Credit, Collections & Insolvency News
Credit card spending totalled £10.5 billion in March, 8.1 per cent higher than the same month in 2018 according to the latest UK Finance Household Finance Update. The increased lending on credit cards has been matched by growth in repayments, reflecting the growing use of cards by consumers as a preferred means of payment rather…
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Here is an overview of The Money Charity’s latest statistics for April 2019: Personal debt in the UK People in the UK owed £1.633 trillion at the end of February 2019. This is up from £1.584 trillion at the end of February 2018, an extra £942.39 per UK adult over the year. The average total debt per household,…
Read moreOver 250,000 homeowners are expected to struggle to refinance their properties over the next five years, according to research conducted by Kensington Mortgages. The data shows that 15 per cent of borrowers will have reached the end of their repayment date by 2024 and will be unable to find a new deal, which Kensington says…
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The Financial Conduct Authority (FCA) has published the latest complaints figures for regulated firms for the second half of 2018. During the second half of 2018 (2018 H2), complaints decreased by 5%, falling from 4.13m to 3.91m. This is the first time the number of complaints has fallen since firms were required to change the…
Read moreThe Financial Conduct Authority (FCA) has published its Business Plan for 2019/20, which outlines the key priorities for the coming year. As the UK finalises preparations to leave the European Union, the immediate priority will remain supporting an orderly transition post-exit. The FCA will also continue to play a leading role in shaping the global…
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The Financial Conduct Authority (FCA) has issued a reminder to authorised firms that they need to start preparing today for the Senior Managers and Certification Regime (SM&CR) to be ready for the new regulation coming into effect on 9th December 2019. The FCA has already rolled out the SM&CR to banks and insurance firms, and…
Read moreThe amount of money being achieved for a repossessed home by Spicerhaart Corporate Sales is at its highest level in nine months. Spicerhaart Corporate Sales achieved an average of 104.29% against the market value on properties that were taken into possession and sold in March 2019. This figure is up from an average of 96.73%…
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New figures released by the Finance & Leasing Association (FLA) show growth of 1% in consumer finance new business in February 2019, compared with the same month last year. Retail store and online credit grew in February by 6%, compared with the same month in 2018, while the personal loan and credit card finance sectors…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage market new business volumes increased by 24% in February. Commenting on the February 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 “In…
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One in four consumers believe the ownership era is coming to an end, a study found. A poll of 2,000 UK adults found more than 40 percent believe they’ll never own their own home. And it also emerged currently less than half the nation own cars outright. The results of the study display the current…
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According to latest research by Moneyfacts.co.uk, the number of credit-impaired residential mortgages has decreased by 261 to 590 products over the past six months. Although choice is becoming more limited overall, the average credit-impaired two-year fixed rate mortgage has fallen by 0.13% to 4.36% since October last year while the average three-year rate has fallen…
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Here is an overview of The Money Charity’s latest statistics for March 2019: Personal debt in the UK People in the UK owed £1.629 trillion at the end of January 2019. This is up from £1.579 trillion at the end of January 2018, an extra £952.50 per UK adult over the year. The average total debt per…
Read moreMortgage customers who have previously been unable to switch mortgages despite being up-to-date with their payments (commonly known as mortgage prisoners), could soon be able to find a cheaper deal after the Financial Conduct Authority (FCA) proposed changes to how lenders assess whether or not a customer can afford the loan. In the final report…
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