Credit, Collections & Insolvency News
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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Latest tracking research from equity release adviser Key highlights that 30% of over 55s believe that their ability to repay their mortgage will be hindered due the cost-of-living crisis, equating to around 879,000* people’s mortgage plans being derailed. Of those 3.3 million over-55s who have yet to repay their mortgage, 16% say they plan to…
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One in six of the UK’s over-50s are so impacted by the cost-of-living crisis they will need to either sell or release equity from their homes to give them more cash to live on. The findings come from the LiveMore Barometer, a detailed indicator of the financial priorities of the UK’s 50-90+ year-olds. The survey…
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Latest insight into the rental sector has revealed that the average tenant is paying 23.5% of their net earnings on the cost of renting, climbing as high as 42.8% in the nation’s least affordable pockets of the rental market according to research by Ocasa. The research shows that the average household earns £4,030 after tax…
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As the cost of living continues to spiral people are cancelling or switching their insurance policies in a bid to make savings, according to research by Consumer Intelligence. Around 7% of people have already cut back on insurance to make savings in the last three months and a further 7% are considering back in the…
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Latets figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes grew by 9% in November 2022 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 Financial Conduct Authority (FCA) has warned that more than 750,000 households are at risk of defaulting on their mortgages over the next two years as soaring borrowing costs make payments unaffordable. The financial regulator said that over 200,000 households had already fallen behind on payments by the end of June 2022 – with bills…
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Latest Office for National Statistics (ONS) figures shows that tenants renting from private landlords have seen the highest rise in rents since comparable records began seven years ago. Rents rose 4% last year as landlords passed on the costs of higher mortgage rates. A poll of tenants surveyed in December saw a quarter say their…
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