Credit, Collections & Insolvency News
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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.…
Read more
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…
Read more
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…
Read more
More than 2 million households face increased mortgage payments after the latest Bank of England interest rate rise. The Monetary Policy Committee (MPC) voted by a majority of 6-3 to increase the bank rate by 0.25 percentage points, to 1.25%. The members in the minority voted to increase the bank rate by 0.5 percentage points,…
Read more
Research HBB Solutions, has indicated that South East has the most repossessed homes and the high cost of homeownership in the region could see it cement its place as the nation’s repossession hotspot, as rising inflation and interest rates pose further economic instability for the year ahead. Previous research by HBB Solutions revealed that the…
Read more
New analytics from Fico has found that the percentage of credit card accounts with one and two months missed payments has increased month-on-month with it appearing that repayments remain a priority for credit card holders, suggesting that there will be greater reliance on credit over the coming months as the cost-of-living crisis deepens due to…
Read more
Over half (57%) of self-employed workers in the UK rely on personal savings when they are not working, yet a massive 81 per cent aren’t seeking financial advice according to new research from protection and pensions provider, Scottish Widows. Over two-thirds (64%) of those who are self-employed in the UK revealed they are without a…
Read more
Real average weekly pay packets fell by 1.3 per cent in February, with a far deeper squeeze coming in the months ahead, despite the jobs market continuing to tighten and last year’s furlough flattering the headline pay data, the Resolution Foundation says in response to the latest ONS labour market statistics. The UK jobs market…
Read more