Credit, Collections & Insolvency News
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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New research by Institute for Fiscal Studies (IFS) has found that billions of pounds loaned by the ‘bank of mum and dad’ to help with property purchases and to boost the finances of newly married offspring are helping to fuel rising levels of inequality. The research found that £17 billion is gifted or loaned informally…
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Latest figures from the Ministry of Justice (October to December 2022) for England and Wales have revealed that mortgage possession claims increased by 23% in Q4 last year compared to the same quarter in 2021 from 2,570 to 3,160, while repossessions by county court bailiffs increased by 123 from a lower base (313 to 733). Commenting, Myron Jobson, Senior…
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Latest figures from the Ministry of Justice (October to December 2022) for England and Wales have revealed that landlord repossessions increased by 98% at the end of 2022 The new figures show that there were 5,409 landlord repossessions in this period, a 98% increase on the same quarter last year and a similar level to…
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As firms continue to get ready for the implementation of the Consumer Duty, the Financial Conduct Authority (FCA) has announced that is offering support to firms through the transition with a programme of engagement, which includes setting out in letters the expectations of the Duty and arranging a series of regional in-person events for specific groups of…
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Around 2.3 million households missed an essential payment in January, an increase of 400,000 on the month before, but similar to previous years according to new research by Which. The research found that 2.3 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in January 2023. This marks…
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New research by The Deposit Protection Service (The DPS) has found that rents rose again during Q4 2022. The DPS quarterly Rent Index reveals how average rents in Q4 2022 were £903: an increase of 1.57% (£14) since the previous quarter and 8.27% (£69) since the last quarter of 2021. The report also highlights how rent…
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