Credit, Collections & Insolvency News
New research from innovative equity release lender more 2 life has revealed that 41% of over 65 year olds with a mortgage are on an interest-only product. Of these borrowers, almost 4 in ten are 65-74 year olds and over half (56%) are over 75 years old. Individuals who do not have a separate savings…
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Three-quarters of students will never clear their debt with the average debt now standing at £50,000 according to the Institute for Fiscal Studies (IFS) report. Students in England graduate with average debts of £50,800, after interest rates are raised on student loans to 6.1%.Other key findings in the report include: Those from the poorest backgrounds…
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Here is an overview of The Money Charity’s latest statistics for July 2017: Personal debt in the UK People in the UK owed £1.537 trillion at the end of May 2017. This is up from £1.489 trillion at the end of May 2016 – an extra £929.97 per UK adult Based on May 2017 trends, the UK’s…
Read moreThe Bank of England has announced that it will force banks to find a further £11.4 billion in the next 18 months to beef up their finances against the risk of bad loans. Banks will have to set aside £5.7bn in the next six months in case future economic shocks mean some borrowers cannot keep…
Read moreDigital change is radically altering consumer expectations in the mortgage market and “raising the bar for what borrowers expect from their home buying and owning experience,” according to research published today by the Council of Mortage Lendrs (CML). Launched at the CML Mortgage Tech UK conference in London, the research Digital Change and Mortgage Borrowers says that technology…
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The British Bankers Association (BBA) latest data from the high street banks shows that consumer credit growth was 5.1% in May, compared with 6.4% in the previous month. Gross mortgage borrowing totalled £13.3 billion in May. Net mortgage borrowing was 2.4% higher than a year ago. Eric Leenders, BBA Managing Director for Retail Banking said: “This…
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A TDX Group Consumer Debt Report has revealed that over a quarter (28%) of Brits fear they may not be able to keep up with repayments on their personal debt. The online survey, conducted by YouGov, also found that unsecured debt now tops average monthly earnings¹, with more than one in four (28%) owing in…
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The number of purchases using debit and credit cards has more than doubled in the past 10 years, as contactless payments and online retail have driven a change in the way consumers pay, according to a report from The UK Cards Association. Debit and credit cards were used to make 16.4 billion purchases in 2016,…
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More than half of Scots (51%) say they occasionally run out of money before payday, with 15% saying they do so ‘most of the time’ or ‘always. The figures are part of a new report by Citizens Advice Scotland which aims to take a snapshot of the financial realities facing Scots in 2017, and in particular,…
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Here is an overview of The Money Charity’s latest statistics for June 2017: Personal debt in the UK People in the UK owed £1.532 trillion at the end of April 2017. This is up from £1.485 trillion at the end of April 2016 – an extra £886.84 per UK adult Per adult in the UK…
Read moreChristians Against Poverty (CAP) has launched its latest Client Report. The report examines the collaboration between CAP and other organisations, which makes transformation in people’s lives and circumstances possible. One client’s story explores how the credit industry, referral partners, local communities and the Church can all work with CAP to tackle poverty and its causes.…
Read moreA new guide that helps finance providers identify and support customers in vulnerable situations during the credit application process is being launched today by the Finance & Leasing Association (FLA) and The UK Cards Association. Developed by the University of Bristol’s Personal Finance Research Centre (PFRC), in partnership with both Associations, Vulnerability: a guide for…
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Debt charity Christians Against Poverty has discovered that household bills and costs have tripled in the past ten years. A decade ago, the average client owed £1,412 in priority arrears, a figure representing just nine per cent of that person’s whole debt problem. In 2016, it had ballooned to £4,582, nearly a third (32%) of…
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