Credit, Collections & Insolvency News
Average UK rents for new lets are 3% higher over the last year, down from 7.4% a year ago according Zoopla’s quarterly rental market report reveals. The data showed that rental market conditions are steadily improving after three years of chronic under supply and excess demand, although there is still an ongoing gap which is…
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New research by TotallyMoney has investigated overdraft charges and found that some high street banks are charging customers up to 49.90% interest on their borrowing. The research showed that one in five people (19%) are overdrawn by £709 each day, with total overdraft borrowing at £5 billion. with many high street banks charging daily interest…
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Young adults are facing significant financial struggles, with many battling debt and seeking help with budgeting, according to new figures released by Christians Against Poverty (CAP). Research carried out by Opinium for CAP found that 35% of young adults are struggling with deficit budgets – spending more than they earn – a far higher number…
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New research by StepChange Debt Charity reveals around 3% of UK adults, equivalent to 1.6 million people, have experienced coerced debt, a form of economic abuse where the perpetrator coerces a victim into debt, for example by making them take out credit against their wishes. This comes as the charity estimates that around one in…
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National Energy Action research has found that nearly half of adults (49%) expect to ration energy in coming months as average bills set to rise by over £100. The data follows on from Ofgem’s announcement that the energy cap will rise by 6.4% in April with the average energy bill rising to £1,849 a year…
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Citizens Advice says energy network companies, which provide pipes and cables to people’s homes, have made nearly £4 billion in excess profits over the last four years. During this time, the charity has helped a record nearly 700,000 people in England and Wales struggling to afford their energy bills, and five million currently live in…
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New figures released by the Finance & Leasing Association (FLA) show that econd charge mortgage new business volumes grew by 16% in December 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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Latest data from the Ministry of Justice, fro Quarter 4 (Q4) has shown that mortgage claims, orders, warrants and repossessions increased. Compared to the same quarter in 2023 there were increases in mortgage possession claims from 4,385 to 6,080 (39%), orders from 2,697 to 4,178 (55%), warrants from 2,240 to 3,305 (48%) and repossessions by…
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PayPlan has become the first national debt advice provider to be awarded Partner Plus accreditation from the England Illegal Money Lending Team (IMLT) as it became the 100th organisation to officially join the team in its fight against loan sharks. The Partner Plus award is given to an organisation that supports the work of the…
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New data from UK Finance has shown that repossessions were up 12% in Q4 compared to Q3, with more than 1,030 residential properties taken over in the last three months of 2024. On a year-by-year basis, repossessions increased by 54% in Q4. Buy-to-let mortgage repossessions were up 30% year-on-year in Q4. The data also shows…
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In a new report, the Credit Services Association (CSA), the UK trade body for the debt collection and debt purchase sector, has called on the Government to improve its methods for collecting debts to help service users more effectively and boost collections revenues. The report praises the accomplishments of the Government Debt Management Function and…
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Compare the Market’s latest research has found that 79% of people are concerned that cold weather will drive up energy costs this winter. The research showed that nearly two-thirds (63%) are also rationing their energy usage by limiting essentials such as heating, lighting, and even the duration of baths or showers. A significant regional disparity…
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UK Finance has released its latest data on mortgage arrears and possessions for the final quarter of 2024 with the data showing a rise in housing possession and a slight fall in the total number of homeowner mortgages in arrears. Possession numbers have risen significantly in percentage terms since the artificially low numbers through the…
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