Credit, Collections & Insolvency News
New research from Canada Life has revealed that over half of adults (51%) have not written a will, nor are they currently in the process of writing one. This includes 13% of people who state they have no intention to write a will in the future. Nearly a third (30%) of those 55 or over…
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The Bank of England’s rate-setting body the Monetary Policy Committee (MPC) announced it has decided to keep interest rates on hold at 5.25% for the fifth time in a row. The MPC voted by a majority of 8–1 to maintain Bank Rate at 5.25%. One member preferred to reduce Bank Rate by 0.25 percentage points,…
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High inflation, interest rates, and a confirmed recession are fuelling a household debt rise, with signs of consumers increasing their reliance on credit products, deferring payments, and spreading out debts for longer to face down the rising cost of living. Equifax data reveals a sustained increase in credit card debt, with levels rising by 9.6%…
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Lenders are expecting debt defaults to rise by nearly £788 million to over £19 billion this year, according to transaction analytics group Fuse. Analysis of the most recent financial statements of 20 of the UK’s largest lenders indicate that lenders are expecting losses to exceed £19bn compared to the Expected Credit Loss (ECL) in the…
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The average mortgage term for first-time buyers has increased, with more young people choosing longer mortgage plans, according to analysis by TSB. The data hows a year-on-year increase of the average mortgage term for first-time buyers – up to 32 years in 2023 from 30 in 2021. Overall, first-time buyers accounted for 35% of all…
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The latest Property Tracker report from the Building Societies Association (BSA) shows a significant reduction in the number of homeowners concerned about paying their mortgage along with a decrease in those that see mortgage affordability as a barrier to home buying. The BSA says that the data is a welcome change, most likely reflecting the reduction in…
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A third of adults have less than £500 saved for emergencies, leaving them heavily exposed to income shocks, according to a nationally representative survey of 8,000 UK adults from Lowell. Nearly half (46%) of UK adults saw their financial situation worsen in 2023 and nearly 70% do not expect their financial situation to improve in…
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New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew in January 2024 by 2% compared with the same month in 2023. In the twelve months to January 2024, new business was 2% lower than in the same period in 2023. The credit card and personal loans…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in January 2024 by 3% compared with the same month in 2023. The corresponding value of new business also fell by 3% over the same period. In the twelve months to January 2024, new business by…
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Women who have been rejected for a credit or loan application are significantly more likely than men to assume that “no means never” and struggle on without financial support, according to research by Fair4All Finance, the not-for-profit financial inclusion organisation. Polling of 3,101 adults across the UK showed more than one in three women (36%)…
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The average quoted price of home insurance rose by 40.6% in the 12 months to January, the highest annual increase since Consumer Intelligence began tracking prices in 2014. The rise in quoted premiums beats the previous all-time high increases of 36.1% and 25.7% set in the previous two quarters. Premiums have most commonly been quoted…
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Almost one in five first-time buyers (FTB) are now stretching their mortgage repayments over 35 years, according to new figures from UK Finance. The figures are up from 17% a year ago and 9% before the Bank of England started raising interest rates. Banks have raised concerns about the growing risks posed by longer mortgages,…
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As consumers continue to navigate cost-of-living pressures, new research shows that younger age groups face significant barriers when it comes to accessing credit according to a survey of 1,000 UK borrowers by Tink. The research found that over three quarters (78%) of 18-34 year olds have had a loan application rejected. When asked why they’d…
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