Credit, Collections & Insolvency News
Banks including Santander, HSBC and Yorkshire Building Society have suspended mortgage deals after a fall in the pound prompted forecasts of rising interest rates, with the lenders joining Virgin Money and Skipton Building Society in halting mortgage offers for new customers. Meanwhile, Nationwide said it will lift rates on a range of fixed mortgages, Lloyds…
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The Financial Ombudsman Service (FOS) received the most complaints in the first half of this year regarding banking and credit concerns. In the first half of 2022, there were roughly 44,200 complaints regarding banking and credit, which was a small decrease from the 46,220 complaints in the second half of 2021. Credit cards and current…
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Close to one million consumers will experience severe and long-term damage to their credit scores if they cancel their energy payments in October according to research by Credit Karma. Credit Karma says combining data on the damage caused to scores from missing just one utility bill payment and polling to estimate the number of consumers…
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The latest Bank of England figures have revealed that quoted household interest rates on consumer credit products continued to rise in August amid an economic environment of rising interest rates, mortgage rates and inflation. The analysis from Freedom Finance has highlighted the impact of the rising cost of borrowing on households and they urged consumers to…
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Only half of UK consumers currently feel that they have sufficient access to credit, according to figures revealed in TransUnion’s latest Consumer Pulse study. Despite the majority of consumers (71%) acknowledging the importance of credit in helping them achieve their financial goals, just 49% say that they have sufficient access. Almost a fifth(18%) state they…
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2.2 million homeowners are set for 0.75% interest rate shock with the Bank of England set to announce the rate increase this Thursday (23rd September). TotallyMoney and Moneycomms have calculated the potential impact of the MPC’s expected interest rate hike on homeowners without a fixed rate mortgage deal. The research has found that for the…
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Credit Connect’s hosted its fourth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by fourteen leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…
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UK Finance has today published its Household Finance Review Q2 2022, which explores trends in household spending, saving and borrowing through the second quarter of 2022. Consumer spending remained stable in Q2 and house purchase activity returned to pre-Covid-19 trends, but data indicates that there are tough times ahead. Household savings remained stable but did not…
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As households are hit by unprecedented levels of inflation, the latest update to Lowell and the Urban Institute’s Financial Vulnerability Index (FVI) has shown that households increased borrowing despite interest rate rises to meet the inflated cost of food and energy bills. The reaseach shows that: Credit usage increases as households battle inflation – The…
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More people in the UK aged between 65 and 74 are still working compared to six years ago new research from Aviva has found. The survey, conducted earlier this year, shows a marked increase in the number of people over 65 who remain in the workforce compared to 2016, and a fall in the number…
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On average, working households are only 19 days from the breadline, according to a report from Legal & General. The new research has shown that households have seen the amount of time they can fund basic expenses decrease by 21%, five days less than in April 2020. Households have average savings of £2,431 and debts…
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The average first time buyer will need an additional £12,250 of income to buy a home compared to a year ago and an additional £35,000 in London as a result of predicted higher mortgage rates according to new analysis by Zoopla. The latest House Price Index from Zoopla reveals that whilst demand this year has…
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US bank, Citi, has forecast that CPI will hit 18.6% in January, the highest rate in nearly 50 years. as it expects the energy price cap to rise to £3,717 in October, then to £4,567 in January and £5,816 in April. The banks says higher prices for the essentials will hit those on lower incomes harder – because they…
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