Credit, Collections & Insolvency News
Almost half of consumers are currently in debt and believe the rising cost of independent living is to blame. A survey of 1,000 UK adults published in The UK Spending Report, commissioned by a leading personal insolvency practice, Creditfix, has revealed that almost 1 in 2 consumers(46%) are currently in debt. Those who admitted to…
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Bank of Ireland has announced that it is selling its UK credit cards business for £530 million. The portfolio, which includes cards for the Post Office and the AA. The portfolio will be sold to special purpose investment vehicles advised by affiliates of Centerbridge Partners Europe and Jaja Finance. The acquisition is part of Jaja’s…
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Here is an overview of The Money Charity’s latest statistics for June 2019: Personal debt in the UK People in the UK owed £1,637 billion at the end of April 2019. This is up from £1,588 billion at the end of April 2018, an extra £946.00 per UK adult over the year. The average total debt per…
Read moreNew research from the Centre for Economics and Business Research (Cebr) commissioned by equity release lender, more 2 life, has revealed that the later life lending market is set to almost double in size over the next decade. By the end of 2019, lending is expected to reach £295bn – rising to more than half a…
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The Government has announced a new breathing Space scheme which will protect Individuals and families struggling with problem debt. Under the new scheme, consumers will be given extra help and time to get their finances under control, City minister John Glen has revealed. The new plans will see the introduction of a 60-day Breathing Space…
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The number of interest-only mortgages fell by (13.1 per cent) in 2018 compared to the previous year, UK Finance figures have revealed. It means the total number of pure interest-only mortgages has now fallen by over half (54 per cent) in the past seven years, from 2.5 million in 2012 to 1.23 million in 2018.…
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The Top 3 worst areas (out of 174) in the UK for increasing rates of personal insolvencies over the last five years were all steel towns according to new research by UHY Hacker Young. With the collapse of British Steel there are concerns over what impact this will have on the last remaining steel towns.…
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The Bank of England has published its latest Mortgage Lenders and Administrators Statistics which indicate that arrears figures have decreased slightly. The proportion of total loan balances in arrears has continued to decrease, reaching 0.99%, the lowest since the series began in 2007 The figures indicated that the outstanding value of all residential mortgage loans…
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The Co-chair of the All-Party Parliamentary Group on Fair Business Banking (APPG) has called on regulators to protect consumers and small businesses by banning the sale of debt to unregulated and inactive lenders. Charlie Elphicke MP and Martin Whitfield MP co-sponsored a main chamber debate entitled ‘Mortgage Prisoners and Vulture Funds’ which acknowledged that the…
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The Financial Conduct Authority’s decision to introduce reforms to the overdraft market should help thousands of people from getting trapped in a debt spiral according to Citizens Advice which says it has helped almost 30,000 people with overdrafts last year Citizens Advice statistics show that overdraft issues overwhelmingly affect socially-disadvantaged people: 2 in 5 had…
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Over two fifths (44%) of consumers in Scotland are worried about their current level of personal debt, a new survey of over 2,000 British consumers by insolvency trade body R3 in Scotland and ComRes has found. This is notably higher than in April last year when 35% of consumers in Scotland said the same thing.…
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International deceased account management specialist, Phillips & Cohen Associates, which services creditors in the US, Canada, UK, Ireland, Australia, Spain, Portugal and New Zealand, has announced major expansion plans for its UK office. The UK arm of the business, which has been domiciled at the prestigious Exchange Quay site in Manchester since its founding in…
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Households have been pushed nearly £2,000 into the red in the period since Theresa May became prime minister, according to TUC analysis as she prepares to resign the Conservative Party leadership. In every reported quarter since her arrival in Downing Street (2016 Q4 to 2018 Q4), families’ outgoings have outstripped their incomes. This has resulted…
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