Credit, Collections & Insolvency News
Latest data from UK Finance indicated that third quarter (Quarter 3) figures saw 1% fewer homeowner mortgages in arrears than in Quarter 2. In total, there were 74,440 homeowner mortgages in arrears of at least 2.5%. Pf these, 28,910 were in ‘significant’ arrears – defined as being 10% or more of the outstanding balance. However,…
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More than 11 million people across the UK have looked for money help in the past three months alone, new research from the Money and Pensions Service (MaPS) suggests. The survey of 3,000 adults, carried out for Talk Money Week has shown that the rising cost of living has led to one in five (21%)…
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Anglian Water has announced a £135 million support package for customers struggling to pay their bills, which will include discounts on tariffs of up to 50%, as well temporary payment plans, forgiveness schemes and payment breaks. The company said the financial assistance is expected to help around 330,000 customers over the next year. Anglian Water…
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New analysis published today by the Money Advice Trust (the charity which runs the National Debtline service) and data company, Experian, has revealed new insights about the pressures being experienced by UK consumers. The analysis shows that three in 10 (29%) UK adults are worrying about their finances every day, while one in seven (15%)…
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Food price inflation now stands at 14.7%, according to latest research. by data insights business specialist, Kantar. Prices are at record high since the firm began tracking prices in this way in 2008. Soaring energy prices and labour costs have pushed prices up. Fraser McKevitt, head of retail and consumer insight at Kantar, said “Yet…
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New research by the Money and Mental Health Policy Institute has found that only 1 in 7 consumers (14%) with a mental health problem have told their financial services firm about their condition. Money and Mental Health’s research shows that getting the right support from a financial services firm to disclose a mental health problem…
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The Joseph Rowntree Foundation (JRF) has reported that an extra 120,000 households in the UK, the equivalent of 400,000 people, will fall into poverty when their current mortgage deal ends. The analysis assumes homeowners will be forced to borrow at an interest rate of 5.5%. With a current norm of 2% this change would mean…
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The Resolution Foundation think-tank has warned that the UK faces the tightest squeeze on real incomes since the second World War due to soaring inflation. With the Bank of England forecasting that Britain is set to see its longest recession since records began in the 1920s, the Foundation has cautioned that the average household will…
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More than one in three motorists (35%) have struggled to afford the cost of driving in the past month, according to new research from Comparethemarket. The research found that four in ten motorists (40%) fear they will no longer be able to keep driving if costs continue to increase. Separate figures from Comparethemarket show the…
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Nine million people across the UK have no savings and another five million have less than £100, according to new research from the Money and Pensions Service (MaPS). The survey of 3,000 adults, carried out for Talk Money Week, shows that one in six (17%) have nothing put away and another one in ten (9%)…
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Arrow Global Group has announced the appointment of Daniele Patruno as Chief Executive Officer (CEO) of its Milan-headquartered (HQ) Europa Investimenti. Patruno has worked at Europe Investimenti since 2009 and was most recently Head of Credit Strategy. Prior to working at Europa Investimenti, he started his career at Barclays Capital in London. He holds an…
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The Financial Conduct Authority says seven lenders have agreed to pay £12m in compensation to nearly 60,000 customers to correct repayment agreements that were unaffordable and unsustainable, in the wake of the pandemic and the cost-of-living squeeze. The regulator has also told a total of 32 mortgage and consumer credit firms to make changes to…
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The Bank of England has raised interest rates from 2.25% to 3%. The increase is the biggest rise for 33 years, taking rates to their highest point since they were slashed during the financial crisis, at the end of 2008. Responding to the announcement, Jane Tully, Director of External Affairs and Partnerships at Money Advice…
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