Credit, Collections & Insolvency News
Rent reporting platform, CreditLadder has announced a partnership with Digital ID Connect. The agreements will allow Digital ID app users to report their rental payments into the four main credit reference agencies. Just under 40% of people in England rent, and this increases to over 50% in London*. To help bring financial fairness to these tenants,…
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Research by the Trades Union Congress (TUC) has warned that households face a ‘debt timebomb’ with analysis showing that borrowing is set to increase by £1,400 on average in 2024. The TUC analysis shows that unsecured debt – which includes personal loans, credit cards, and overdrafts – is set to rise from £13,361 to £14,792…
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Household bills have surged by £326 on average in the past 12 months according to research by Compare the Market. The research analyses the cost of energy, water, home insurance, motor insurance, and council tax. It reveals that the combined cost of these household bills has increased by up to 6% in the past year.…
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The proportion of mortgage balances in arrears increased to the highest level in six years in Q3, with Bank of England data showing that the proportion of total loan balances with arrears increased from 1.02% to 1.14%, quarter-on-quarter. This is the biggest proportion since Q2 2017. The latest statistics show that the value of outstanding…
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Latest figures from UK Finance have predicted that mortgage arrears as set to rise in 2024. The research also found that there has been an estimated 4,400 repossessions in 2023, noting that this was ‘an incredibly low number by historic comparisons.; It also highlighted that over 99% of the 10.8 million mortgages in the UK…
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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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