Credit, Collections & Insolvency News
New research has found that the majority of the public opposes the welfare changes announced by the Government this year. Twice as many people feel the Government’s changes were the ‘wrong choice’ (54%) than the ‘right choice’ (26%). Over half (53%) of 2024 Labour voters felt that the Government had made the wrong choice, but…
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New polling commissioned by charity Independent Age, reveals that 82% of people think the UK Government should be providing more support to older people. The polling also shows the importance of this issue at the ballot box, with more than four in five (81%) saying that policies to support older people in poverty would influence…
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Latest data from UK Finance has found that the total interest-only mortgage stock (including part and part) fell by 17 per cent in 2024 and has reduced by 78 per cent in number and 61 per cent in value since 2012 (when this data was first collected) There were 541,000 pure interest-only homeowner mortgages outstanding…
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A large number of people across the UK report facing financial hardship, with one in five adults having less than £100 in cash savings, a figure that has remained unchanged for two years, according to research by Royal London. With little or no financial buffer, individuals are highly vulnerable to rising costs and unexpected expenses. The report…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 2% in April 2025. 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…
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New research from SunLife has reveals that seven in ten (73%) over 50s have private pensions, rising to 75% in the South West, 76% in the South East and 83% in Northern Ireland, in the North West 30% of over 50s have no private pension savings at all. Average incomes in the region are also…
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New analysis by Sprive, suggests a perfect storm is brewing as millions face retiring with mortgage debt hit by late homebuying, sky-high prices, and AI disrupting income security Analysis of official Government housing data* reveals that as buyers are being forced to take on longer mortgage terms later in life, they are increasingly likely to carry…
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Latest data from the Bank of England has shown that the number of new mortgages competed by lenders jumped 50.4% to £77.6 billion in the first three months of the year compared to 12 months ago, hitting the highest quarterly level for more than two years. The data shows that the outstanding value of all…
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The Government has announced in a Written Ministerial Statement that the Ministry of Justice will be consulting on how to implement regulation of the enforcement sector. The Government says the review will aim to increase protections for those facing debt enforcement action and raise fees recoverable by bailiff firms. Setting out plans to overhaul to…
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New research by abrdn Financial Fairness Trust has found that over a third of households (34%) are cutting their use of water instead, with one-in-five (19%) reducing the number of showers or baths they take. The data showed that 24% report their energy bills have increased ‘a lot’ and 29% say their water bills have risen…
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The Financial Ombudsman Service (FOS) is set to cut the interest firms must pay on compensation payouts. Currently, firms must pay 8% interest on compensation awards. The study will look at cutting the interest rate applied to compensation handed down against firms that have lost cases to customers. This is the first step in FOS’s…
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Nearly one in four UK adults (23%), around 12.5 million people, have no savings to fall back on in a crisis, according to new research from StepChange Debt Charity. Four in five (78%) of those with no rainy day savings say they find it difficult to keep up with living costs. As cost of living…
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Credit Connect hosted its first Spring Credit & Collections Technology Think Tank in York, which saw credit and collections strategies discussed by thirteen professionals from a variety of industry sectors at the Milner Hotel The event Chair, Chris Warburton from ROStrategy said “Thanks to everyone who attended the Credit Connect Think Tank event in York…
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