Credit, Collections & Insolvency News
New research by Hodge has found that more people are borrowing into their retirement to help out with debt consolidation and meet day to day living costs. The research found that over two thirds of brokers say lending up to and into retirement in the UK is changing, with greater numbers borrowing into their retirement…
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Latest ONS figures out have revealed that average UK private rents increased by 8.9% in the 12 months to April 2024. StepChange Debt Charity says this will create more worry among private renters as the Renters (Reform) Bill, currently making its way through the House of Lords, does not address rising affordability concerns. The ONS…
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UK Finance has published its latest card spending data which has found that outstanding balances on credit card accounts have grown by 9.5 per cent over the twelve months to February 2024 and 50 per cent of outstanding balances incurred interest compared to 51.2 per cent in February 2023. The data showed that there were…
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New research conducted by YouGov on behalf of StepChange Debt Charity reveals that one in four (24%) adults have recently used a form of credit to pay for essentials such as household costs and groceries. StepChange’s analysis estimates this is the equivalent of 13 million people. Analysis shows among the one quarter (24%) of UK…
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Mortgage and landlord possession volumes in the first quarter of 2024 have increased when compared to the same quarter last year new Ministry of Justice (MoJ) figures have shown. Mortgage possession actions have continued their gradual upward trend with mortgage claims at their highest since 2019. Compared to the same quarter in 2023, mortgage possession…
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Over 3 million people across the UK admit they have been forced to borrow from illegal lenders in the last 12 months, reveals research from responsible lender Creditspring. A third (31%) of people in the UK say they currently feel stuck and that there is nothing they can do to improve their financial situation, this…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 5% in March 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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UK Finance research has found that homeowner mortgage in arrears of 2.5% or more rose by 3% in the first quarter (Q1)of 2024, compared to the previous quarter, showing that the debt pressure for many homeowners remains acute. However, the rise year on year is substantial – there were 96,580 homeowner mortgages in arrears of…
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Rises in court fees that came into force last week could put vulnerable people at risk of violence, according to debt help specialist, Money Wellness. Money Wellness says that anyone who is granted an insolvency solution because they couldn’t afford to repay their debts has their details, including their address, listed in the public insolvency…
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New polling by YouGov for StepChange Debt Charity shows that nearly one in four (23%) UK mortgage holders has turned to some other form of credit or borrowing in the last three months so that they could keep up with existing borrowing commitments. This comes as the Bank of England is expected to hold interest…
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New research by NFU Mutual has found that despite financial confidence growing overall across the UK, the number of those feeling confident about their finances within the next 12 months has reduced (41%) compared to August 2023 (52%) with 24% of respondents still concerned around household bills. Those aged 75 and above are the most concerned…
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Pay packets are still worth less than in 2008 in nearly two-thirds (63%) of UK local authorities, according to new TUC analysis. The analysis of official statistics shows that 16 years on from the global financial crisis, wages are set to be lower – in real terms – in 212 out of 340 UK local…
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The rate of mortgage arrears growth slowed to 3.9% in Quarter 1 from 5.7% in Quarter 4 2023, the lowest quarterly growth rate since the September 2022 when the combined effects of the cost-of-living crisis and the September 2022 Mini-Budget began to impact UK household budgets according to the latest data from Pepper Advantage. While…
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