Credit, Collections & Insolvency News
The Bank of Gran and Grandad gifted £437.3 million towards buying homes for younger relatives over the last 15 months, during the stamp duty holiday, according to equity specialist company Key. The relief from the tax ended on 30th September but during that time over-55s have given almost £1 million a day to younger family…
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Banking and specialised financing software specialist company, Sopra Banking Software has announced that it has acquired Dublin-based Luminosity. Sopra Banking Software has acquired 100% of the share capital of Luminosity’s digital inventory auditing and ‘self-audit’ solution SOAR supports a broad range of lender and leasing organisations in the risk management of assets subject to finance. …
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New research by Citizens Advice has warned that energy customers face being hit with a £30-a-month price hike when their energy company ceases to trade. The charity says people will face ‘desperate choices’ this winter without targeted support. The research has shown that people who get moved to a new energy company because their supplier…
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Nearly two thirds (64%) of furloughed adults have received some form of support beyond financial while being on furlough, research from Canada Life has revealed. With the scheme drawing to a close at the end of September, the findings demonstrate employers’ commitment to supporting their employees throughout the pandemic. Among those workers who received consistent…
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The Government has announced £500m of grants to help families struggling with the cost of living to help households recover from the pandemic. The new Household Support Fund will support millions of households in England and will be distributed by councils in England, who know their local areas best and can directly help those who…
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The latest Property Tracker survey by the Building Societies Association (BSA), has revealed that the housing market is looking resilient despite the end of Government support schemes looming. Although the Coronavirus Job Retention Scheme (furlough) will finally close at the end of the month which may lead to additional redundancies, just over a third of people…
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Latest Bank of England data has shown that net mortgage lending increased by £5.293 billion in August, bouncing back from July’s net repayment of £1.758 billion. Gross mortgage lending increased to £21.5 billion, recovering from a low seen in July when lending came in at £16.6 billion. Meanwhile, mortgage approvals fell to the lowest level…
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A further three energy retailers have ceased trading impacting 233,000 customers. The failures of Igloo, Symbio and Enstroga Energy take the total number of market exits so far this year to 12, exceeding the previous record of nine set in 2019. Together the suppliers represent less than 1% of domestic customers in the market. Under Ofgem’s safety net, the energy supply…
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The UK’s furlough support scheme, introduced in March 2020 and helped pay the wages of 11.6 million workers after Covid-19 forced large parts of the economy to close, is to end today (Thursday 30th September). HMRC figures indicated that at the end of July it was still supporting the incomes of around 1.6 million workers. The…
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As the furlough scheme comes to an end this month, research from Canada Life has revealed how currently furloughed workers have boosted their income throughout the pandemic. The most common way of boosting finances was borrowing money on credit cards, with two in five (44%) saying they have considered or done this. This was closely…
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A recent survey conducted by YouGov on behalf of the Chartered Trading Standards Institute (CTSI) discovered that 9% (479,880) of 18-24-year-olds (young adults) lost over £500 to scams since the beginning of the first Covid-19 pandemic lockdown in March 2020. The survey, which measures consumer confidence since lockdown began, found that younger people across the…
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The Money and Mental Health Policy Institute have awarded Halifax and Bank of Scotland it’s Mental Health Accessible’ accreditation for businesses. They are two of the first three organisations to receive this accolade, following the accreditation of Lloyds Bank in 2020. This follows a comprehensive assessment by Money and Mental Health of how accessible Halifax…
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The boost to financial wellbeing triggered by the relaxing of pandemic measures dipped during the third quarter despite the first rise in household income from employment since Q1 2020, according to the latest Scottish Widows Household Finance Index. The Index, which measures households’ overall perceptions of financial wellbeing, dipped from 44.7 in the second quarter…
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