Credit, Collections & Insolvency News
The Bank of England has announced that it has made a decision to keep interest rates at 0.5%. The news will provide respite to debtors as latest figures from Stepchange reveal that Outstanding lending to individuals is £1,584 billion as at end March 2018. With £209.2 billion is outstanding consumer credit (£70.7 billion on credit cards).…
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UK Finance’s latest Mortgage Arrears and Possessions Update for the first quarter of 2018 reveals that: There were 78,800 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the first quarter of 2018, 8 per cent fewer than in the same quarter of the previous year and the lowest…
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The Financial Conduct Authority (FCA) has published its interim report into the mortgage market. The FCA found that competition in the mortgage market is working well for many people. The FCA has identified a number of ways in which the market could work better for some people. The FCA’s proposals are particularly aimed at helping…
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The Financial Conduct Authority (FCA) has published the final list of the most representative services linked to a payment account and subject to a fee within the meaning of Regulation 3 of the Payment Accounts Regulations. The move is part of the EU Payment Accounts Directive’s goal to improve the transparency and comparability of fee…
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The Bank of England has published its latest monthly Money and Credit report showing consumer credit growth was 8.6 percent in the year to March 2018, down from 9.4 percent in February. Outstanding balances for consumer credit stand at £209.2 billion exceeding the previous quarterly peak of £208.2 billion in the third quarter of 2008. The…
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More than 80,000 people have had their mortgage help stopped according to the first official figures released since changes were made to the Support for Mortgage Interest (SMI) scheme. The figures issued on 24 April show only 18,000 claimants out of a caseload of 103,000 have opted to continue to receive SMI under a new…
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Prudential Regulation Authority (PRA) rules introduced at the end of September 2017 are having a significant impact on the buy-to-let mortgage market according to Paragon’s latest PRS Trends research. The research is based on interviews with 203 experienced landlords in Q1 2018. The new rules comprise the second phase of the PRA’s buy-to-let underwriting standards and…
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Latest data released by The Financial Conduct Authority (FCA) shows that there was 3.76 million complaints made against financial services companies during the second half of 2017, an increase of 427,032 on the first half of the year. Complaints about PPI rose by 40% to 1.55 million, the highest level of complaints about PPI for…
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Here is an overview of The Money Charity’s latest statistics for April 2018: Personal debt in the UK People in the UK owed £1.578 trillion at the end of February 2018. This is up from £1.53 trillion at the end of February 2017– an extra £1,169.92 per UK adult. Per adult in the UK that’s an average debt of…
Read moreA third of millennials could be forced to rent in retirement, according to a report from the Resolution Foundation. Up to half of that generation could also be renting into their 40s, and around 40 percent are renting at the age of 30. A Resolution Foundation statement says: “Our estimates suggest that if recent conditions…
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The Credit Services Association (CSA) is concerned that new guidelines for debt advisors could keep customers in debt for longer by failing to reflect their true financial position, and in the worst case push them into unnecessary and potentially damaging insolvency. The CSA believes that the revised guidelines – presented by the Money Advice Service…
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The Credit Services Association (CSA), has announced the first of the major sponsors for the 2018 UK Credit and Collections Conference (UKCCC), which this year moves to Crowne Plaza, Stratford Upon Avon. Conexus Recovery and Field Services, which has clients across the banking, utilities, retail and debt purchasing sectors, is returning as a sponsor and…
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The Financial Conduct Authority (FCA) has published its business plan for 2018/19 which sets out the key priorities for the coming year. The FCA says the priorities in this year’s business plan reflect the high level of resource needed to dedicate to European Union (EU) withdrawal, given its impact both on our regulation and the…
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