Credit, Collections & Insolvency News
New 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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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 36% in November 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 & Leasing Association (FLA), said…
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The Bank of England data for November showed a significant net increase in borrowing on credit cards, which StepChange Debt Charity warns may be an indicator of increasing underlying financial stress among some households. Credit cards remain the most common type of unsecured debt held by new StepChange clients at the time they take advice.…
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New research by Evolution Money has indicated that second charge mortgages more likely to be used for debt consolidation. The company analysed data from two different types of its second-charge mortgage products, split between those borrowers using the loans for debt consolidation purposes, and those clients who have prime credit ratings. The research showed a…
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Almost five (4.75) million families living in social housing in England are facing rent rises of up to 4.1 per cent next April – equivalent to an average £202 extra per year – the biggest nominal increase in a decade, according to Resolution Foundation research. The latest Housing Outlook examines how the rise in the…
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Here is an overview of The Money Charity’s latest statistics for December 2021 Personal debt in the UK People in the UK owed £1,749.9 billion at the end of October 2021. The average total debt per household, including mortgages, was £62,965 and per adult was £33,086, around 108.3% of average earnings. Net mortgage lending rose by…
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New FICO data has suggested that the tide might be turning on consumer finances with average card spend falling and early missed payment rates rising as furloughs finish FICO says that though its, analysis of UK card trends for October 2021, says that it appears that with the first signs that lockdown savings — which…
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New figures released by the Finance & Leasing Association (FLA) have indicated that’s second charge mortgage new business volumes grew by 43% in October 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 & Leasing Association (FLA),…
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Average rent debts still owed by renters as a result of the pandemic have increased by 41 per cent since May according to the latest research by the National Residential Landlords Association (NRLA). A survey of over 2,000 private renters in England and Wales by research consultancy Dynata has found that average COVID related rent…
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Mortgage lenders have announced a voluntary moratorium on possessions from Monday 13th December until Tuesday 4th January 2022. The industry is committed to providing ongoing support to those in financial difficulty as a result of the pandemic, especially those who may be worried about making their mortgage payments over the Christmas period. Members of UK…
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New analysis by UK Finance has indicated that unsecured debt levels have increased in line with spending, but customers continue to pay off their card bills on time each month. The analysis also indicated that mortgage arrears ticked down overall but heavier arrears continued to rise. Possessions increased slowly but a substantial backlog of cases…
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