Credit, Collections & Insolvency News
To mark World Mental Health Day, four leading banks have announced they are backing Money and Mental Health’s campaign to ‘Stop the DebtThreats.’ Barclays, Monzo, Nationwide and Metro Bank have joined over 30 charities in calling on the government to change out-of-date rules on debt letters, to make them less intimidating, and more supportive to…
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New figures released today by the Finance & Leasing Association (FLA) show that the Second charge mortgage market has reported volumes increased by 12% in August. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Acting Director General and Head of Consumer and Mortgage Finance at the Finance &…
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Skipton Building Society and Experian have announced a new partnership with the aim to save mortgage applicants from the hassle of gathering their paper bank statements by adopting Open Banking technology. The new agreement will mean that people applying for a mortgage will have the option of giving consent for Skipton to securely view their…
Read moreNew research from mobile bank N26, to coincide with World Mental Health Day, has revealed that money worries are plaguing the minds of more than 18 million UK adults on a daily basis. This not only causes significant distress among those affected but has resulted in around 9.5 million consumers suffering from mental health issues as…
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Poverty is rising for all groups – even those in work – according to a new financial inclusion monitor report. The report from the University of Birmingham and the University of Lincoln shows nearly 1.6 million people falling behind with council tax payments, with six in ten people in the poorest fifth of the population reporting…
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With 30 days until the October 31 Brexit deadline, the number of Brits saying they have put off a big financial decision has risen to one in five (19 per cent) – equal to ten million people. The major outgoings currently on ice for one in five people include booking a holiday (38 per cent…
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The Bank of England has released its latest Money and Credit statistics which show that net consumer credit fell to £0.9 billion in August, slightly below the average of the past year. The statistics also showed that the number of mortgage approvals for house purchase fell to 65,500 in August, down from the 18 month…
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Here is an overview of The Money Charity’s latest statistics for September 2019: Personal debt in the UK People in the UK owed £1,647 billion at the end of July 2019. This is up from £1,600 billion at the end of July 2018, an extra £888 per UK adult over the year. The average total…
Read moreSainsbury’s Bank has announced that it is to stop selling mortgages with immediate effect. As part of its five-year plan for financial services, it will also end all group capital injections after £35 million in 2019/20. Sainsbury’s Group Chief Executive Mike Coupe said the bank “is too expensive to run” and that its cost-income ratio would…
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UK Finance’s latest Household Finance Update has revealed that credit card spending reached £11 billion in August, up one per cent compared to the same month the previous year. Repayments have remained in line with credit card spending, showing that consumers are managing their finances effectively overall. Personal deposits grew by 1.4 per cent in…
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Over a million self-employed workers believe that they will not own their own home with over two thirds (68%) finding it difficult to get a mortgage according to research by Kensington Mortgages. A survey of more than 2,500 self-employed Britons has revealed that more than two thirds (68%) of self-employed individuals feel disadvantaged by their…
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Nearly half (47%) of first-time buyers are partially funded by grandparents or parents according to research conducted by independent equity release adviser Key. Retired homeowners are increasingly considering cashing in buy-to-lets, acting as guarantors as well as remortgaging or taking out new mortgages (including equity release) to help children and grandchildren on to the property…
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Bluestone Mortgages has announced the appointment of Steve Seal as Managing Director (MD). Seal joined Bluestone Mortgages in September 2017 as Director of Sales & Marketing and brings 24 years of financial services experience to his new role. Since joining the business, Seal has been instrumental in developing Bluestone’s mortgage proposition and positioning the business…
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