Credit, Collections & Insolvency News
New research from Engen Group, the UK based innovation and property business focusing on addressing environmental challenges such as affordable and sustainable housing, reveals that 26% of people with adult children have given them money as a ‘gift’ to help them on to the property ladder. A further 7% have provided them with loans to…
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Customers took advantage of record low rates and increasing product flexibilities to access £3.92 billion of property wealth in 2019 despite a cautious economic climate, according to year-end market figures from the Equity Release Council, the sector trade body. The market has witnessed steady growth in the space of a decade, with the amount accessed…
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New Money management app HyperJar commissioned a survey of 500 UK adults this week (20th January), which asked questions about current attitudes to money, debt and loans. The findings showed that just 11 per cent agree with the statement that ‘the UK has a healthy relationship with personal finances’. 54 per cent believe the government, business…
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Bank of England figures have revealed that mortgage approvals have reached their highest level in almost two and a half years, with the number approved for house purchase in December increasing to 67,241 from 65,514 a month earlier. The value of mortgage lending meanwhile was up by £4.55bn, compared with an average of £4.2bn over…
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The number of insolvencies amongst women aged 65 and over increased from 1,109 in 2008 to 2,082 in 2018 – an increase of 88% in a decade, according to new analysis from Rest Less, a jobs, volunteering and advice site for the over 50s. The insolvency rate of this group increased from 0.02% to 0.04%…
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A new study of the nation’s finances by Zopa has found there is a new group of avers bucking the trend for ‘skint January’, and are instead practising ‘Fruganuary’ by prioritising getting in control of their finances. More than a third (35%) of consumers have less money the first month of the year than in…
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There was a 20 percent rise in the number of judgments recorded against consumers in the Republic of Ireland in Q4 2019, compared to the same period last year, figures released by registrar Irish Judgments show. Consumer judgment numbers rose from 516 in Q4 2018 to 618 Q4 2019, while the total value grew by…
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In the year up to November 2019, UK households borrowed almost as much as the Government, demonstrating that debt remains both a private and public sector issue, according to the January 2020 Money Statistics, produced by The Money Charity. The latest data available from the Bank of England and ONS shows that UK households borrowed almost…
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Here is an overview of The Money Charity’s latest statistics for January 2020 Personal debt in the UK People in the UK owed £1,669 billion at the end of November 2019. The average total debt per household, including mortgages, was £59,982 and per adult was £31,643, around 111.6% of average earnings. Net mortgage lending rose…
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New research from TransUnion has highlighted the importance of trust and says that empowering and educating consumers is essential for lenders to compete in a changing financial landscape TransUnion’s new white paper, which examines consumer credit behaviour in the UK, unveils key trends and themes for lenders to note as we embark on a new…
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Credit card spending rose by 7.3% and personal borrowing through loans jumped by 14% in December, trade body UK finance has revealed in its latest Household Finance Update. Figures from the trade body of the UK banking and finance industry have revealed that the credit card spending of £11.8 billion in December 2019 was 7.3%…
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Analysis from global consulting partnership Kearney has found a growing appetite for point of sale (PoS) credit finance – otherwise known as ‘buy now, pay later’ – among younger UK consumers, with over 60% (67%) of Millennials now using this service. While 42% of Millennials have used a ‘buy now, pay later’ service more than…
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The latest figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in November 2019 by 1% compared with the same month in 2018, and remained stable in the eleven months to November 2019. The consumer new car finance market reported a fall in new business…
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