Credit, Collections & Insolvency News
The latest ONS employment figures showed that the rise in the number of self-employed people in the last year was greater than the rise in the number of employed people (an annual rise of 195,000 to September, compared with a rise of 110,000 employed people). The proportion of all workers who are self-employed is now…
Read moreHouseholds struggling to pay their council tax are being pushed into further debt as outdated regulations see councils resort to bailiffs to collect arrears, says Citizens Advice in its latest research. Citizens Advice says under current rules when people miss a single council tax payment they automatically became liable for the full year’s bill. The…
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Online mortgage broker, Mojo Mortgages, has announced that it has partnered with Credit Kudos to launch of MortgageScore™, a market-first service for thousands of first time buyers who want to get on the property ladder. MortgageScore™, powered by open banking data from credit bureau Credit Kudos, will bring transparency and openness to a secret market.…
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Recent research from the University of Edinburgh Business School has revealed that including gender information in credit scoring models increases the proportion of women accepted for consumer credit without altering the predictive accuracy of these models, The reseearch suggests that women can benefit from gender being taken into consideration in automated decision-making processes, increasing their…
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Mortgage arrears remain one of the most important issues in Ireland according to the Irish Central Bank, Deputy Governor, Ed Sibley. Speaking at the MABS Conference, ‘Money Advice and Budgeting – 2020 and Beyond’, Sibley praised the work of MABS and outlined how the Central Bank’s different responsibilities connect to build financial resilience and how…
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New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew by 8% in September, compared with the same month last year. In Q3 2019 as a whole, new business grew by 4% compared with the same quarter in 2018. In September, credit card and personal loan new business together…
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New figures released by the Finance & Leasing Association (FLA) show that the second charge mortgage market has reported that volumes are up by 20% in September Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Interim Director General of the FLA, said “The second charge mortgage market reported…
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Capita has announced that it has renewed its contract with The Co-operative Bank to run its mortgage servicing operation in the UK and to continue to support the bank’s digitally enabled transformation. The renewed contract is worth up to £141million over six years, of which £107 million is incremental to Capita’s current contract with the…
Read moreTwo in five (43%) consumers who currently rent or live at home expect that they will never buy their own property, according to a new report from Halifax. The research, conducted in partnership with YouGov, also found that of those currently renting, around three in 10 (29%) think it is now normal for people to…
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The latest data from the Bank of England showed that growth in consumer credit slowed to six percent in the year to September, the lowest since July 2014. While mortgage approvals were little changed, credit card borrowing fell to the lowest this year and overall consumer credit growth slowed. The figures also showed that total…
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A third of young adults use their credit card to pay bills according to new survey findings from 118 118 Money. The research shows that the credit cards are used to purchase holidays (53%), clothes (50.9%) and food (47%). A number even admitted to paying their monthly mortgage or rent payment with a credit card (4%).…
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Remortgages as a share of total searches have risen 5.3% in the last year, new analysis from Experian has revealed. Over a quarter (28.7%) of September’s mortgages searches via Experian’s comparison service were for remortgages compared to 23.4% in September last year. Correspondingly, the proportion of first-time buyer mortgage searches fell by 5.3% to 55.3%…
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The Insolvency Service has published its latest England & Wales insolvency statistics for Q3 2019 (July-September) indicating that personal insolvencies (seasonally adjusted) increased by 0.6% from Q3 2019 compared to Q2 2019, and rose by 22.7% compared to Q3 2018. The figures showed that personal insolvencies are on the increase with 30,879 individual insolvencies in…
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