Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for September 2024 Personal debt in the UK People in the UK owed £1,860.6 billion at the end of July 2024. The average total debt per household, including mortgages, was £65,515 and per adult was £34,457, around 95.8% of average earnings. Net mortgage lending increased by…
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One in eight women who held a joint mortgage in the last two years experienced joint mortgage economic abuse from a current or former partner – equivalent to over 750,000 people, according to a new report by the charity Surviving Economic Abuse. The report, ‘Locked into a mortgage, locked out of my home’, funded by…
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New Bank of England data shows that the value of outstanding mortgages in arrears hit £21.9 billion in the second quarter of this year. This marks a 32% increase on Q2 2023 and is the highest total since 2014. On a quarterly basis, the value of outstanding mortgage balances with arrears increased by 2.9% compared…
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Credit Connect is pleased to announce the companies, individuals, partnerships, teams and initiatives that have been shortlisted in this year’s seventh Credit & Collections Technology Awards 2024. The Credit & Collections Technology Awards is the UK’s celebration of tech innovators in credit and collections. The technology-focused award scheme seeks to champion innovation and best customer…
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Here is an overview of The Money Charity’s latest statistics for August 2024 Personal debt in the UK People in the UK owed £1,856.8 billion at the end of June 2024. The average total debt per household, including mortgages, was £65,380 and per adult was £34,612, around 96.3% of average earnings. Net mortgage lending increased by…
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Credit Connect has published its first-ever annual Credit & Collections Industry Awards Review. The annual review highlights why the judges decided the winners at this year’s Industry Awards which were announced in July. The review provides background and context for the awards results recognising companies for the progression of industry standards and excellence. The review…
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Latest data from the Office of National Statistics (ONS) has found that the average UK private rents increased by 8.6% in the 12 months to July 2024 (provisional estimate), unchanged from in the 12 months to June 2024. Average rents increased to £1,319 (8.6%) in England, £748 (7.9%) in Wales, and £965 (8.2%) in Scotland,…
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Latest Ministry of Justice (MoJ) data has shown that mortgage and landlord possession volumes between April and June increased when compared to the same period last year. The data shows that mortgage possession claims went up by 34% from 3,991 to 5,343, mortgage orders for possession also went up 34% from 2,529 to 3,395, warrants…
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The number of home repossessions has increased to the highest level in five years, data from UK Finance shows. The analysis shows that mortgage possession claims increased by 34% year-on-year in Q2, climbing from 3,991 to 5,343. These involve a lender taking homeowners to court before repossessing their home as the owners have fallen behind…
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New figures released by the Finance & Leasing Association (FLA) have shown that second charge mortgage new business volumes grew by 3% in June 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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New data from Pepper Advantage, has shown that the overall rate of mortgage arrears growth has dropped to only 1.1% in Quarter 2 (Q2) 2024. This marks the third consecutive quarterly decrease in the arrears growth rate across the company’s UK portfolio, which fell from 5.7% in Q4 2023 to 3.9% in Q1 2024. The…
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Here is an overview of The Money Charity’s latest statistics for July 2024 Personal debt in the UK People in the UK owed £1,852.8 billion at the end of May 2024. The average total debt per household, including mortgages, was £65,239 and per adult was £34,537, around 96.0% of average earnings. Net mortgage lending increased by…
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A new report from the Institute for Fiscal Studies (IFS) estimates that an extra 320,000 people have been pushed into poverty as they moved onto more expensive deals, as a result of the rise in mortgage rates in 2022 and 2023. The rise in mortgage rates saw the average rate for a two-year fixed mortgage…
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