Credit, Collections & Insolvency News
New research by Mojo Mortgages has found that 32,000 mortgaged properties at risk of being repossessed. The research also found that there were 96,580 homeowner mortgages in arrears of 2.5% or more of the outstanding balance, representing a 3% increase from the previous quarter. Within this group, 32,470 mortgages were in the most severe bracket,…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in March 2024 by 4% compared with the same month in 2023. In Q1 2024 as a whole, new business in this market was at a similar level to Q1 2023. The credit card and personal loans sectors…
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Mortgage lending growth is set to more than double in 2025, according to analysis by the EY Item Club. While the analysis predicts that lending will climb by just 1.5% this year, it anticipates growth of 3.2% in 2025 and 3% in 2026, with this expected to be driven by falling inflation and lower interest…
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With the rise of artificial intelligence (AI) and machine learning, the way consumer loans have been offered and priced has been quietly revolutionised, opening up opportunities for more consumer-centric, personalised products. As a data scientist and advanced analytics consultant to the banking industry, I’m fascinated by modern AI tools and their ability to give pricing committees a much deeper view of their…
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Issues with banking and credit cards drove finance complaints up by 19% in the second half of last year, according to latest data from the Financial Ombudsman Service (FOS). Barclays had the highest number of complaints at 5,207, followed by Moneybarn with 4,495. FOS upheld 36% of complaints in consumers’ favour. Complaints tied to current…
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Mortgage approvals have reached their highest levels in 18 months, indicating a return of confidence to the property market, according to Bank of England data. In March, there were 61,300 net mortgage approvals, the highest since September 2022. Gross mortgage lending also rose to £20.1 billionn, the highest in 13 months. However, mortgage approvals are…
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Research by Canada Life has found that four in five (79%) of over 55s who have retired, did so without the help of financial guidance or advice, preferring to opt for a DIY approach to managing their finances. The research also showed that nearly one in three (29%) of the same group admit they are not…
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Home insurance premiums increased by nearly a third (31%) between January and March 2024, compared to the same time last year, according to new research from Compare the Market. The average cost of insuring a home in the UK rose from £159 in 2023 to £209 this year, an increase of £53. Home insurance premiums…
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Members of the Association of British Insurers (ABI) have committed to new steps to try and manage the amount that those paying monthly for their motor insurance and are charged for the benefit. The ABI set out the steps that the industry is taking to combat the rise in the cost of motor insurance at…
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Spring optimism saw households spend more on the things they want in March as year-on-year essential costs began to fall, Nationwide’s Spending Report shows. The situation, likely aided by warmer weather and stabilising costs, saw discretionary spend increase across gardening, meals out and holidays at the same time costs reduced across areas including debt, utilities…
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A new report from the Building Societies Association (BSA) has found that those looking to get onto the property ladder are facing the toughest conditions in 70 years. The BSA says that significant changes are required if we are to help prospective first-time buyers get onto the property ladder in the current housing market. It…
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Consumer confidence rose to its highest level in two years in the last quarter, boosted by a sharp improvement in sentiment among younger people, Deloitte’s consumer confidence index has shown Consumer confidence rose 6.5 percentage points year-on-year, largely driven by a significant improvement in sentiment towards household disposable income (up 18.2 percentage points on Q1…
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Latest UK Finance data has revealed that Credit card balance transfer activity reached £1.8 billion in value in January, according to UK Finance data (The Independent). There were 347.9 million credit card transactions in January, 8.4 % more than in January 2023. The total spend of £20.4 billion was 8.4 % higher than January 2023.…
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