Credit, Collections & Insolvency News
The government’s plans for a fresh round of welfare cuts, dubbed ‘Bedroom Tax 2’, threatens to undermine housebuilding projects, increase homelessness, and weaken public sector finances across Scotland, it has been claimed. According to The Herald, payments to help tenants meet their social housing costs will be capped by the UK government for the first time with…
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South Tyneside Council has seen the amount of Council Tax it is owed almost double over the last three years. Data obtained shows that the authority was owed £1.19million at the end of the 2013/14 financial year. By the end of 2015/16, that figure had jumped to £2.04million – a rise of more than 70%.…
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Universal Credit has caused a 20% rise in rent arrears from East Lothian Council tenants in just three months since it was introduced, a report has found. The report shows that the change to Universal Credit has seen rent arrears rise by £242,000.The net year on year increase, calculated at 12 %, or £157,000, has almost…
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The Council of Mortgage Lenders (CML) has published its new latest findings and reports that gross lending of £21 billion in November – up by an estimated 3% on October, and also 3% up on a year ago. The CML’s lending forecasts for 2017 have been revised downwards from the previous expectations of a year ago, reflecting economic…
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The average rent arrears of a tenant receiving Universal Credit is almost five times the average of those not in receipt of the welfare payment, according to new research. Data provider Housemark carried out a detailed analysis of benchmarking data submitted by its members to examine the impact of changes in welfare benefits on social…
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Consumers are unsurprisingly concerned that stability in the housing market could be affected next year by increased living costs and rising interest rates, the latest Property Tracker survey results revealed by the Building Societies Association (BSA). The Post-Referendum bounce-back in confidence has been short-lived, with fewer consumers viewing now as a good time to buy…
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Phillips & Cohen Associates (UK), has announced its intention to start providing Mortgage Administration Services with immediate effect. Commenting on the decision to expand its existing service provision into the Mortgage Administration market, Managing Director International, Nick Cherry commented, “Phillips & Cohen has an impeccable record across the globe in providing highly specialised deceased account…
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The latest Money Stats indicate that consumer credit has risen above £190 billion, the highest level seen since 2008. The report by the Money Charity says that’s £7,042 for every household in the UK in credit cards, personal loans and other borrowing not secured against property. Day-to-day, people have more control over how much they borrow…
Read moreThe Financial Conduct Authority (FCA) has today launched a market study to consider whether competition in the mortgage sector can be improved to benefit consumers. The FCA wants to understand whether consumers are empowered to choose on an informed basis between products and services and are in a position to understand whether these represent good…
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Monitoring Poverty and Social Exclusion 2016, an annual state of the nation report written for the independent Joseph Rowntree Foundation (JRF) by the New Policy Institute, has found that 13.5 million people, 21% of the UK’s population, are living in poverty. The economic recovery has helped to stop poverty rates from rising higher, with overall…
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The BBA has released high street bank figures for October. Dr Rebecca Harding, BBA Chief Economist, said “Consumer credit is now growing at its fastest rate since November 2006, reflecting strong retail sales growth. Consumer confidence remains robust as borrowers take advantage of record low interest rates. Mortgage approvals ticked up a little October. There has only…
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Paragon Bank has announced plans to launch a new range of specialist residential mortgages. In a report for the year ending 30th September 2016, the bank revealed that it intended to follow the launch of its development finance proposition and two acquisitions in the asset finance market with new specialist residential products in the first…
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A new study from Citizens Advice reveals the challenges faced by “just about managing families” and says many of the problems are ‘fixable’. The report is based on new analysis of the problems faced by the 700,000 working people helped by Citizens Advice between October 2015 and September 2016. It identifies the most common challenges…
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