Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for March 2022 Personal debt in the UK People in the UK owed £1,767.1 billion at the end of January 2022. The average total debt per household, including mortgages, was £63,582 and per adult was £33,410, around 107.5% of average earnings. Net mortgage lending rose by…
Read moreHousing tenants face having to find an extra £1,000 this year to cover higher rent and essential bills to fund cost of living rises according to research by Hamptons. The company’s Monthly Lettings Index found that tenants will end up paying more than ever on rent and bills, with an average of 54% of household…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grow by 57% in January 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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£426m worth of property has been repossessed over the last year according to research by HBB Solutions. The company analysed government data on the level of homes to have been repossessed over the last 12 months, as well as the price they achieve as a result of this repossession and how this compares to their…
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Here is an overview of The Money Charity’s latest statistics for February 2022 Personal debt in the UK People in the UK owed £1,765.6 billion at the end of December 2021. The average total debt per household, including mortgages, was £63,528. Per adult this was £33,328, around 108.7% of average earnings. This is up from the revised £33,306…
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Global information and insights company TransUnion has announced that it has partnered with CreditLadder, the rent reporting platform, to incorporate UK tenants’ rental payments into their credit information. Rental payment history of those individuals using CreditLadder can now be recorded in their TransUnion credit report, giving finance providers a more holistic view of financial standing…
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Millions of people renting homes have no insurance safety net in place, prompting fears that many would be unable to pay their bills if they were to fall critically ill, lose their job or the person they live with was to pass away according to new research by Scottish Widows. The research found that only 5%…
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New figures released by the Finance & Leasing Association (FLA) indicated that second charge mortgage new business volumes grew by 36% in December and by 44% in 2021. 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 &…
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Latest figures from UK Finance have indicated that mortgage arrears figures fell in the fourth quarter of 2021. The figures showed that overall, there were 79,620 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance at the end of December 2021, a reduction of 750 homeowner mortgages compared with the…
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Credit Connect’s hosted its fourth Online Collections Technology Think Tank 3.1 last week which saw collections strategies and the impact of the pandemic discussed by fifteen collections professionals from a variety of industry sectors. The themes of collections risk, customer engagement, affordability, vulnerable customers and the future collections were discussed by panellists and Chair Vanessa…
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A quarterly survey of by property website Zoopla reveals that the cost of renting a property is rising at its fastest pace in 13 years with the average UK tenant facing a bill of nearly £1,000 a month. The UK’s average rental growth has reached a 13 year high, up 8.3% in Q4 2021, meaning…
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The Bank of England (BoE) has increased interest rates to 0.5% from 0.25% as it looks to restrain a surge in the cost of living. With inflation soaring, the Bank opted to increase rates at successive policy meetings for the first time since 2004. Forecasts suggest inflation, as measured by the consumer prices index, is…
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Rents rose to hit a three month high in January, as the lack of stock and high tenant demand continue to fuel demand for properties across England according to new research by Goodlord. The average cost of rent across England rose during January, with averages hitting £993 per property. This is up from an average…
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