Credit, Collections & Insolvency News
Almost one in four of us have fallen out with friends over money issues and 42% have lent money to a friend only for it never to be returned, according to new research out today. The study found that 74% of us have lent money over the past 12 months, with half of us lending up…
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Three and a half million young Brits say that they have borrowed money to pay for food according to research conducted by Debt Advisory Centre. In total seven million adults have borrowed money to pay for food, another four and half million have borrowed money to pay their rent or mortgage, highlighting the financial squeeze that…
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The Council of Mortgage Lenders (CML) has published its new latest findings and reports that gross lending of £21 billion in November – up by an estimated 3% on October, and also 3% up on a year ago. The CML’s lending forecasts for 2017 have been revised downwards from the previous expectations of a year ago, reflecting economic…
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Millions of people will be relying on their credit cards to fund Christmas this year. Research conducted by comparethemarket.com found that Brits who celebrate Christmas expect to spend £640 on average over the festive season. Over a fifth (22%) anticipate that they will pay for the majority of their expenses by credit card, suggesting that those…
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The average rent arrears of a tenant receiving Universal Credit is almost five times the average of those not in receipt of the welfare payment, according to new research. Data provider Housemark carried out a detailed analysis of benchmarking data submitted by its members to examine the impact of changes in welfare benefits on social…
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Consumers are unsurprisingly concerned that stability in the housing market could be affected next year by increased living costs and rising interest rates, the latest Property Tracker survey results revealed by the Building Societies Association (BSA). The Post-Referendum bounce-back in confidence has been short-lived, with fewer consumers viewing now as a good time to buy…
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The Financial Conduct Authority (FCA) has today announced that it is inviting views on the future funding of the Financial Services Compensation Scheme (FSCS) and has also launched a consultation on a number of specific changes to its scheme rules. The FSCS is the UK’s statutory compensation scheme of last resort, which can step in…
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Anglia UK has achieved a industry-leading accreditation for the safety and security of its data handling. The Spalding-based vehicle credit management specialist has become the first in its industry to achieve ISO 27001 in recognition of its stringent approach to confidential data handling and IT management. ISO is an independent benchmarking company that gives world-class specifications…
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The Financial Conduct Authority (FCA) has found that many firms are improving the way they deal with customers in early arrears. However, there are a number of areas where consumer credit firms still need to improve their practices. Jonathan Davidson, Executive Director of Supervision – Retail and Authorisations, said “Firms must treat customers in default…
Read morePhillips & Cohen Associates (UK), has announced its intention to start providing Mortgage Administration Services with immediate effect. Commenting on the decision to expand its existing service provision into the Mortgage Administration market, Managing Director International, Nick Cherry commented, “Phillips & Cohen has an impeccable record across the globe in providing highly specialised deceased account…
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The latest Money Stats indicate that consumer credit has risen above £190 billion, the highest level seen since 2008. The report by the Money Charity says that’s £7,042 for every household in the UK in credit cards, personal loans and other borrowing not secured against property. Day-to-day, people have more control over how much they borrow…
Read moreThe Financial Conduct Authority (FCA) has today launched a market study to consider whether competition in the mortgage sector can be improved to benefit consumers. The FCA wants to understand whether consumers are empowered to choose on an informed basis between products and services and are in a position to understand whether these represent good…
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Millions of households could see their council tax bill increased by almost 4%, after it was revealed nine out of 10 local authorities are planning to increase the charge. A quarter of the 152 top councils in England were surveyed and it was found that 95% intend to increase bills for 2017/2018 by between 3.9%…
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