Credit, Collections & Insolvency News
The amount of people searching for a mortgage who meet the qualifying criteria for every deal on the market is as low as 3.5%, according to new analysis from Experian. One in five (22%) of those using pre-qualification websites to find a mortgage meet the initial qualifying criteria for every lender on the market. But…
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According to new research from TSB, parents across the UK are expecting to spend an average of £243 on entertaining their kids this summer. Parents living in London will see the biggest dent in their finances (£276), whilst parents in the South East expect to spend £239. Two in five parents (38%) will have to…
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New research from KPMG has found that 30% of the UK public have changed their spending as a result of Brexit uncertainties. A fifth (22%) have avoided making big ticket purchases with almost one in ten (9%) missing out on overseas holidays and 6% avoiding investing in the economy via stocks & shares. Meanwhile, 8%…
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Analysis from Barclays Mortgages shows the average upfront cost of moving home in the UK, including estate agent, legal and surveyor fees, land registry, EPC and stamp duty, is £7,641, on top of the purchase price. Meanwhile, the average unexpected associated costs can add up to £1,690, meaning homeowners are stumping up £9,331 on average…
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New research from Nationwide Building Society’s Payday Saveday campaign has revealed that procrastination is costing people an average of £449 each year or almost £30,000 (£29,200) over their lifetime. The national poll of 2,000 adults in the UK shows that 57 per cent have been caught out financially by leaving things to the last minute…
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NatWest has announced that it is trialing voice-led banking to check balance and transactions with Google Assistant. The pilot will use innovative voice technology enabling customers to do banking through the Google Assistant on their Google Home smart speaker or smartphone. The pilot of 500 customers will run for three months. Customers will be able…
Read moreFootball fans, eager to watch their team compete in the Premier League this season, will have to fork out at least £456 or more over the year to see games on live on television. New analysis from Comparethemarket.com says Sky is the cheapest option currently available on with Now Broadband. The Brilliant Broadband + Sky…
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The Competition and Markets Authority (CMA) has ordered Nationwide to refund £6 million to current account customers after it broke rules which state that people should receive a text alert before banks charge them for unarranged overdrafts. The CMA has told Nationwide to take immediate action and improve its practices and compliance with the instruction. The…
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Up to half of older homeowners are using equity release to repay debt as they struggle to meet payments, new analysis from independent equity release adviser Key shows. Analysis of customer data suggests that 30% of people are using equity release to repay unsecured debt while 20% are using it to repay mortgages. Debt is a…
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People are embracing a new wave of apps and services to help manage their money or share bank account transaction data to improve access to finance, indicating an increase in demand for open banking according to the latest statistics from Experian. Experian’s Open Data Platform underpinned more than 20 million of the API requests made…
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The Bank of England has published its annual Credit Union statistical report based on annual return data for the credit union financial year. The report showed that total Credit Union members has surpassed 2 million in the UK for the first time, driven by a rise in Adult members in 2018 (3%). Whilst Loans to…
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Nottingham Building Society has announced a partnership with GDS Link, to enhance its decision-making capabilities and credit assessment process for its mortgage business. The partnership is part of the Society’s ongoing investment strategy to develop its digital capability to match changing customer expectations. This strategy has also seen the Society deliver new online savings brand…
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Latest figures from the Insolvency Service have shown that the number of individuals entering a personal insolvency procedure has increased and shows few signs of slowing as the rolling 12-month insolvency continues to rise, representing the highest Quarter 2 (Q2) figure since 2010. following an 8 year high in Q4 2018. This was driven by…
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