Credit, Collections & Insolvency News
Consumer confidence in the UK rose to -21 in September, the best recorded since January 2022, according GfK’s latest Consumer Confidence Index. The index measuring changes in personal finances during the last year is up two points at -13; this is 15 points better than September 2022. The forecast for personal finances over the next…
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As interest rates continue to increase, mortgage borrowers expect their monthly payments to increase by an average of £617 according to new research by The Mortgage Lender (TML). TML’s recent research found that 80% of homeowners reported being concerned about the effect of rising rates, with 37% being extremely concerned and 43% being somewhat concerned.…
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Research by credit reference agency TransUnion has found that seven in 10 (70%) young people aged 18 to 24 (Generation Z) check their credit score at least once a month. The research also revealed that 57% don’t realise that late or missed payments can have a negative impact on their credit score whilst nearly two…
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New research by Saltus has found that one in 30 respondents are planning for their home’s value to fund 100% of their retirement, while on average, respondents said they expect their property to provide funding for almost half (44%) of retirement Megan Jenkins Partner and Adviser at Saltus said “While historically, property has proved to…
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The number of mortgage approvals made to home buyers fell by nearly 10% between June and July, according to Bank of England figures. The figures showed that net mortgage approvals decreased from 54,600 in June to 49,400 in July, while approvals for remortgaging slightly increased from 39,100 to 39,300 during the same period. Net borrowing…
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People need to build a pot of nearly £600,000 to enjoy a comfortable retirement, according to Interactive Investor analysis. The rising cost of living requires an extra £4,200 a year to maintain the same lifestyle as in April 2022, with workers needing to save another £68,700 to generate that amount of annual income. The report…
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Latest figures from UK Finance have shown that there has been a decline in mortgage lending, with lending for house purchases down 28% year-on-year in Quarter 2 (Q2). UK Finance says that the levels of housing market activity have remained very low by comparison with recent years in the first half of 2023. The industry…
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GfK’s Consumer Confidence Index improved five points in August, although it remains in negative territory at minus 25. Confidence in the general economic situation for the next 12 months increased by three points to minus 30. The major purchase index rose eight points to minus 24, while the personal finance 12-month forward index rose four…
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Nearly half of parents with children at private schools rely on family help to afford the fees with the Bank of Gran and Grandad the biggest source of funding, new research from Premium Credit, a leading provider of finance for school fees, shows. Its study found 47% admit to relying on financial support from family…
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Motorists are set to spend a record 1.5 million used cars on finance this year borrowing £23 billion on car finance new research by AA Car Finance has revealed. Consumers bought 388,309 second-hand cars on finance in the first three months of 2023, up from 379,512 the previous year. If current trends continue, consumers will…
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Research by TotallyMoney has found that almost 10 million (9.8 million) adults lack confidence to make financial decisions. Over the past two years, persistent inflation has driven household finances to the brink, with almost one in three adults (29%) saying they would be unable to cover an unexpected £100 expense*. At the same time, 11…
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The Bank of England has published the 2022 Annual Statistics for the credit union sector which revealed a record level of British credit union members, as well as the highest lending amounts ever seen. There was also the steepest rise in lending on record between 2021 and 2022. Total membership for 2022 was 1.41 million,…
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Latest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in June 2023 by 1% compared with the same month in 2022. In the first half of 2023, new business was 3% lower than in in the same period in 2022. The retail store and online credit sector…
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