Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for March 2023 Personal debt in the UK People in the UK owed £1,837.4 billion at the end of January 2023. The average total debt per household, including mortgages, was £65,434 and per adult was £34,546, around 105.2% of average earnings. Net mortgage lending rose by…
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New data from FICO has revealed that there was a 13.6 per cent rise in customers missing two credit card payments from December 2022 to January 2023. The figures also that accounts missing one payment fell by 0.7% in the same period. Average total sales per card down 8 percent compared to December 2022 at…
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Two in five (41%) young adults are worried about their ability to pay household bills at a time when many costs are set to rise over the coming months, according to Comparethemarket’s latest Household Financial Confidence Tracker. As the cost of living has risen over the past 12 months, 44% of 18 to 24-year-olds feel…
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The Financial Conduct Authority (FCA) has confirmed final mortgage guidance, setting out the ways mortgage lenders can help customers worried about or already struggling with their mortgage payments because of the rising cost of living. The regulator has also published new data and analysis on the mortgage market. This shows that, in addition to the…
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A new survey of homeowners who pay a mortgage, conducted by independent market research firm Danebury Research on behalf of global technology specialist Dye & Durham, fas found that the ongoing cost of living crisis is affecting the mental health of more than half (56%) of UK mortgage holders who have genuine concerns over their…
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A new report suggests that the Government made £2.4 billion by selling mortgages from collapsed lenders to investment firms, with 200,000 mortgages sold to firms that cannot offer new deals. With other lenders refusing to accept these homeowners, they have been left as so-called ‘mortgage prisoners,’ trapped on high rates. The London School of Economics…
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Credit Connect’s hosted its sixth Online Collections Technology Think Tank 4.1 last week which saw collections strategies and the impact of cost of living economic stresses discussed by thirteen collections professionals from a variety of industry sectors. The themes of collections risk, customer engagement, affordability and the future of collections were discussed by panelists and…
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Here is an overview of The Money Charity’s latest statistics for February 2023 Personal debt in the UK People in the UK owed £1,832.8 billion at the end of December 2022. The average total debt per household, including mortgages, was £65,946 and per adult was £34,653, around 105.7% of average earnings. Net mortgage lending rose by…
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Latest research by FICO has shown that there was a significant rise in cardholders missing one credit card payment in December 2022. The research showed that accounts missing one payment jumped month-on-month by 19%. The percentage of accounts with two missed payments was 19% higher than in December 2021 and 20% higher for three missed…
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Latest data from UK Finance found that credit card balances grew in November 2022. The data found that there were there was 355.1 million credit card transactions in November, 0.3 per cent more than in November 2021. The total spend of £19.6 billion was 5.3 per cent higher than November 2021. Outstanding balances on credit…
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As firms continue to get ready for the implementation of the Consumer Duty, the Financial Conduct Authority (FCA) has announced that is offering support to firms through the transition with a programme of engagement, which includes setting out in letters the expectations of the Duty and arranging a series of regional in-person events for specific groups of…
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Around 2.3 million households missed an essential payment in January, an increase of 400,000 on the month before, but similar to previous years according to new research by Which. The research found that 2.3 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in January 2023. This marks…
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NatWest has unveiled a £40m support package for customers as it looks to cushion the impact from the soaring cost of living. The bank’s plans include extending the time it takes to repay an unsecured loan or overdraft if payments are missed from 18 months to two years. NatWest will give firms cash back on…
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