Credit, Collections & Insolvency News
Latest figures from the Finance & Leasing Association (FLA) show that second charge mortgage lending fell by 14% in July. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said “The second charge mortgage…
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The data suggests that the Midlands is the region of the UK hit hardest by the rising cost-of-living according to research by Lowell. Lowell’s latest Financial Vulnerability Index shows 41% of all areas that became financially worse off this year are in the Midlands region, with areas in Birmingham, Leicester and Coventry became financially worse…
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Future generations of retirees are likely to be poorer than those of today, according to new data published by the International Longevity Centre (ILC) which reveals a startling decline in the share of wealth held by those under 40. Analysis of ONS population data shows that in 2010/11, people under 40 made up just over…
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Worries about housing costs have hit the highest levels ever recorded by Which?’s Consumer Insight Tracker, as interest rates are widely expected to rise further. The Insight Tracker recorded highest levels of concern around housing costs – with four in five mortgage owners (79%) and 4 in 5 renters (81%) saying that they were worried…
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Consumer card spending grew 2.8 % year-on-year in August – noticeably lower than the latest CPIH inflation rate of 6.4 % and July’s growth figure of 4.0 % – as rainy weather cast a cloud on the high street according to new analysis by Barclays Spending on essentials saw just 1% growth – the lowest…
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A new study from Nationwide Building Society has found that three in five households are now worried about their finances. The research also found that more than six in ten (62%) are currently worried about their personal finances and ability to cover essential costs, marking the first time it has risen since May. This was up…
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One in five families couldn’t cope financially without grandparents providing their services for free according to research by SunLife. The research showed that more than half of grandparents provide childcare for their grandchildren during the working week, giving up more than four hours a day on average Not only are grandparents not being paid to…
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Here is an overview of The Money Charity’s latest statistics for August 2023 Personal debt in the UK People in the UK owed £1,842.6 billion at the end of June 2023. The average total debt per household, including mortgages, was £65,619 and per adult was £34,644, around 103.5% of average earnings. Net mortgage lending increased by £256…
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Research carried out by Opinium on behalf of Hargreaves Lansdown has found that only 61% of people said they thought it was a realistic prospect they could cover their bills in retirement. Less than a third (29%) thought they would not need to worry about money and less than half (45%) thought it was a…
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Nearly one in three homeowners approaching the end of their fixed mortgage deals are taking extra work to boost their savings ahead of repayment rises, new data released by Indeed Flex. The company says with 800,000 fixed-rate mortgage deals set to expire in the latter half of 2023 — along with 1.6 million in 2024—…
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Latest ONS data has shown that CPI inflation fell to 6.8% in July, down from 7.9% in June and well below the peak of 11.1% in October. Commenting on the data, Joanna Elson CBE, Chief Executive of the Money Advice Trust said “This fall in the rate of inflation is an early sign that the…
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Young people are turning away from higher education as the cost-of-living crisis prompts a shift in financially prioritising basic needs, a major study by the Co-op and children’s charity Barnardo’s has found. One of the largest studies of its kind, ‘Youth Opportunities Tracker: Fairer Futures’, was commissioned as part of a wider partnership between the…
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A new survey from The Open University (OU) has found that nearly one in two (49%) have reconsidered going to university in the last year, because of the rising cost of living. Nearly a third (31%) of school leavers believe university is not affordable, while a fifth (20%) are still unsure if they will go…
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