Credit, collections & insolvency news
New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 13% in October 2023. 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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Financially vulnerable people are twice as likely to end up in debt each time they take out a new credit product, according to new research from AI powered transaction analytics firm, Fuse. More than four in ten (44%) people in this group say they’ve ended up in debt after taking out a credit product in…
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Three quarters of buy-to-let landlords (76%) have raised rent over the past year with the main reason being to cover higher mortgage costs, according to a latest survey by Landbay. Over half of landlords (51%) cited mortgage payments and 20% said their letting agent had advised them to raise the rent. Property maintenance, repairs and…
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Credit Connect hosted its third in-person Credit & Collections Technology Think Tank in mid-November in Manchester which saw credit and collections strategies and the impact of the cost of living discussed by sixteen professionals from a variety of industry sectors at the Midland Hotel in Manchester. The themes of cost of living impacting customer engagement,…
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Here is an overview of The Money Charity’s latest statistics for November 2023 Personal debt in the UK People in the UK owed £1,845.6 billion at the end of September 2023. The average total debt per household, including mortgages, was £65,724 and per adult was £34,700, around 100.7% of average earnings. Net mortgage lending decreased by…
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Nearly a third (32%) of people aged 50 – 79 years consider themselves vulnerable, according to a survey by LiveMore Almost half of those (47%) said it is because they have little or no savings. Nearly two out of five people feel vulnerable due to poor health (37%) or because they feel burdened by bills…
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UK Finance has released its latest mortgage arrears and possessions for Quarter 3 (Q3) with figures indicating that residential mortgage arrears have increased by 18% and buy-to-let mortgages in arrears also rising by 29%. The latest data shows that there were 87,930 homeowner mortgages in arrears in Q3 2023, seven per cent more than the…
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New Ministry of Justice data, has found between July and September 8,399 landlords in England started Section 21 no-fault eviction court proceedings against their tenants, the highest number for seven years. With the number of court proceedings resulting from no-fault evictions climbing by 38% in a year, Shelter is urging the government not to further…
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One in five properties in England and Wales have seen rents rise 10% or more this year, according to latest data from the Office of National Statistics (ONS). ONS researchers check rental prices on average every 12 months in England and nine months in Wales. They found that rents were more likely to have been…
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Gobal credit intelligence company, Pepper Advantage has reported a 23.3% annual increase in the arrears rate in the third quarter of 2023 to reach a new post-Financial Crisis high. The growth in the arrears rate follows successive increases in the percentage of mortgages that experienced a Direct Debit Rejection (DDR), where a direct debit instruction…
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Here is an overview of The Money Charity’s latest statistics for October 2023 Personal debt in the UK People in the UK owed £1,846.5 billion at the end of August 2023. The average total debt per household, including mortgages, was £65,756 and per adult was £34,716, around 100.4% of average earnings. Net mortgage lending increased by…
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Soaring rent prices are increasingly pushing young people into debt, according to new research from Creditfix. New data from the personal insolvency provider has shown a significant rise in the number of renters under the age of 45 seeking support for unmanageable levels of debt. Individuals under the age of 45 now account for almost three quarters…
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Mortgage holders are repaying record amounts of mortgage debt in the higher interest rate environment, according to the Equity Release Council’s Autumn 2023 Market Report. The report says high levels of debt and a lack of pension savings make it increasingly likely that homeowners will need to borrow against the value of their properties in…
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