Credit, Collections & Insolvency News
Half (51%) of adults say that they have fallen out with a friend on holiday, with 54% of arguments triggered by disagreements about money, rising to 71% of 18-24 year olds. A sixth (16%) have even permanently lost a friend over money related holiday fall-outs, according to new research from Starling Bank. Three quarters (75%)…
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The winners of the inaugural 2024 Credit & Collections Industry Awards have been revealed. There were thirteen winners (four of which were partnership wins) from the fourteen awards categories which are covered by three main headings of Credit & Collections, Inniative & Innovation and Partnerships. The award winners were announced in a webinar after a…
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Latest data from the Bank of England has found that lenders expect default rates on home loans to climb in the coming months, The data showed that mortgage default rates rose in Quarter 2 (Q2) with banks and building societies believing that the rate will increase further in the next three months. Lenders reported a…
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More than half a million retirees in the UK still have not paid off their mortgages, according to research from SunLife. SunLife surveyed 2,000 people over 50 and discovered that of the two thirds (68%) that are homeowners, more than 1 in 5 (23%) are still paying off their mortgage. And while most (87%) of…
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New figures released by the Finance & Leasing Association (FLA) have shown that second-charge mortgage new business volumes grew by 36% in April 2024. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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Sluggish economic growth and economic shocks including the financial crisis and the pandemic mean increases in disposable incomes have been ‘slowing to a crawl’ since 2010, according to the Resolution Foundation. The think-tank says typical household incomes have risen by just £140 a year, with an increase of just 7% over the last 14 years.…
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Children may be missing out on educational school trips as parents struggle to cover the costs and schools lack funds to subsidise them according to research by public sector insurer Zurich Municipal. A poll of 1,000 parents by the insurer found that one in three (31%) believe school trips are now too expensive, while a…
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Here is an overview of The Money Charity’s latest statistics for June 2024 Personal debt in the UK People in the UK owed £1,850.1 billion at the end of April 2024. The average total debt per household, including mortgages, was £65,143 and per adult was £34,487, around 97.0% of average earnings. Net mortgage lending increased by…
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New research commissioned through YouGov by StepChange Debt Charity of UK adults (of whom 186 live in Scotland) shows that one in four adults (24%) in Scotland have used a form of credit to pay for essentials (groceries, utilities, housing) in the past three months, while one in five (19%) adults in Scotland have borrowed…
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Weekly wages have increased by just £16 in 14 years when inflation is factored in according to research from living-standards thinktank the Resolution Foundation. The research found that despite the welcome return of strong real wage growth in recent months, three shocks to pay packets in a little over a decade – the financial crisis,…
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The Bank of England has opted to hold the base rate at 5.25%, this marks the seventh consecutive meeting where the Monetary Policy Committee has opted against raising or cutting interest rates. The MPC voted 7-2 to hold rates steady, with the dissenters preferring a cut of 0.25% to 5.0%. The decisions follows the announcement…
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Unsecured household debt is set to rise by over £1,600 this year as families continue to struggle with the cost of living crisis, according to new TUC analysis. The analysis shows that unsecured debt (loans, credit cards, purchase hire agreements) is on course to increase by 9.4% (£1,660) in real terms, on average, per household…
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Latest data published by the Department for Levelling Up, Housing and Communities (DLUHC) show outstanding council tax arrears have reached a total of £6 billion as of 31stMarch 2024, a 9% year-on-year rise and an 71% increase since before the pandemic – the total outstanding arrears stood at £3.5 billion in 2019 to 2020. Over…
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