Credit, Collections & Insolvency News
A 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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New research by Landbay has found that tenants now spend more than half their income on rent. The Landbay Rental Index, powered by MIAC, found that rental payments now account for over half (52%) of the average take-home pay of £1,471 for people living and working outside the capital. The average rent paid in the UK…
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New figures released by the Finance & Leasing Association (FLA) shows that growth has continued in the second charge lending market in February, compared with the same month in 2017. Commenting on the February 2018 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance…
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New figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in February, compared with the same month last year. Credit card and personal loan new business together grew by 10%, compared with February 2017, while retail store and online credit new business increased by 9% over…
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Following a detailed consultation and analysis, Account in Bankruptcy (AiB) has announced that it is recommending to Scottish Ministers that it introduces the Standard Financial Statement (SFS) for assessing the income and expenditure of debtors from October 2018. The Standard Financial Statement has been introduced across the UK as a unified method for assessing a debtor’s…
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Rent recognition platform CreditLadde has announced a partnership with Monzo or Starling Bank which enables customers to improve their credit history when paying their rent. CreditLadder have used the Open Banking compliant API which went live earlier this year following their integration with TrueLayer. These two challenger banks join the existing high street banks through which…
Read moreLatest UK Finance lending figures show that gross mortgage lending in February is estimated to have been £19bn, 4.9 percent more than a year ago but below the monthly average of £21.4bn for 2017, The data also shows re-mortgage approvals in the month are up over 9 percent in both number and value compared to…
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New figures released by the Finance & Leasing Association (FLA) show that new business figures for the second charge mortgage market in January continued to show growth. Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The second charge mortgage market reported growth in January, with new business up…
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Research by GoCompare finds that 80% of UK consumers now receive at least one financial service and utility bill or statement electronically 4 out of 5 (80%) UK consumers now receive at least one paperless bill or statement for a financial product or utility, new research from GoCompare has found. However, the result for many…
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Here is an overview of The Money Charity’s latest statistics for March 2018: Personal debt in the UK People in the UK owed £1.576 trillion at the end of January 2018. This is up from £1.52 trillion at the end of January 2017– an extra £1,077.51 per UK adult. Per adult in the UK that’s an average debt…
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