finances has shown that of the 3.7million households in the UK granted a bill ‘payment holiday’, over six in ten are already facing financial difficulties and will struggle to repay their debts when these arrangements end. For many, these payment holidays will cease on 31st…
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Household’s borrowing returned to pre-pandemic levels with £3.9 billion net borrowing in July, with increases in both mortgage borrowing and consumer credit, according to the latest Bank of England figures. Household’s consumer credit borrowing increased £1.2 billion in July, following four months of net repayments. The interest rate on new consumer credit borrowing increased 22…
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Strong car finance application figures and a surge in people searching for deals online have given motor traders a boost as the new ‘70’ plate launches, according to latest figures from Experian. Car finance applications rose to 597,000 between 1st July to 24th August, a 24% increase on the 481,000 recorded in the same period…
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The Bank of Mum and Dad (BoMaD) will be a driving force behind the recovery of Britain’s housing market as buyers struggle with the economic impact of the COVID-19 crisis, new research from Legal & General and Cebr shows. Nearly one in four housing transactions (23%) will be backed by ‘BoMaD’ in 2020, with a…
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As the ban on evictions ends in just over three weeks, six leading organisations representing tenants, landlords and letting agents have united to urge the government to provide financial help to private renters plunged into ‘Covid rent arrears’ through no fault of their own. The coalition, which includes Shelter, the National Residential Landlords Association, ARLA…
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Credit card pre-approval rates have doubled in the last month, according to new insights from Experian’s Credit Barometer. Half (50%) of consumers searching for a new credit card through Experian’s price comparison service will now be shown a card they are pre-approved for, meaning their application should be successful. Economic uncertainty during the COVID-19 pandemic…
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Around two million borrowers have taken a mortgage holiday, according to latest figures from UK Finance representing about one in six mortgage holders. Since the launch of the payment deferral schemes, lenders have granted a total of two million mortgage payment deferrals, 1.05 million credit card payment deferrals and 707,000 personal loan payment deferrals, as…
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Lloyds Bank becomes first company to receive ‘Mental Health Accessible’ accreditation, after working with Money and Mental Health charity to improve its services The accreditation follows a comprehensive assessment by the charity of how accessible Lloyds Bank’s services are for customers with mental health problems, and where improvements could be made. Money and Mental Health’s…
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