Credit, Collections & Insolvency News
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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Consumers are starting to run down the savings built up during the pandemic in order to sustain household spending patterns threatened according to latest Bank of England (BOE) figures. The Bank said savings stood at £3.2bn in December, less than a third of the £10.6 billion monthly average for the previous 12 months. Consumer credit…
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Households are spending up to 77% of their income to cover the rental cost of living according to latest property market analysis by London lettings and estate agent, Benham and Reeves. The research shows that the average UK rental household pays £808 per month in rent, accounting for 26% of total monthly household income. The…
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Here is an overview of The Money Charity’s latest statistics for January 2022 Personal debt in the UK People in the UK owed £1,754.3 billion at the end of November 202 The average total debt per household, including mortgages, was £63,122 and per adult was £33,169, around 108.6% of average earnings Net mortgage lending rose by…
Read moreNew research by Which? has found that around 2.5 million households missed payments in January. According to the latest findings from Which?’s consumer insight tracker, an estimated 2.5 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in January 2022. This marks a significant increase on December 2021,…
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Almost one in ten private landlords renting to Universal Credit claimants have experienced at least one tenant having difficulties paying their rent due to benefit cuts according to research by National Residential Landlords Association (NRLA). In October last year the Government cut Universal Credit by £20 a week following a temporary increase in response to…
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Average UK rents increased for the fifth consecutive quarter during Q4 2021 as pressure on the supply of rental properties during the pandemic continues, according to analysis by The Deposit Protection Service (The DPS) The research found that average rents reached £834 during the final three months of 2021, an increase of £16 (1.96%) on…
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