Credit, Collections & Insolvency News
Latest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in May grew by 11%, compared with the same month last year. Credit card and personal loan new business together grew by 11% in May, while retail store and online credit new business increased by 8%. Second charge mortgage…
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New research from equity release lender More 2 life has revealed that unsecured debt amongst 55 to 74-year-olds has risen by more than a third (+34%) over the last four years – or more than twice as fast as the national average (+14%). While 34% of over 55s have some form of unsecured debt, it…
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The Financial Conduct Authority (FCA) has today proposed a new Directory to help consumers and firms check the status and history of individuals working in financial services. The Directory will include all those who hold Senior Manager positions requiring FCA approval and those whose roles require firms to certify that they are fit and proper.…
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New research from Direct Line Life Insurance reveals consumers are hiding over £69bn of debt from their partners. People are completely in the dark over their loved ones’ finances, with 8.3 million (16 per cent) of consumers having debts their partner knows nothing about. The average debt hidden from a partner in the UK is £8,293,…
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At least 2.97 million families living in properties across the UK do not have life insurance cover to ensure that their mortgages are paid off should the policyholder pass away, according to new research by Compare The Market. The lack of life insurance protection is particularly concerning given the growing levels of mortgage debt and…
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Many homeowners ready to take their second step on the property ladder now rely on financial help from family and friends to help make the jump from their first home, according to the new research by Lloyds Bank titled the ‘Second Steppers report’. More Second Steppers are having to borrow from family and friends to…
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The Bank of England has published its latest banking statistics which show that consumer credit growth rates continued to slow in May, but remains rapid relative to 2009-12. Although net lending fell slightly on the month, at £1.4 billion, it was in line with the average amount borrowed monthly over the past year. The decrease…
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Latest figures from UK Asset Resolution (UKAR) has announced it has shrunk its balance sheet by 83%, or £96 billion, so far and repaid 79% of taxpayer cash. UKAR has said it is aiming to complete the wind down of mortgage books within three years. UKAR incorporates failed lenders Bradford & Bingley and Northern Rock…
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UK Finance has announced its latest household finance update for May 2018. The highlights from the report include: Credit card spending was 2.3 per cent higher in May than a year earlier, with outstanding levels of card borrowing having grown by 5.7 per cent over the year. The total of 193 million credit card purchases…
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New research by Santander Mortgages shows that average mortgage repayments are now lower than average rental payments in every region of the UK. Potential first-time buyers would have lower monthly outgoings if they bought a property rather than renting one. The research shows that homeowners could save £2,268 a year if they were able to…
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The Financial Conduct Authority (FCA) has published the latest analysis from its Financial Lives survey. The report found that unsecured debts in rural areas are generally lower with the average amount owed by a town or city resident over a £1,000 more (£3,600) compared with someone in a rural area (£2,510). In rural areas, where…
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Ireland’s Central Bank has published its latest mortgage arrears statistics from Quarter 1 of 2018. Highlights include: The number of mortgage accounts for principal dwelling houses (PDHs) in arrears over 90 days continued to decline in Q1 2018, marking the eighteenth consecutive quarter of a fall in the number of accounts in this category. While the…
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UK Finance has published its latest mortgage trends figures which reveal that there was strong growth in remortgaging in April 2018, with new homeowner mortgages up 36 per cent and buy-to-let remortgages up 32.4 per cent compared to the same month a year earlier. UK Finance has also published a blog analysing the factors driving…
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