Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes increased by 14% in November 2019 Commenting on the November 2019 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The…
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A record number of County Court Judgments (CCJs) were issued last year against consumers who fell into debt, double the level of eight years ago according to new figures released by the Registry Trust. The number CCJs issued against consumers in England and Wales increased slightly in Q4 2019 compared to the same period last…
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A new Collections Technology Think Tank has been launched by Credit Connect Media. The event will examine collections technology strategies to increase effectiveness and efficiency. The inaugural Collections Technology Think Tank powered by Credit Connect will take place on Thursday 11th June at the Marriott Hotel in Leeds. The event will focus on how collections teams can…
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The Financial Conduct Authority (FCA) says seven out of ten overdraft users will be better off or see no change when the new rules on overdrafts come into force in April. The says around 14 million people use an unarranged overdraft each year, and all of these users will be better off or see no…
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A new research report from StepChange Debt Charity, ‘Problem debt and the social security system’ has indicated that the Government should take steps to reform the design flaws within the system that are causing people to experience destitution. The research findings reveal that half (52%) of the charity’s clients who are in receipt of support…
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The latest official statistics show that personal solvency numbers in Scotland for the whole of 2019 were 13% higher than in 2018, and were at their highest level since 2013. Meanwhile, the number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland fell by 5% in October-December 2019 compared with July-September 2019, and rose by…
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Research from credit experts TotallyMoney and MoneyComms reveals how just making minimum repayments on credit card balances costs customers thousands in interest and takes over two decades to clear. The research shows that only making the minimum repayment each month will take over 26 years to clear a credit card balance with customers expected to…
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An increasing number of people aged over 65 are using equity release products to pay off debts and mortgages. Customer data from LV= shows that 27% of customers in 2019 used equity release to clear their mortgage, loans or debts compared to 15% in 2016. Helping family and friends has risen from 8% to 16%…
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The impact of Universal Credit (UC) will be felt very differently in different places: something currently being ignored amid growing debates about how to level up economic outcomes across Britain, according to new Resolution Foundation research. The long and winding road report notes that the new parliament will be a critical period for Universal Credit’s…
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The Financial Conduct Authority (FCA) has found that over half of mortgage prisoners who would be eligible to switch to a new product using new rules published in late October last year are paying an interest rate of 3.5 per cent or lower. The FCA also found that It adds that of the 170,000 who are…
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Consumers borrowed £6.6 billion to fund Christmas 2019 – an average of £435 each of those who borrowed – according to new research from TSB, despite over half (58%) who said they wanted to borrow less over the course of the year. A fifth (21%) say they overspent in 2019 and nearly three in ten…
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One in three consumers expects to retire with an average debt of £17,460 this year according to new research by Key. The research has found that the debt will take three-and-a-half years to clear. Initial findings from this work suggest that the ‘Retirement Class of 2020’ faces significant debt challenges with more than one in…
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Low-income households have seen the fastest rise in the use of consumer debt since the financial crisis, and are too exposed to financial shocks, according to new research published by the Resolution Foundation. The ‘An outstanding balance?’report explores changes in the use of consumer debt – including credit cards, store cards, mail order and hire…
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