Credit, Collections & Insolvency News
Almost one in two homeowners aged 55 or over will pay an additional £400 a month on their mortgage after their current fixed rate deal expires according to research by Key Later Life Finance. A total of 47% of homeowners in this age bracket said they expected repayments to rise by an average of £5,000…
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A new study by Juniper Research has found that the global spend on AML (Anti-money Laundering) systems from non-financial institutions will grow 170% over the next four years; rising from $2.3 billion in 2024. The analysis says that the substantial growth will be driven by a tightening of regulatory requirements; necessitating areas such as legal…
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New figures obtained by Mazars from the Financial Conduct Authority show the value of loans made by UK pawnbrokers has increased by 13% in the past 12 months, reaching £252 million. The value of pawnbroker loans increased from £224 million in 2022 to £252 million in 2023, as the cost of living crisis put stress on household…
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New research published by LINK has found that almost half of people think the UK is heading towards a cashless society. LINK asked a representative sample of 2,214 adults the same questions as were asked five years ago, and the results show both the big changes in how we use cash, and the major barriers…
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Fraud prevention service Cifas has officially launched its ‘Fraud Pledges 2024’ with proposals requesting that the government commit to reforms and prevention strategies that better protect communities and businesses from fraud. Fraud represents approximately 38% of all crime in England and Wales and has more than doubled in Scotland over the past nine years, recent…
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More than three-quarters of people with defined contribution (DC) pension pots have already dipped into them before retirement, according to Scottish Widows. Analysis of the workplace pension scheme customers’ behaviour, across 232,654 different retirement claim transactions between 2019 and 2023, revealed that only 20% wait until their SRA before drawing down on their pension. The…
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Eight in ten credit card users admit to making common mistakes, according to new research from Compare the Market. The research found that withdrawing cash using a credit card (37%), only making the minimum repayments (35%), and getting close to or reaching your credit limit (34%) are the most common credit card mistakes. The research…
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New second charge lender Interbridge Mortgages has announced its entry into the UK lending arena. The second charge specialist will provide secured loans in England, Scotland and Wales through a panel of specialist broker partners. Its market leading technology will provide a paperless application journey and this, supported by specialist underwriting expertise, will drive its…
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Landlords selling properties represent the single biggest threat to renters according to latest government data. Among households eligible for support from their council to prevent homelessness following the end of a private rented tenancy agreement, 45 per cent needed help because their landlord planned to sell the property in the second half of 2023. This…
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New TotallyMoney research has highlighted the rise of credit and debit card interest rates, and found that over the past 10 years, the Bank of England base rate increased by 4.75 percentage points, yet the average card rate has rose by 6.9 percentage points with one lender hiking theirs by 11 percentage points and that…
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New research by Mojo Mortgages has found that 32,000 mortgaged properties at risk of being repossessed. The research also found that there were 96,580 homeowner mortgages in arrears of 2.5% or more of the outstanding balance, representing a 3% increase from the previous quarter. Within this group, 32,470 mortgages were in the most severe bracket,…
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Almost half of renters in the UK (49%) do not have a contents insurance policy, according to new research from Compare the Market. In comparison, only 11% of homeowners don’t have contents cover. The main reason renters don’t have contents insurance is to save money, due to their other living costs (30%). Other reasons include…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in March 2024 by 7% compared with the same month in 2023. The corresponding value of new business was 5% lower over the same period. In Q1 2024 as a whole, new business by value and…
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