Credit, Collections & Insolvency News
Latest figures published by the Money Charity indicate that outstanding debt on mortgages has hit all-time high in the UK. Continued growth in house prices, along with a small decline in the number of outstanding home loans has led to the highest level of mortgage debt per household ever recorded. In its October Money Statistics report,…
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Over the past year, UK consumers’ unsecured debt, amassed primarily on credit cards, student loans, car financing and overdrafts, has reached an all-time high of close to £300bn, or £11,000 per household, growing at a faster rate than at any time in the past 15 years, According a new PwC analysis report. As evidence of…
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The Financial Conduct Authority’s (FCA) has warned of a pronounced build-up of debt among young people. In an interview with the BBC, FCA Chief Andrew Bailey has highlighted the ‘growing debt burden’ on young people. The warning, which follows a tour of visits by Andrew Bailey to debt charities including National Debtline, coincides with new…
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Latest UK Finance data shows that lending for house purchase was higher in August 2017 than in both the preceding month and a year earlier. Latest highlights include: First-time buyers borrowed £5 billion, 15% lower than in June but 14% higher than in July 2016. They took out 30,400 mortgages, down 16% on the preceding…
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Stafford Railway Building Society has announced the appointment of Michael Smith as its new Chief Executive. Smith is a highly-experienced professional from the banking sector. For the last 13 years, he has worked for the highly successful Swedish Bank Handelsbanken, contributing to the growth of their branch network in the local area. This built on…
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Vanquis Bank is among the latest firms to be fined by the Information Commissioner’s Office (ICO) for sending illegal marketing texts and emails. Vanquis Bank based in Bradford, instigated a campaign to send 870,849 spam text messages and 620,000 spam emails to promote its credit cards. Both the emails and texts broke the law because…
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The latest figures from Finance & Leasing Association (FLA) have shown a continuing growth in second charge mortgages. Commenting on the August 2017 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said: “The second charge mortgage market reported another…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in August grew by 4% compared with the same month last year. Credit card and personal loan new business together grew by 4% compared with August 2016, while retail store and online credit new business increased by 7%. Second…
Read moreThe UK new car market declined for a sixth consecutive month in September, with 426,170 new units registered, according to figures released today by the Society of Motor Manufacturers and Traders (SMMT). Registrations fell by -9.3% in this key month, as economic and political uncertainty, and confusion over air quality plans led to a fall…
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The concept of the ‘Bank of Mum and Dad’ is growing in importance but more than half of potential first-time buyers expecting to receive financial help from family to complete their purchase would feel guilty about doing so, new research reveals. The latest First-Time Buyers Report by Yorkshire Building Society shows 66% of UK adults aged 18-40…
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Zopa and Saffron Building Society have teamed up to help more consumers get access to better value, flexible personal loans. The new partnership means that consumers will be able to get access to a Zopa loan at any of Saffron Building Society’s 11 branches across Hertfordshire, Essex and Suffolk and via Saffron’s website. Consumers looking…
Read moreResearch by Saga Money found that while retired people want to save to pass on an inheritance, their children would rather they spent the money on living today.. More than eight in ten children say they would rather their parents spent their money in retirement than leave them an inheritance, yet four in five parents…
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NatWest has become the first bank to launch a paperless mortgage. The bank’s customers can now apply for a completely digital mortgage which uses the latest technology to securely share and verify documents online. The new proposition means customers do not need to post signed paperwork or identification back and forth. This marks the first time…
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