Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has fined HSBC and Marks and Spencer Financial Services £6,280,100 for failures in treatment of customers who were in arrears or experiencing financial difficulty. The investigations found that between June 2017 and October 2018, HSBC failed to properly consider people’s circumstances when they had missed payments. This meant it did…
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New research by KPMG and charity National Numeracy, has found that one in five adults feel that their fear of numbers is hindering their financial progress, with one in five (19%) stating that the cost of living crisis has highlighted their weakness. The study of 3,000 people revealed that 20 per cent of the UK…
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Cornwall Insight has announced its final forecast for the July-September Quarter 3 2024 Default Tariff Cap (price cap) indicating that for the typical dual fuel household it predicts that the July price cap will be £1,574.37 per annum. This is a fall of approximately 7% from the current price cap which was set at £1,690…
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New research conducted by YouGov on behalf of StepChange Debt Charity reveals that one in four (24%) adults have recently used a form of credit to pay for essentials such as household costs and groceries. StepChange’s analysis estimates this is the equivalent of 13 million people. Analysis shows among the one quarter (24%) of UK…
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Mortgage and landlord possession volumes in the first quarter of 2024 have increased when compared to the same quarter last year new Ministry of Justice (MoJ) figures have shown. Mortgage possession actions have continued their gradual upward trend with mortgage claims at their highest since 2019. Compared to the same quarter in 2023, mortgage possession…
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Over 3 million people across the UK admit they have been forced to borrow from illegal lenders in the last 12 months, reveals research from responsible lender Creditspring. A third (31%) of people in the UK say they currently feel stuck and that there is nothing they can do to improve their financial situation, this…
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Debt advice charity, the Money Advice Trust, has welcomed the Government’s announcement on the introduction of a Share Once Support Register, calling the move a key part of ensuring protections for customers in vulnerable circumstances when dealing with firms providing essential services. The register is aimed at improving the experience vulnerable and disabled customers have…
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UK Finance research has found that homeowner mortgage in arrears of 2.5% or more rose by 3% in the first quarter (Q1)of 2024, compared to the previous quarter, showing that the debt pressure for many homeowners remains acute. However, the rise year on year is substantial – there were 96,580 homeowner mortgages in arrears of…
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Rises in court fees that came into force last week could put vulnerable people at risk of violence, according to debt help specialist, Money Wellness. Money Wellness says that anyone who is granted an insolvency solution because they couldn’t afford to repay their debts has their details, including their address, listed in the public insolvency…
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New polling by YouGov for StepChange Debt Charity shows that nearly one in four (23%) UK mortgage holders has turned to some other form of credit or borrowing in the last three months so that they could keep up with existing borrowing commitments. This comes as the Bank of England is expected to hold interest…
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New research by NFU Mutual has found that despite financial confidence growing overall across the UK, the number of those feeling confident about their finances within the next 12 months has reduced (41%) compared to August 2023 (52%) with 24% of respondents still concerned around household bills. Those aged 75 and above are the most concerned…
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The rate of mortgage arrears growth slowed to 3.9% in Quarter 1 from 5.7% in Quarter 4 2023, the lowest quarterly growth rate since the September 2022 when the combined effects of the cost-of-living crisis and the September 2022 Mini-Budget began to impact UK household budgets according to the latest data from Pepper Advantage. While…
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Latest analysis by Shelter found that there were 83,000 unwanted moves in England over the past 12 months, meaning 40% have been forced to relocate, with the moves costing renters over half a billion pounds a year. An unwanted move is defined as a fixed-term tenancy coming to an end, or tenants being priced out…
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