Credit, Collections & Insolvency News
It would take the average person in the UK 26 years and 9 months to pay off the average credit card debt, if they only make the minimum payment each month, according to the May 2019 Money Statistics, produced by The Money Charity. With the average credit card debt per UK household standing at £2,655 in March…
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Here is an overview of The Money Charity’s latest statistics for May 2019: Personal debt in the UK People in the UK owed £1,633 billion at the end of March 2019. This is up from £1,588 billion at the end of March 2018, an extra £852.40 per UK adult over the year. The average total debt per…
Read moreNew analysis by EY has forecasted that demand for consumer credit will grow by just 1.6 per cent this year, despite the recent rise in incomes. The research found mortgage lending is also expected to increase at its slowest rate in eight years, amid uncertainty about Brexit and ongoing concerns over affordability Whilst Business lending is…
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Latest household finance update statistics from UK Finance, show that £11.4 billion was spent on credit cards in April 2019 this was 11.7 per cent higher than the same month in 2018, This growth in spending reflects consumers’ increased preference for using credit cards as a means of payment, particularly online, because of purchase protection…
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Kensington Mortgages has announced that it has appointed Mark Foulsham as its Chief Operating Officer. Foulsham has over 30 years’ experience in the industry, having previously held positions at Scope, Surrey Innovations, CIO Connect and esure. He is also currently the founder and director of Keyenable Ltd, and on the advisory board at CIONET. Kensington…
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The Financial Conduct Authority (FCA) has confirmed the deadline for notifications for the temporary permissions regime (TPR) will be extended to the end of 30 October 2019. TPR would allow EEA-based firms passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK for a…
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Mike Regnier, Chief Executive of the Yorkshire Building Society has been elected as the new Chair of the Building Societies Association (BSA). He takes up this role with immediate effect. Regnier has held the post of Deputy Chair since May 2018 and succeeds Stephen Mitcham, Chief Executive of the Cambridge Building Society. At the same…
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Retired homeowners are increasingly using property wealth to clear unsecured debts and mortgages to strengthen their later life finances, new data from the UK’s independent equity release adviser Key shows. The number of customers using money from their homes to pay off credit cards and loans hit a three-year high of 35% in Q1 2019 which…
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New research by eToro has found that the female of the species to be more financially responsible than their male counterparts. According to the report, women are more likely to know exactly how much money they have in their current and savings accounts. It also emerged men spend more money on impulse purchases, dropping £65…
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UK Finance has published its Q1 2019 figures for mortgage lending in Scotland, Wales, Northern Ireland, and London, which highlight steady growth across the regions. In Northern Ireland both the first-time buyer and remortgaging markets saw major improvements, in line with previous quarters. There were 2,440 new first-time buyer mortgages completed in Northern Ireland in…
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Visa’s UK Consumer Spending Index, compiled by IHS Markit, pointed to a further marginal decline in overall household spending at the start of the second quarter. Expenditure fell -0.5% on an annual basis during April, which was slightly quicker than the -0.2% reduction seen in March. Consumer spending has now fallen in each of the…
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Banks cannot delay tackling transfer fraud a single day longer, according to new research by Which? The research shows that a staggering £674 a minute is lost to this devastating crime. The consumer champion is calling for all banks to urgently reassure their customers that they will be better protected against fraudsters by signing up…
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Financial wellbeing is deteriorating at its fastest pace since September 2017 despite a sustained rise in income from employment according to a new report IHS Markit. The report found that household finances were squeezed to the strongest extent since September 201 whilst workplace activity and incomes from employment continue to rise. The outlook towards future…
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