Credit, Collections & Insolvency News
New research by TotallyMoney has investigated overdraft charges and found that some high street banks are charging customers up to 49.90% interest on their borrowing. The research showed that one in five people (19%) are overdrawn by £709 each day, with total overdraft borrowing at £5 billion. with many high street banks charging daily interest…
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Young adults are facing significant financial struggles, with many battling debt and seeking help with budgeting, according to new figures released by Christians Against Poverty (CAP). Research carried out by Opinium for CAP found that 35% of young adults are struggling with deficit budgets – spending more than they earn – a far higher number…
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Citizens Advice says energy network companies, which provide pipes and cables to people’s homes, have made nearly £4 billion in excess profits over the last four years. During this time, the charity has helped a record nearly 700,000 people in England and Wales struggling to afford their energy bills, and five million currently live in…
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New figures released by the Finance & Leasing Association (FLA) show that econd charge mortgage new business volumes grew by 16% in December 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), said…
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Latest data from UK Finance has shown that there were 381.4 million credit card transactions in November, 1 per cent more than in November 2023. The total spend of £20.8 billion was 0.2 per cent higher than November 2023. Outstanding balances on credit card accounts have grown by 5.2 per cent over the twelve months…
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New research commissioned by Co-op Legal Services reveals millions of married people may want to file for divorce but feel that their current circumstances are preventing them from taking this step. Survey findings from the member-owned organisation show that almost three-fifths (59%) of married individuals who have considered divorce feel they can’t end their marriage…
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Latest data from the Ministry of Justice, fro Quarter 4 (Q4) has shown that mortgage claims, orders, warrants and repossessions increased. Compared to the same quarter in 2023 there were increases in mortgage possession claims from 4,385 to 6,080 (39%), orders from 2,697 to 4,178 (55%), warrants from 2,240 to 3,305 (48%) and repossessions by…
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New data from UK Finance has shown that repossessions were up 12% in Q4 compared to Q3, with more than 1,030 residential properties taken over in the last three months of 2024. On a year-by-year basis, repossessions increased by 54% in Q4. Buy-to-let mortgage repossessions were up 30% year-on-year in Q4. The data also shows…
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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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