Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for July 2023 Personal debt in the UK People in the UK owed £1,840.1 billion at the end of May 2023. The average total debt per household, including mortgages, was £65,529 and per adult was £34,597, around 103.3% of average earnings. Net mortgage lending increased by…
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An increasing number of mortgage holders are unable to make ends meet as their essential costs soar and interest rate rises start to bite according to research by Citizens Advice. Mortgage holders who’ve had detailed budgeting help as part of Citizens Advice’s debt advice process have gone from being one of the most protected groups…
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The joint second largest fall in inflation since the start of the century in June – exceeding market expectations – will ease the pressure on further interest rate rises, and has ended the UK’s 18-month period of falling real wages, according to the Resolution Foundation. CPI inflation fell from 8.7 per cent in May to…
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New data from StepChange Scotland has revealed that around one in five (19%) mortgaged clients were in mortgage arrears in the second quarter of this year, up from almost one in seven (15%) in the second quarter of 2022. This is alongside a year-on-year rise in the proportion of mortgaged clients, which is up from…
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Almost a third of people are struggling to afford their mortgage repayments, new research from the Office of National Statistics (ONS) statistics have shown. The survey showed that 43% of renters and 28% of mortgage holders say they are struggling to keep up. The difference between renters’ and mortgage holders’ likelihood of experiencing some form…
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New figures released by the Finance & Leasing Association (FLA) have shown that second charge mortgage lending fell by 9% in May 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 “May…
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A new poll from Savanta, commissioned by the Liberal Democrats, has found that one in two mortgage borrowers fear losing their homes as a result of interest rates growth. The poll found that 46% of mortgage borrowers worried about losing their home with six in ten mortgage borrowers worried about cutting down on food bills…
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Chancellor of the Exchequer Jeremy Hunt agreed a new action plan with regulators to try to ensure consumers are being treated fairly and help those struggling to make payments. As part of the government’s plan to halve inflation this year, the Chancellor chaired a roundtable with CEOs from the Competition and Market Authority (CMA), Financial…
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According to research from the National Institute of Economic and Social Research (NIESR), by the end of the year 1.2 million households or 4% of all UK households, will run out of savings as a result of higher UK interest rates. NIESR says households will run out of savings because of higher mortgage repayments, taking…
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More than one in six people expect to be over the age of 65 by the time they repay their mortgage (17%). Almost one in ten expect to be over 70 – or never to pay it off (9%) according to new research conducted by Opinium for Hargreaves Lansdown. Among those who were aged 55…
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UK banks have agreed to give mortgage holders a 12-month grace period before their homes are repossessed should they fall behind with their repayments. Homeowners will also be able to switch to interest-only for six months or temporarily lengthen mortgage terms for the same period without affecting credit ratings in new measures announced by Jeremy…
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The Office for National Statistics (ONS) has published new figures revealing that median monthly rents in England have reached £825, the highest figures since records began. The average monthly median rent in London is now £1,500. Debt charity StepChange says rising rents across the country will have a significant impact on the ability of tenants to keep up with their…
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New polling from StepChange Debt Charity has revealed 45% of mortgage holders, equivalent to 6.9m UK adults, have found it difficult to keep up with bills and credit commitments in the last few months. The new figures, which come as the Bank of England is expected to again raise interest rates today, show that two…
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