Credit, Collections & Insolvency News
Latest Bank of England (BoE) figures show that UK homeowners borrowed a record £11.8 billion more on mortgages than they repaid in March, with market activity driven by the stamp duty holiday and low mortgage rates. Gross mortgage borrowing hit £35.6 billion in March, with buyers looking to tie up property purchases ahead of the…
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Hundreds of thousands of people struggling with debt problems will be supported through the newly launched debt respite scheme. The Breathing Space measures will give those facing financial difficulties space to receive debt advice, or mental health crisis treatment, without pressure from creditors or mounting debts. Under the scheme, people will be given legal protection…
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The UK has taken an important first step in shaping its own financial services regulation outside the EU with the new Financial Services Bill receiving Royal Assent. The Bill, which is now an Act, will ensure the UK remains an open and dynamic financial centre, with the highest regulatory standards, and protect people across the…
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Credit Connect’s hosted its first-ever Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by thirteen leading professionals from a variety of lending sectors. The themes of fraud, open banking, credit risk and the future of lending were discussed by panellists and Chair Chris Warburton from…
Read moreA pilot scheme testing solutions to local cash access being trialled in several locations across the UK. Funded by the banking and finance industry, the Community Access to Cash Pilot is testing measures that enable consumers and small businesses to deposit or exchange cash and receive face-to-face support from branch staff. Two ‘BankHubs’ have opened…
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Here is an overview of The Money Charity’s latest statistics for April 2021 Personal debt in the UK People in the UK owed £1,698.4 billion at the end of February 2021. The average total debt per household, including mortgages, was £60,935 and per adult was £32,053, around 108.2% of average earnings. Net mortgage lending rose by…
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Nearly two in five (39%) consumers, equivalent to 20 million people, plan to save a higher share of their income after the pandemic than they did before, including 17% who plan to save significantly more according to research by financial mutual Scottish Friendly and the Centre for Economics research. The business research has also revealed…
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Since the pandemic began, 45% of households have started scrutinising their finances more regularly, compared to just 4% who said they paid less attention to their spending, according to new research from comparethemarket.com. The research also found that for those who are paying closer attention to their outgoings, nearly half (45%) are concerned about running…
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The House of Lords Liaison Committee has called on the Government to introduce a new requirement for the Financial Conduct Authority (FCA) to establish a statutory duty of care that banks and other financial services providers must operate towards their customers. The call comes in a new report from the House of Lords Liaison Committee…
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A quarter of young people making Buy Now Pay Later (BNPL) repayments haven’t been able to pay for food, rent or household bills as a result of the commitment, research by Citizens Advice has found. The research shows 45% of 18 to 34 year olds in the UK have used Buy Now Pay Later in…
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Complaints about fraud made to companies in the finance sector were up by almost a third (29%) in 2020, according to Resolver’s latest research. The Fraud complaint figures rose by 29% to hit more than 3,600 in 2020 with the report revealing that accounts being opened fraudulently using fake identification, from bank accounts to payday…
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The Government’s Second WaveHousehold Resilience Study has indicated that one in ten mortgagors (712,000) and one in five private renters said it has been difficult to pay for housing in the past year with 12% of people were behind with at least one household bill. Among private renters, this rose to 24%. Private renters were…
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Buy Now Pay Later (BNPL) specialist travel agency, Butter has predicted that the UK BNPL sector will be worth £26.8bn by 2024, a 175% increase driven by an increasing market share of the UK’s e-commerce market. The company says that the BNPL sector has established a firm foothold within the UK, driven in prominence by…
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