Credit, Collections & Insolvency News
The Bank of England has published its latest mortgage lenders and administrators return (MLAR) is a quarterly statistical release aggregated from data on mortgage lending activities provided by around 340 regulated mortgage lenders and administrators. The figures show that the value of outstanding mortgage balances with some arrears increased for the first time since 2016…
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Barclays mobile banking customers can now choose to block their ability to spend with certain types of retailer, in a move designed to help vulnerable customers struggling with addictions. The move is designed to help customers take more control of their finances. The new feature could help those dealing with gambling problems, for example, to…
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Millions of Brits are worried about the cost of Christmas this year, with half revealing they plan to borrow money just to cover expense, a new study has found. While most will budget just £449 for the festive period – the reality is that we’ll each spend up to a whopping £1,086 on presents, food…
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The value of residential mortgages written off by banks and building societies has increased by 58% in the last year, jumping from £77 million to £122 million in the year to 30 June 2018 according to new analysis by Moore Stephens. Moore Stephens says the increase could be an early sign of distress in the…
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The Joseph Rowntree Foundation JRF) has released a new report which highlights than Britain are going into Brexit with half a million more children trapped in poverty, this following a relentless rise in the number of working families struggling to make ends meet over the last five years. It means in a typical classroom of 30 children, nine are now living in…
Read moreThe Money Advice Service (MAS) has launched new guidance which they say will assist Local Authorities to take a more progressive approach to the recovery of Council Tax, encouraging improved resident engagement, fairer outcomes and sustainable arrears repayments. Across the UK, the number of overindebted people is approximately 8.3 million. Furthermore, a third of people…
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The Insolvency Practitioners Association (IPA) has announced a new regulatory framework for the continuous monitoring of the use of an Individual Voluntary Arrangement (“IVA”) by high-volume IVA providers. The Insolvency Service classifies high-volume as those firms that are responsible for 2% of the total number of IVAs annually. An IVA is one of the debt management…
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The Bank of England has released its latest Money & Credit data indiating that consumer credit increased by £0.9 billion in October, similar to the previous few months, but below much of the period since 2016. Mortgage market activity remained broadly stable in October. The flow of mortgage lending increased to £4.1 billion in October…
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According to new research, one in ten consumers will put the whole cost of Christmas on their credit card. The research by GoCompare Money, has found that the average British household expects to spend £719 on Christmas festivities this year. Collectively, the Nation will splash out £19.5 billion on gifts, food and drink, parties and Christmas…
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UK Finance has released its latest household finance update for October 2018 which has revealed that £11.3 billion of credit card spending in October was 12.1 percent higher than last October. Over the past twelve months, the outstanding level of credit card borrowing grew by 5.7 percent. Whilst personal borrowing through loans and overdrafts grew by…
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The Ministry of Justice (MOJ) has announced a call for evidence to review of enforcement agent (bailiff) reforms. The call for evidence asks about people’s experiences of the 2014 reforms which regulate how enforcement agents (bailiffs) operate and to end what it calls intimidating practices and to better protect vulnerable people. The consultation has been…
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Three-quarters of consumers are worried about their current financial situation, a study has found. Researchers found a large percentage of the nation fear they don’t have enough money to see them through a sudden crisis such as a large, unexpected bill. Others are concerned they would face almost immediate ruin if they were to lose…
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Here is an overview of The Money Charity’s latest statistics for November 2018: Personal debt in the UK People in the UK owed £1.605 trillion at the end of September 2018. This is up from £1.560 trillion at the end of September 2017, an extra £870.78 per UK adult and £76.54 higher than the previous month. The average total…
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