Credit, Collections & Insolvency News
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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A new survey of homeowners who pay a mortgage, conducted by independent market research firm Danebury Research on behalf of global technology specialist Dye & Durham, fas found that the ongoing cost of living crisis is affecting the mental health of more than half (56%) of UK mortgage holders who have genuine concerns over their…
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A new report suggests that the Government made £2.4 billion by selling mortgages from collapsed lenders to investment firms, with 200,000 mortgages sold to firms that cannot offer new deals. With other lenders refusing to accept these homeowners, they have been left as so-called ‘mortgage prisoners,’ trapped on high rates. The London School of Economics…
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Credit Connect’s hosted its sixth Online Collections Technology Think Tank 4.1 last week which saw collections strategies and the impact of cost of living economic stresses discussed by thirteen collections professionals from a variety of industry sectors. The themes of collections risk, customer engagement, affordability and the future of collections were discussed by panelists and…
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Here is an overview of The Money Charity’s latest statistics for February 2023 Personal debt in the UK People in the UK owed £1,832.8 billion at the end of December 2022. The average total debt per household, including mortgages, was £65,946 and per adult was £34,653, around 105.7% of average earnings. Net mortgage lending rose by…
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New ONS data on debt and wellbeing has found that more than a fifth of adults in the UK (22%, equal to around 11.5 million people) reported borrowing more money or using more credit than the previous year because of the increased cost of living. Nearly a third (31%) said they would be unable to…
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New research from Citizens Advice has found that millions of people are living in damp and draughty rented homes. The research also shows that 1.6 million children currently live in privately rented homes with damp, mould or excessive cold. The charity’s analysis suggests more than half of private renters in England – 2.7 million households…
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Second charge mortgage new business volumes fell by 3% in December 2022 according to latest Finance & Leasing Association (FLA) data. 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 “In December, the…
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