Credit, Collections & Insolvency News
The number of mortgages in arrears of 2.5% or more of the outstanding balance declined to 88,200 in the second quarter of this year, the lowest level since at least 1994 when this run of data began. The total was 5% lower than in the first quarter (92,600) and amounted to 0.8% of the more…
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Lowell has announced that it has delivered a quarter of strong growth in the Q2 period, 1 April to 30 June 2017. Lowell says operationally, these results have been underpinned by the continued commitment to people, strong governance, process improvement and extensive data capabilities. Financial Highlights 28% y-o-y increase in Cash Income to £143m 18%…
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Figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q2 2017 was 36, 10% lower than in the same quarter in 2016. The annual rate of second charge mortgage repossessions as a percentage of average outstanding agreements at the end of Q2 2017 was 0.06%,…
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There was a small increase in the numbers of decrees for debt against Scottish consumers during the first half of 2017, according to figures released by Registry Trust. In the first six months of 2017, 10,967 debt decrees were registered against consumers in Scotland, a four percent increase on the same period last year. The…
Read moreMidlands insolvency experts are raising the warning flag following the release of data by the Office for National Statistics which highlights that more than a quarter (26 per cent) of adults say they are burdened by some form of non-mortgage debt. While these preliminary results from the ONS’s latest Wealth and Assets Survey show that…
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Seven of the Top Ten areas for personal insolvencies are in seaside towns in 2016 as the British coastal industries and tourism continue their declines according to Moore Stephens. The top spot out of 348 towns for personal bankruptcies was Torquay, with 43 insolvencies per 10,000 population, compared with national average of 19.7. Other high…
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British Gas has announced a12.5% electricity price increase commencing in mid-September. British Gas owner Centrica has blamed the price hike on rising costs a move which will affect 3.1 million customers. Ben Wilson, Energy Spokesperson for GoCompare said “Wholesale energy costs have fallen but British Gas still try to justify an electricity price increase nearly five times…
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According to a new study from protection specialist LV=, renters among the late-Millennial generation (25-34 years old) are one of the least financially resilient groups in the UK. Based on research conducted with over 9,000 people, the first instalment of LV=’s ‘Income Roulette’ research found that more than half (55%) of 25-34-year-olds fall short of the…
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Lloyds Banking Group (Lloyds) has agreed to set up a redress scheme for mortgage customers who incurred fees after they fell behind with their mortgage payments. Following engagement with the Financial Conduct Authority (FCA), Lloyds acknowledged that when customers fell into arrears, they did not always do enough to understand customers’ circumstances to be confident…
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Debt Recovery law form Ascent Performance Group has announced a new partnership with Francis Hanna & Co, allowing Ascent to provide its full range of services across Northern Ireland. The move gives Ascent the widest UK geographical coverage of any debt recovery law firm. Ascent already operates in England, Wales and Scotland. The relationship will be based…
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The Financial Conduct Authority (FCA) has published proposals to extend the Senior Managers and Certification Regime (SM&CR) to almost all regulated firms. The new regime will essentially replace the Approved Persons Regime. The aim of the new regime is to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their…
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The Credit Services Association (CSA) has secured an agreement with Royal Mail to bring the Test & Innovate Scheme (TIS) to the collections industry. TIS is an incentive for trying new ideas in mail applications that could prompt higher response rates from customers. These range from changes to letter content and layout through to envelope changes…
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European Union (EU) finance ministers on Tuesday called for speedier unloading of bad debt by EU banks and recommended more money be put aside by the banks to protect them from trouble. The decade-long financial crisis left European banks holding nearly 1 trillion euros of non-performing loans (NPLs), reducing their ability to lend and slowing…
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