Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has outlined proposals to ensure that firms provide tailored support to mortgage borrowers who continue to face payment difficulties due to coronavirus. During the initial phase of the pandemic, payment holidays provided mortgage borrowers with immediate and temporary support. They have helped millions of consumers through the immediate impacts of…
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Two-fifths (41%) of all equity released in the first half of 2020 was used to pay off debts as older homeowners used their property wealth to retirement-proof their finances, according to new analysis from equity release adviser company, Key. Over 40% of the total amount of new equity released, or £588 million, was used to…
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Loans Warehouse has announced that it has gained full authorisation from the Financial Conduct Authority (FCA) for Regulated Bridging activity. The approval will enable the company to operate in the regulated bridging market and to further increase its product range and reinforce its reputation as one of the country’s innovative brokerages. Matt Tristram, Co-Founder of…
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New data released by UK Finance has revealed that the final month of full lockdown saw the annual growth rate of outstanding credit card balances fall by 12.6 per cent in the year to May, as consumers continued to pay down their credit card bills. May also saw credit card spending by UK cardholders slowly…
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New research from MoneySuperMarket reveals that graduates are leaving university with additional non-student loan debts worth £3,770 – up £209 on £3,561 in 2019. Following last week’s A-level exam results, for those students who received the required grades for university and start to plan for their academic year, the UK’s leading price comparison spoke to recent graduates…
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Household finances in the UK fell more sharply in August than the previous month after rising levels of unemployment hit average incomes and persuaded millions of families to cut back on spending according to the latest IHS Markit UK household finance index. The finance index was down following steady increases through May, June and July,…
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Consumer group Which? has urged the Financial Conduct Authority (FCA) to extend loan repayment holidays and interest-free overdrafts until January 2021, saying demand for support will surge after the job retention scheme winds up on 31st October. The consumer champion’s submission to the FCA’s consultation makes four key recommendations that the regulator should adopt to…
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Mortgage arrears number fall in second quarter of this year, according to latest figures from UK Finance. The figures showed that there were 73,580 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the second quarter of 2020, this was 3 per cent fewer than in the same quarter…
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Data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, has revealed that spending on essential items grew 3.2 per cent year-on-year. This increase was largely driven by supermarket shopping, which rose by 15.0 per cent, helping to offset a 22.2 per cent drop in fuel spend. While spending on…
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One in three (31%) consumers used the enforced lockdown to pay down their debt, according to new analysis from Experian. The proportion of Experian’s customers that had high balances across their credit accounts stood at 12.6% around the start of lockdown (23rd March). This dropped to 8.6% at the beginning of June, just before measures…
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The stock of consumer credit is forecast to fall by almost 16% this year as net lending for credit cards and personal loans turned negative during the lockdown period according to analysis by EY ITEM Club. The lockdown has caused a significant slowdown in bank lending to household with demand for consumer credit is predicted…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in June 2020 by 17% compared with the same month in 2019, and contracted by 25% in the first half of 2020. Credit card and personal loan new business together fell in June 2020 by 29% compared with…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 71% in June 2020. Commenting on the latest new business figures for the second charge mortgage market, Geraldine Kilkelly, Head of Research and Chief Economist at the Finance & Leasing Association (FLA), said “The relatively…
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