Credit, Collections & Insolvency News
Latest to research from FICO has found that the number of customers missing one payment increased by 8.3 percent compared to August and 9.1 percent year on year. The research also found that average total sales were £775, 4.56 per cent lower than August. The average active balance also dropped in September to £1,595 –…
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1.7 million people across the UK are borrowing from high-cost lenders in order to pay off existing debts, according to research by Creditspring. The research found that a quarter of people (24%) who borrowed from high-cost lenders sought credit so they could repay other debts. The same proportion (24%) who borrowed from high-cost lenders admitted…
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New figures released by the Finance & Leasing Association (FLA) have indicated that the value of new second charge business secured in September increased by 42% compared to the same period last year. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and…
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Latest data from the Bank of England show that spending on credit cards rose by £700 million in August as households borrowed heavily to cope with the cost of living crisis. The increase pushed the annual growth rate in spending on credit cards to 12.9%, its joint highest level since 2005. Maintaining a high level…
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Here is an overview of The Money Charity’s latest statistics for September 2022 Personal debt in the UK People in the UK owed £1,810.7 billion at the end of July 2022. The average total debt per household, including mortgages, was £65,151 and per adult was £34,235, around 107.5% of average earnings. Net mortgage lending rose by…
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Latest data from the Bank of England has indicated that credit card borrowing grew by £730 million in the 12 months to July. The 13% rise on borrowing on cards is the fastest rise since October 2005. The annual growth rate for all consumer credit, which also includes overdrafts, personal loans and car finance, increased…
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Here is an overview of The Money Charity’s latest statistics for August 2022 Personal debt in the UK People in the UK owed £1,805.7 billion at the end of June 2022. The average total debt per household, including mortgages, was £64,970 and per adult was £34,140, around 108.4% of average earnings. Net mortgage lending rose by…
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Nearly six million households are struggling to afford essential telecoms services according to a new analysis by Which?, as it calls on the government to cut the amount of VAT paid on mobile, broadband and telephone services. The consumer champion found that millions of households reported issues affording essential telecoms services such as mobile phone…
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The Resolution Foundation has warned that inflation could hit more than seven times the Bank of England’s 2% target, with the think-tank saying it could pass the 15% mark in early 2023. Inflation currently stands at 9.4% and the Bank’s Monetary Policy Committee is expected to increase interest rates further as it looks to tackle…
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Latest Bank of England data has shown that people borrowed an extra £1.8 billion in June, up from £900 million in May showing that consumer credit growth rose 6.5 percent in June 2022. The annual growth rate of credit card borrowing was 12.5 percent with outstanding balances for consumer credit now standing at £203.9 billion.…
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The Competition and Markets Authority (CMA) has said six banks have broken rules about keeping customers informed about changes to interest rates for overdrafts. Lloyds, NatWest, HSBC, Barclays, Metro Bank and Bank of Ireland all breached regulations, the regulator said. The high street banks broke the rules imposed by the CMA under the Retail Banking Market Investigation Order 2017. As a result…
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Nearly 600,000 people are now paying less in interest and charges on their credit card debt because of changes made by the Financial Conduct Authority (FCA) according to its Annual Report. In the report the reulator has set out how it has worked over the past 12 months to meet its objectives of protecting consumers,…
Read moreRemortgage sales hit 92,558 in Q4 2021, marking the highest level of activity since before the pandemic according to analysis from digital lender Freedom Finance. The research shows that remortgage sales outnumbered all other types of home loans for the first time since the third quarter of 2020. Separately, sales of mortgages for first-time buyers…
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