Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in July by 9%, compared with the same month last year. Credit card and personal loan new business together grew by 11% compared with July 2017, while retail store and online credit new business increased by 4%. Second charge…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes up by 5% in July. Commenting on the July 2018 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 charge…
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A report by the National Audit Office (NAO) has revealed that problem debt costing the economy £847 million a year. The report has found that £248m of that sum came from increased use of housing and health services Problem debt – defined as the inability to pay debts or household bills – affects an estimated…
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Londoners are more likely to be struggling with debt than the rest of the UK despite average higher incomes. That is according to London in the Red, a new report from StepChange Debt Charity, that reveals 100,000 Londoners sought their debt advice, meaning one in six of its clients last year came from London. The…
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Almost 10% (9.08%) of UK consumers have been in debt during their life due to the price of household bills, research conducted by Vanquis Bank has revealed. The survey of 1,311 UK consumers, conducted on 3rd August 2018, analysed the factors behind debt, taking into account household bills, rent, overspending, unemployment, medical costs and high…
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Rent recognition platform CreditLadder and financial network Bud have launched a new partnership designed to help customers become more creditworthy and get on the property ladder. Bud offers a connected network that helps banks to collaborate with fintechs on creating new experiences for their customers. It’s a service that Bud has developed and piloted with HSBC/First…
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People are increasingly struggling with ‘smaller but trickier’ debts on everyday household bills, according to new figures from National Debtline, run by the Money Advice Trust. The charity expects the number of calls to National Debtline to hit 189,000 by the end of the year – the highest level in five years – with webchat…
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The annual growth rate of consumer credit slowed in July, to 8.5% but remains elevated relative to 2009-12 according to the latest lending figures from the Bank of England. Households borrowed an additional £3.2 billion secured against their homes in July. Net lending has been relatively stable over the past year but this was the lowest…
Read moreUK Finance has published its July Household Finance update indicating that gross mortgage lending for the total market in July was £24.6bn, some 7.6 per cent higher than a year earlier. Commenting on the data, Peter Tyler, Director at UK Finance, said “July saw steady growth in gross mortgage lending, driven largely by remortgaging as homeowners locked…
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Credit and eligibility experts TotallyMoney have partnered with the UK’s first online mortgage broker Trussle to offer customers a free and seamless way to get a mortgage online. The partnership builds on TotallyMoney’s success as a Free Credit Report provider and credit card and loan comparison specialists. By integrating Trussle’s mortgage broking service, TotallyMoney now…
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Latest figures from UK Finance’s Mortgage Trends update for Quarter 2 2018 show a continued growth for UK remortgaging with London remortgaging activity reaching a nine-year high. Commenting on the data, Jackie Bennett, Director of Mortgages at UK Finance, said “Remortgaging in London reached its highest level in nine years in the second quarter of this year, as…
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Personal insolvencies are on track to hit 105,000 per annum by 2022, breaking highs last seen six years ago, according to the latest econometric forecast from Arrow Global’s ‘Debt Britain 2018’ research. Analysis shows that personal insolvencies have been on the increase since 2015 and rising interest rates on the back of the Bank of…
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The Financial Ombudsman Service (FOS) has published its latest quarterly update about the financial products and services complaints data. The statistics include the number of enquiries and new complaints received, the number of complaints referred to an ombudsman’s final decision, and the proportion of complaints resolved in consumers’ favour. The latest statistics analyse April, May…
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