Credit, Collections & Insolvency News
Latest data from the Ministry of Justice has shown that mortgage possession claims rose by 56% in the last quarter (July to September 2024) when compared to same quarter in 2023. The latest quarter saw a total of 6,525 mortgage possession claims compared to the same quarter of 2023 (4,188) and a significant 77% increase…
Read more
New research by TotallyMoney data found that one in five adults (19%) are overdrawn by £697 each day with many high street banks are charging between 35%-49.90% APR. This makes overdrafts an expensive way to borrow money, and in line with a typical near-prime personal loan (a prime personal loan would usually be below 10%…
Read more
Growth in rent and mortgage spending increased to its highest rate in 13 months, at 6.4 %, last month according to the latest Barclays Property Insights report. The report found that more than half of Brits (55 %) are confident they can afford their monthly rental or mortgage outgoings – an increase compared to September…
Read more
Latest data from StepChange has found that two in five (41%) have found it difficult to keep up with bills and credit commitments in the last few months. The debt charity data has also found that, among those with a mortgage seeking debt advice, mortgage arrears have been steadily rising this year. The average arrears…
Read more
New research by Hargreaves Lansdown has found that one in four people (26%) said they wouldn’t talk to anyone if they had money worries. The data also shows that this figures rises to 30% among men and 36% among those aged 55 and over. The research found that 13% would speak to a debt charity…
Read more
New data has revealed a significant increase in debt levels for those approaching or in retirement, with the average debt for ‘baby boomers’ climbing by over 11% in the third quarter of 2024. In comparison to the previous year, boomers’ average debt levels now stand at an average of £19,571. The average debt levels across…
Read more
New Enforcement Board (ECB) research has found that 6% of civil enforcement doorstep interactions are a breach of current standards. The research, commissioned by the ECB and led byagency M.E.L Research, represents the first comprehensive study of its kind. Researchers analysed a substantial, randomly selected sample of over 600 videos of interactions between enforcement agents…
Read more
A two-year study by Fair4All Finance has identified that more than half of adults are living in financially vulnerable circumstances in 47 local authorities across the UK. The research identifies rising living costs, low or unstable incomes, persistent debt and a lack of ‘safety nets’ such as insurance, credit and savings among the factors which leave…
Read more
New research from Skipton Building Society has found that just one in four people (26%) are feeling hopeful and optimistic about the upcoming Budget announcement. Whilst a further 70 per cent admit to feeling worried or anxious on what the Government may announce. And of those, it is more women (77%) than men (62%) feeling…
Read more
Homeowners in parts of northern England are more than twice as likely to be in mortgage arrears than those in the south, according to new analysis of Financial Conduct Authority (FCA) data by longer-term lender April Mortgages. The latest mortgage arrears data provided by the FCA shows that the North East (1.76%) has the highest…
Read more
Latest data from UK Finance has found that outstanding balances on credit card accounts have grown by 7.6 per cent over the twelve months to July with 49.4 per cent of outstanding balances incurring interest compared to 50 per cent in July 2023. The report also showed that there were 403 million credit card transactions…
Read more
StepChange Debt Charity is calling for urgent action from the Government and local authorities to overhaul the council tax debt collection system, as it says current practices are causing significant harm to people struggling with their finances, including damage to their health, wellbeing, and relationships. As it stands, there are no binding standards for local…
Read more
Latest Bank of England of England data has reported that lenders have seen mortgage defaults rose in the three months to the end of September and are expected to do so again in the last three months of 2024. The recent rise in default rates was lower than the banks had expected. However, in the last…
Read more