Credit, Collections & Insolvency News
Latest data from UK Finance for Quarter 2 (Q2) has found that arrears and possessions data shows that there were 81,900 homeowners in arrears of 2.5 per cent or more of their outstanding balance. Mortgages in arrears accounted for 0.93 per cent of all homeowner mortgages outstanding. UK Finance predicts that this figure will remain…
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Latest figures from the Finance & Leasing Association (FLA) show. that second charge mortgage lending returned to growth in June. However, quarterly lending fell by 9% by volume and 10% by value compared to the same quarter in 2022. The number of new agreements stood at 32,575 over the past year, an increase of 5%…
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New research from Mind has found that almost a third (29 per cent) of people (almost 14 million) in England and Wales have been affected by hearing about or experiencing increasing mortgage costs over the last year. One in ten (10 per cent) said that it had affected their mental health a lot. The figures come…
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Almost four in ten (39%) households with children at home are not confident that they will be able to afford their energy bills over the next six months, according to Compare the Market’s latest Household Financial Confidence Tracker. This compares with just below one fifth (18%) of those households without children at home. Concern over…
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The number of households missing essential payments has risen to 2.4 million, in line with the high levels seen last winter according to analysis by Which? Which’s July consumer insight tracker found that 2.4 million households missed or defaulted on an essential payment – such as a housing, bill, loan or credit card payment –…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency has dropped to 11%. its lowest quarterly level since Quarter 3 (Q3) 2020, heavily fuelled by a reduction in IVA registrations in the quarter. The figures showed that there were 26,390 individuals entering either bankruptcy (1,826) a debt relief order…
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Parents are raiding their kids’ savings to help cover the cost of rising household bills and to pay down debts, according to research by leading financial mutual, Scottish Friendly. A survey of 1,000 UK parents found more than one in five (22%) have withdrawn money from their children’s savings. The majority of those (64%) have…
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Here is an overview of The Money Charity’s latest statistics for July 2023 Personal debt in the UK People in the UK owed £1,840.1 billion at the end of May 2023. The average total debt per household, including mortgages, was £65,529 and per adult was £34,597, around 103.3% of average earnings. Net mortgage lending increased by…
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A new Financial Lives survey from the Financial Conduct Authority (FCA) has found that 7.4 million people unsuccessfully attempted to contact one or more of their financial services providers in the 12 months before May 2022, while less than half of adults said they had confidence in the UK financial services industry in general. With…
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The value of loans taken out from pawnbrokers has increased 41% in just a year, from £158 million in 2021 to £223 million in 2022 according to research by international audit, tax, and advisory firm Mazars. The figures also show that arrears on pawnbroker loans, high-interest loans secured with a personal item held as a…
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New research has revealed the impact rising mortgage costs are having on people’s mental health, as well as their finances. Findings from Mind, the mental health charity, show almost a third (29 per cent) of people (almost 14 million) in England and Wales have been affected by hearing about or experiencing increasing mortgage costs…
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Voluntary terminations (VTs), voluntary surrenders and repossessions for cars rose in May 2023 to the highest level for nearly two years according to the Motor Auction Group (MAG). It is predicted that the figure will rise dramatically over the next 12 months as interest rates and the rising cost of living continues to negatively impact…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers increased by 29%, when compared ro June 2022 with 643 bankruptcies registered. There were 2,320 Debt Relief Orders (DROs), which was 21% higher than June 2022. There were, on average, 6,026 Individual Voluntary Arrangements (IVAs) registered per month…
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