Credit, Collections & Insolvency News
In a new report, the Credit Services Association (CSA), the UK trade body for the debt collection and debt purchase sector, has called on the Government to improve its methods for collecting debts to help service users more effectively and boost collections revenues. The report praises the accomplishments of the Government Debt Management Function and…
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UK Finance has released its latest data on mortgage arrears and possessions for the final quarter of 2024 with the data showing a rise in housing possession and a slight fall in the total number of homeowner mortgages in arrears. Possession numbers have risen significantly in percentage terms since the artificially low numbers through the…
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New research by Hargreaves Lansdown has found that being in poor health means your household is less than half as likely to have enough emergency savings as someone who is well (28% compared to 70%). The data shows that households have less than a tenth of the cash left over at the end of the…
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Q4 mortgage data from Pepper Money has revealed that residential arrears increased as borrowing costs rise unexpectedly. The data found that the rate of arrears for residential mortgages grew by 2.4% on Q3, following two consecutive quarters of decline. The arrears rate for fixed rate mortgages grew 8.4%, marking the highest growth rate since Q1…
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Households with unsecured debts (like credit cards and loans) spend an average of £216 a month to repay them according to new research by Hargreaves Lansdown Savings & Resilience Barometer. The research showed that in debt hotspots, almost 20% of income is being spent on repaying unsecured debts. Excluding student loans and mortgages, borrowers owe…
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Latest Bank of England’s Money and Credit data has found that net borrowing of mortgage debt by individuals increased by £1 billion to £3.6 billion in December, bouncing back from a decrease in net borrowing of £0.9 billion in November. The annual growth rate for net mortgage lending rose to 1.5%, from 1.3% in November,…
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Parents with children below the age of 18 have expressed widespread concern about the country’s economic outlook and its impact on family finances according to new research by Confused.com Life Insurance. The findings shed light on parents’ financial priorities, worries, and hopes for their children’s futures with an overwhelming 78% expressing concern about the UK’s…
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New research from Rightmove’s Rental Tracker has shown the slowest rate of growth in private rent prices since 2021. The data showed that rents are still 4.7% higher than this time last year. Average advertised rents outside London fell for the first time since pre-pandemic 2019 to £1,341 per calendar month (down 0.2% vs the…
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StepChange Scotland has revealed a rise in the proportion of people struggling to keep up with their energy bills, council tax and mortgage at the outset of 2025. New data from the charity for the final quarter of 2024 shows over one in five (21%) clients with a responsibility for paying a mortgage are in…
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New figures released by the Finance & Leasing Association (FLA) show that consumer second charge mortgage new business volumes grew by 17% in November 2024. 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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Analysis by Shelter and HSBC has shown that 52% of people paying housing costs are starting the new year worried about housing or financial pressures. The research also found that 67% of people with housing costs have experienced housing pressures over the past year. Of those experiencing housing pressures, 57% said they have lost sleep…
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New figures from Rightmove has shown that average rents are set to increase next year as demand outstrips supply in the private rental sector. The rental market study finds that the average number of enquiries sent to agents about each available property is still nearly double the level it was in pre-pandemic 2019, with an…
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Latest mortgage lending data from the Bank of England and FCA shows that the value of outstanding mortgage balances with arrears is 18% higher than a year earlier and has risen to £21.9 billion, albeit this has declined by 0.4% compared to the previous quarter. New mortgage arrears cases (as a proportion of total outstanding balances…
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