Credit, Collections & Insolvency News
The Bank of England consumer credit statistics shows that consumer borrowing has risen by 9.9% in the year to September 2017, now totalling £204 billion. Other highlights from the report include: The annual growth rate of consumer credit has remained broadly unchanged since June, at around 10%. The flow was £1.6 billion in September, also…
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Ahead of the Bank of England interest rate decision this Thursday (2 November) research from Equifax, the consumer and business insights expert, reveals 42% of Brits are worried about an interest rate rise. The online survey, conducted by YouGov, found that only 5% of people expect a rate hike within the next month, with 21%…
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Latest figures released by the Bank of England suggest that high levels of consumer credit will ‘increase scrutiny’ on household debt. The Bank of England has published its latest monthly Money and Credit report showing continued growth in consumer credit of 9.9 percent in the year to September. Outstanding balances for consumer credit now stand at…
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Over half of consumers in the UK say they feel under pressure to cut back on their spending at the moment, according to the latest Lloyds Bank Spending Power Report. In an Ipsos MORI survey of over 2,000 bank account holders in the UK, almost two-thirds (63%) of people expressed concern about current levels of…
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Monmouthshire Building Society has appointed Will Carroll as its new Chief Executive Officer. Carroll has served as interim Chief Executive at the society since James Bawa stepped down in June. Carroll previously held the role of Finance Director at the society and has been a member of the board for eight years. Chairman Haydn Warman said:“Our financial…
Read moreThe latest results Insolvency statistics from The Insolvency Service for Quarter July to September 2017 (Q3 2017) indicate that total individual insolvencies increased, driven primarily by an increase in individual voluntary arrangements, (IVAs) which reached a record high. Personal insolvencies rose 11% from Q2 to Q3 2017 and are 8% higher than this time last…
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Citizens Advice has welcomed DWP’s Work and Pensions Select Committee’s report calling for the waiting time for Universal Credit to be cut from six weeks to a month. Last month the charity published research which shows some people are pushed into financial difficulty as they wait for their first Universal Credit payment. Citizens Advice has helped people with over…
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Retailers operating in the new water market are working closely with the Consumer Council for Water (CCWater) to tackle the root causes of a rise in complaints from businesses to the watchdog. CCWater received 559 complaints from non-household customers during the second quarter of the year – around three times as many as the same…
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The Link Financial Group has announced that it has bought a specialist loan servicing platform, Aiqon Capital Espana. Based in Madrid, the one hundred and ten people strong team will add further capacity to Link’s existing Spanish business, Link Finanzas. The team will continue to service the €6 billion portfolio of loans bought by the Group’s…
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A rise in interest rates will result in monthly repayment shocks for millions of homeowners who are already living on a tight budget, according to figures from free debt advice provider PayPlan. PayPlan has launched an interest rate calculator this week to help clients find out how a potential mortgage rate rise might affect them.…
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New research suggests over six-and-a-half million people in the UK are wasting billions of pounds every year on regular payments that should be cancelled. These money worries are also the top source of stress for 15% of young adults. Digital banking service B’s independent research shows 1 in 8 (13%) people in the UK have…
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New research has revealed that the average person works 82% (299 days – 26 October) of the year just to cover their household bills – with more than a third (35%) admitting that they are only just managing to cope with rising costs. The findings of the new poll commissioned by GoCompare, asked 2,000 UK…
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UK Finance has published its latest update on lending figures. The figures showed that Economic growth was subdued in the first half of 2017, and estimates of growth in the three months to September are only expected to be slightly higher, at around 0.4%. This compares with 0.3% growth in the first and second quarter…
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