Credit, Collections & Insolvency News
New analysis by the Centre for Economics and Business Research (CEBR) suggests a typical UK family will spend £1,700 more per year on household costs in 2022. The forecast for the BBC’s Panorama says a family of two adults and two children is set to spend £33.60 more per week compared with December 2020 due…
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The Financial Conduct Authority (FCA) has urged banks and building societies to consider changing lending criteria to help an estimated 47,000 borrowers who could benefit from a cheaper mortgage but are currently unable to move. The regulator’s review of mortgage prisoners found that about 195,000 households have had debts sold on to inactive lenders, with…
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Credit Connect has announced its annual Credit & Collections Technology company power list for 2021. The third edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies. The…
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Latest Bank of England data has shown that October saw a surge in credit card borrowing. Consumers borrowed a net additional £706 million last month, with new credit card borrowing accounting for £637 million of the credit, the largest amount of card borrowing since July last year. Between the start of the pandemic and April…
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Here is an overview of The Money Charity’s latest statistics for November 2021 Personal debt in the UK People in the UK owed £1,749.2 billion at the end of September 2021. The average total debt per household, including mortgages, was £62,938 and per adult was £33,072, around 108.6% of average earnings. Net mortgage lending rose by…
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Credit Connect’s hosted its inaugural Credit & Collections Technology Think Tank at the beginning of November in Manchester which saw credit and collections strategies and the impact of the pandemic discussed by sixteen professionals from a variety of industry sectors at the Midland Hotel in Manchester. The themes of credit and collections risk, affordability, vulnerability…
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The number of landlord possession actions for all court stages have increased compared to the same quarter of last year but remains significantly reduced in comparison to the same quarter in 2019 according to the latest Ministry of Justice (MOJ) statistics. As a result of coronavirus and associated policy actions, all landlord possession actions have…
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Mortgage arrears continued to fall to near historic lows, with the government’s Coronavirus Job Retention Scheme remaining in place until September. according to the latest UK Finance statistics. Possessions meanwhile have slightly risen in absolute terms, off a low base, as the courts work through a backlog of cases that built up during the possessions…
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Homeowners hit by the pandemic are now losing their homes, evicted by banks in court hearings, a joint probe by Money Mail and The Bureau Of Investigative Journalism has found. The ban on bailiff-led evictions was extended until the end of May in England and the end of June in Wales. But the research has…
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Over 2.8 million people with mental health problems fell into council tax debt during pandemic according to new research by Money and Mental Health. The research shows that people with mental health problems have been hit particularly hard financially during the pandemic, with two in five suffering a drop in income, and three in ten…
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New figures released today by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 67% in September 202 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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The winners of the 2021 Credit & Collection Technology Awards have been announced following a live in-person event yesterday (Thursday 4th November) at the Midland Hotel in Manchester. The awards are the flagship event for innovational technological professionals working in credit and collections and the fifth annual event honoured the UK’s technological innovators, celebrating outstanding…
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New research by Canada Life has found a change in the use of equity release. Based on the company’s customer data for the first nine months of the year, it shows customers continue to use equity release to clear existing mortgages while many have also used the additional funds to purchase new property. Using equity…
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