Credit, Collections & Insolvency News
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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More than a quarter (27%) of consumers have fallen into troubling patterns with their finances, with many having engaged in risky financial behaviour over the last year, according to new research from Moneyhub. While the UK’s inflation rate has settled back down to the Bank of England’s 2% target, with Rachel Reeves announcing in her…
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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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New research from the Money Advice Trust, the charity that runs National Debtline and Business Debtline, shows 6.8 million (13 percent) UK adults are struggling to pay for their essential costs, such as rent and council tax. Despite inflation falling to 2 percent, an estimated 11.4 million (21 percent) people say their financial situation is…
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New research by StepChange Debt Charity ahead of the school summer holidays has revealed that almost one in three (29%), equivalent to around 15.5 million people, expect their household spending to increase over the next few months, including 31% of parents with children aged 18 and under. Of those saying their household spending will increase…
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The winners of the inaugural 2024 Credit & Collections Industry Awards have been revealed. There were thirteen winners (four of which were partnership wins) from the fourteen awards categories which are covered by three main headings of Credit & Collections, Inniative & Innovation and Partnerships. The award winners were announced in a webinar after a…
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Latest data from the Bank of England has found that lenders expect default rates on home loans to climb in the coming months, The data showed that mortgage default rates rose in Quarter 2 (Q2) with banks and building societies believing that the rate will increase further in the next three months. Lenders reported a…
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New figures released by the Finance & Leasing Association (FLA) have shown that second-charge mortgage new business volumes grew by 36% in April 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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Credit Connect hosted its Online Collections Technology Think Tank last week which saw collections strategies and the impact of political and the cost of living economic stresses discussed by collections professionals from a variety of industry sectors. In the ninth edition of the Collections Technology Think Tank series, hosted by Credit Connect Media, industry professionals…
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Latest figures from Ofgem show energy debt levels have broken records again, now standing at £3.1 billion. The research also showed that 6.1 million households are struggling to pay energy bills as energy arrears continue to break records National Debtline says the lower energy price cap will bring some relief to households but is calling…
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Here is an overview of The Money Charity’s latest statistics for June 2024 Personal debt in the UK People in the UK owed £1,850.1 billion at the end of April 2024. The average total debt per household, including mortgages, was £65,143 and per adult was £34,487, around 97.0% of average earnings. Net mortgage lending increased by…
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