Credit, Collections & Insolvency News
Universal Credit has already left more than 100 council tenants across Nuneaton and Bedworth owing almost £120,000 in rent. According to borough council figures, there were 156 Local Authority (LA) tenants claiming Universal Credit (UC) and, of these, 126 were in arrears with their rent. The total amount of money owed was £118,000 and 60 per cent…
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Bridging lender Octane Capital has announced that Graham Macaulay has been appointed as Senior Credit Manager. Macaulay will report to Matt Smith, Octane Capital’s Director of Credit. Matt Smith commented on the appointment “Graham’s understanding of risk is superb and to have him on board is a significant coup, not to mention a great start…
Read moreThe rate of UK consumer borrowing continued to slow in November according to the Bank of England as it seeks to slow down the growth of the personal loan market.The report shows a growth in consumer credit of 9.1 percent in the year to November 2017. Outstanding balances for consumer credit now stand at over £205.8 billion. In response…
Read moreUK Finance has published its latest lending figures. Findings from the figure include: Mortgage activity has been building through the year, helped by increasing numbers of first-time buyers. We estimate gross mortgage lending in October was £23.1 billion, nine per cent higher than a year earlier, with 60 per cent of all new lending provided by…
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New data released by the Ministry of Justice indicates that the number of mortgage possession claims and orders made in county courts has increased in the last 6 months. Sellhousefast.uk, who help homeowners with the prospect of repossession, decided to investigate this issue, to determine which local authorities in England and Wales are most at…
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Plans to protect people from unresolved debts which can damage credit ratings without them knowing have been outlined by the Government. It has launched a consultation on how County Court Judgments (CCJs) are issued after concerns were raised that some rogue companies were deliberately sending claims to consumers using incorrect addresses. Credit ratings can be…
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Mortgage sales in the UK rose by 4.1% (£637.4 million) in November, according to Equifax Touchstone analysis of the intermediary marketplace. Year-on-year sales were up 3.0% (£470.1 million). Buy-to-let sales for the month jumped 10.8% (£334.1 million) on October. Residential figures were also up, increasing 2.5% (£303.3 million) on the previous month. The majority of…
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Online research from Equifax has revealed that 39% of Brits expect Brexit to negatively affect how they access and manage their finances. The survey, conducted by YouGov, also highlighted the younger generations’ pessimism about Brexit with over half (56%) of 18-24 year olds believing exiting the EU will make it more difficult to access and…
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New figures released by the Finance & Leasing Association (FLA) have shown that new business figures for the second charge mortgage market have continued to grow. Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The second charge mortgage market reported growth in October, with new business up…
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New figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in October, compared with the same month last year. Credit card and personal loan new business together grew by 13% compared with October 2016, while retail store and online credit new business increased by 3%. Second…
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Non-seasonally adjusted data released by UK Finance today shows that the number and value of loans for remortgaging and for house purchases rose in October in comparison with a month ago and with the same period in 2016. Capital and interest payments for new loans remain near record lows for both home movers and first-time…
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Here is an overview of The Money Charity’s latest statistics for December 2017: Personal debt in the UK People in the UK owed £1.562 trillion at the end of October 2017. This is up from £1.504 trillion at the end of October 2016 – an extra £1,106.13 per UK adult. Per adult in the UK that’s an average debt…
Read moreThe Intermediary Mortgage Lenders Association (IMLA) has confirmed the election of Phil Rickards ts its new Chair. Rickards Head of BM Solutions at Lloyds Banking Group was first appointed Deputy Chair of IMLA in December 2015 and has also served as a Director. He succeeds Kevin Purvey, Director of Intermediaries at Coventry Building Society, who returns to the…
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