Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for November 2017: Personal debt in the UK People in the UK owed £1.557 trillion at the end of September 2017. This is up from £1.505 trillion at the end of September 2016 – an extra £1,030.47 per UK adult. Per adult in the UK…
Read moreThe Financial Conduct Authority (FCA) has published its ‘FCA Mission – Our Future Approach to Consumers’. When the FCA launched its mission, it committed to publishing a series of documents that would explain its approach to regulation in more depth. The FCA’s Approach to Consumers is the first in this series, and explores the approach…
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Households on variable rate mortgages with the lowest levels of disposable income are at risk of sinking further into debt if interest rates increase by 0.25 per cent devt advise specilaist PayPlan has warned . Even a modest rise could have a ‘devastating’ impact on millions of Brits, especially those with a poor credit rating…
Read moreLatest figures released by the Bank of England suggest that high levels of consumer credit will ‘increase scrutiny’ on household debt. The Bank of England has published its latest monthly Money and Credit report showing continued growth in consumer credit of 9.9 percent in the year to September. Outstanding balances for consumer credit now stand at…
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A rise in interest rates will result in monthly repayment shocks for millions of homeowners who are already living on a tight budget, according to figures from free debt advice provider PayPlan. PayPlan has launched an interest rate calculator this week to help clients find out how a potential mortgage rate rise might affect them.…
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The Financial Ombudsman Service (FOS) has published its latest quarterly complaints figures. The data includes the number of enquiries and complaints passed to an ombudsman for a final decision, and the proportion of complaints resolved in favour of consumers. The data for the second quarter showed that new complaints received during July, August and September 2017.…
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Free debt advice provider PayPlan is encouraging loan and mortgage intermediaries to do more when it comes to consumers who have previously been declined credit. PayPlan believes that consumers who are declined credit due to affordability reasons following the application of a loan or mortgage to consolidate their debts should be signposted to independent debt…
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The Intermediary Mortgage Lenders Association (MLA) has announced that it has seen an increase in demand for 35-year mortgages. Highlights from its latest report indicate that: Nearly seven in ten (69%) mortgage brokers report an increase in demand for 35-year mortgages in IMLA’s latest Intermediary Lending Outlook research Over one in ten (13%) report a…
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Here is an overview of The Money Charity’s latest statistics for October 2017: Personal debt in the UK People in the UK owed £1.554 trillion at the end of August 2017. This is up from £1.5 trillion at the end of July 2016 – an extra £1029.82 per UK adult. Per adult in the UK that’s an average debt…
Read moreLatest figures published by the Money Charity indicate that outstanding debt on mortgages has hit all-time high in the UK. Continued growth in house prices, along with a small decline in the number of outstanding home loans has led to the highest level of mortgage debt per household ever recorded. In its October Money Statistics report,…
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Low-income households are becoming increasingly exposed to rent increases according to the Institute For Fiscal Studies (IFS). The research has found that the proportion of people in Great Britain living in private rented accommodation has more than doubled since the mid-1990s. Over the same period, average private rents have risen by 33% in real terms.…
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Latest UK Finance data shows that lending for house purchase was higher in August 2017 than in both the preceding month and a year earlier. Latest highlights include: First-time buyers borrowed £5 billion, 15% lower than in June but 14% higher than in July 2016. They took out 30,400 mortgages, down 16% on the preceding…
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Latest research from the Joseph Rowntree Foundation (JRF) has highlighted how a benefits freeze will affect families- the majority of which are in work. The freeze is the single biggest policy driver behind the expected rise in poverty by the end of the Parliament. JRF is calling for the Government to target its resources better…
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