Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes up by 15% in October. Commenting on the October 2019 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…
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The Bank of England has published its latest lending figures. The figures show that high loan to value (LTV) mortgages advanced in the three months to September accounted for the largest share of overall mortgages in more than a decade. Quarter three statistics from the Bank of England revealed that the share of lending above…
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Household debts (excluding mortgages) are on the rise in the UK, according to the Office for National Statistics (ONS). Total household debt in Great Britain was £1.28 trillion in April 2016 to March 2018, of which £119 billion (9%), which suggests that average household debt rose to £9,400. £1.16 trillion (91%) was property debt (mortgages and…
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One in five people who check their credit report find an error, new research from Which? has revealed. The consumer champion surveyed more than 1,000 people to establish their understanding of credit reports and scores, and uncovered a significant number of people finding errors in their reports, many of which went uncorrected. The survey also…
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Bank of England (BOE) figures show consumer debt levels rose to an all-time high of £225 billion last month, increasing by £1.3 billion between September and October according to the BOE’s latest statistics. The net flow of consumer credit was above the £1.1 billion average since July 2018. The figures reveal that banks and building…
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A combination of challenging situations are bringing high pressure on young people aiming to manage their money well and achieve financial wellbeing, according to the November 2019 Money Statistics, produced by The Money Charity.The November report draws a number of statistics related to young people together into one page, giving a clearer cumulative picture of…
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Here is an overview of The Money Charity’s latest statistics for November 2019: Personal debt in the UK People in the UK owed £1,661 billion at the end of September 2019. This is up from £1,612 billion at the end of September 2018, an extra £930 per UK adult over the year. The average total…
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The latest figures from UK Finance show that the £11 billion of credit card spending in October 2019 was 2.3 percent lower than in September 2018, with repayments remaining in line with credit card spending, demonstrating that consumers are managing their finances effectively overall. Repayments remained in line with credit card spending, showing that consumers…
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New research reveals that 19% of people are spending more than half of their monthly net household income on housing costs such as mortgage or rent payments, utility bills and council tax, and 4% spend over 75%. The average is 34%. The findings from Engen Group, a property business that focusses on addressing environmental challenges…
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Credit Connect has announced its inaugural Credit & Collections Technology company power list for 2019. The power list is the first edition of what will be an annual round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements…
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UK Finance’s latest Mortgage Trends Update reveals that there were 17,740 new remortgages with additional borrowing in September 2019, 5.9 per cent more than in the same month in 2018. For these remortgages, the average additional amount borrowed in September was £50,000. There were 19,140 new pound-for-pound remortgages (with no additional borrowing) in September 2019, eight…
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Home repossessions have increased by 19 per cent to 1,330 in the third quarter of 2019 compared to the same period last year, new figures from UK Finance have revealed. UK Finance says the slight increase in possessions has been driven in part by a backlog of historic cases which are being processed in line…
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New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q3 2019 was 25, 30.1% lower than in the third quarter of 2018. The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.06% in the twelve months to September 2019.…
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