Credit, Collections & Insolvency News
An estimated 700,000 households missed a housing payment in the last month, new Which? research suggests, as the consumer champion calls on essential businesses to do more to support people through the cost of living crisis. Missed housing payments were particularly high among renters – with one in 20 (5.2%) renters surveyed missing a payment…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 10% in March 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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Latest data from FICO on UK credit card trends has illustrated the financial balancing act many consumers are facing. Average card spend has increased month-on-month and year-on-year. Higher prices for day-to-day purchases will be reflected in this increase. UK consumers are also paying off less of their outstanding balance, indicating the squeeze on personal budgets.…
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Nearly a third of homeowners (30%) are struggling to cover the increased cost of borrowing having seen the monthly cost of their mortgage increase by hundreds of pounds a month following interest rate rises, according to new research by Barrows and Forrester. The survey of 2,304 current homeowners with a mortgage found that 57% have…
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Data from the Bank of England shows that banks and building societies have seen an increase in defaults. In the three months to February, lenders said that default rates on secured loans to households, such as mortgages, and unsecured loans, such as credit cards, increased and are expected to increase further in the next three…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 10% in February 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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The Government has announced an extension to its mortgage support for benefit claimants. The new change will mean that an additional 200,000 Universal Credit claimants will be able to access quicker support with their mortgage. The move will mean support for Mortgage Interest loan scheme extended to 200,000 additional Universal Credit claimants in efforts to…
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Debt charity StepChange has released its client data for February 2023, which shows monthly client volumes continue to rise, they were 19% higher in February 2023 (16,076) compared to February 2022 (13,543). StepChange says the average (mean) unsecured debt per client has increased by 25% from £11,176 in 2021 to £13,941 in 2022. There was also…
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Here is an overview of The Money Charity’s latest statistics for March 2023 Personal debt in the UK People in the UK owed £1,837.4 billion at the end of January 2023. The average total debt per household, including mortgages, was £65,434 and per adult was £34,546, around 105.2% of average earnings. Net mortgage lending rose by…
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New research from TopCashback has found that half of parents (52 per cent) who have children aged 18-30 living with them at home, currently let them live rent and board free. This is despite the fact that by having their adult children live with them, parents estimate it adds an extra £630 a year to…
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Latest ONS data has indicated that 51% of properties surveyed had seen a rent increase in the year to February. In London, this was 67%, in the South East 62% and in the South West 53%. Among those with rising rents, the average hike was 10% – up from 7% a year earlier. In London…
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Second charge mortgage new business volumes grew by 8% in January 2023 according to the latest Finance & Leasing Association (FLA) data. Commenting on the latest new business figures for the second charge mortgage market, Geraldine Kilkelly, Director of Research and Chief Economist at the Finance & Leasing Association (FLA), said “The second charge mortgage…
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The Financial Conduct Authority (FCA) has confirmed final mortgage guidance, setting out the ways mortgage lenders can help customers worried about or already struggling with their mortgage payments because of the rising cost of living. The regulator has also published new data and analysis on the mortgage market. This shows that, in addition to the…
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