Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for May 2018: Personal debt in the UK People in the UK owed £1.584 trillion at the end of April 2018. This is up from £1.53 trillion at the end of April 2017– an extra £1,026.74 per UK adult. Per adult in the UK that’s an average debt of £30,601 in…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in March was at a similar level to that reported in March 2017, and grew 6% in Q1 2018 as a whole. Credit card and personal loan new business together grew in March by 7%, compared with the same…
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New figures released by the Finance & Leasing Association (FLA) show that new business in the point of sale (POS) consumer car finance market fell 5% by value and 10% by volume in March, compared with the same month in 2017. In Q1 2018, new business grew 3% by value, while volumes fell by 1%…
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The amount of new credit issued in the UK went sharply negative in Q1 2018, dipping to a level it has not seen in six years according to research by Pantheon Macroeconomics. The research suggests that consumers also abruptly increased their repayments of loans at the highest rate since records began in 2013, according to Pantheon Macroeconomics…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q1 2018 was 46, up from 25 in the first quarter of 2017. The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.09% in the twelve months to March 2018.…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business fell 10% by value and 13% by volume in March, compared with the same month in 2017. In Q1 2018 as a whole, new business increased 1% by volume compared with the same quarter in 2017. Fiona Hoyle,…
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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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Credit Kudos has announced that it has successfully rolled-out of Open Banking connections with the largest UK banks, becoming the first credit bureau to offer Open Banking services to lenders and individuals. Borrowers can now use Credit Kudos to verify income and demonstrate creditworthiness using their financial history data, giving individuals more control over their…
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Doorstep lender Provident Financial has announced its latest financial results which indicate an upbeat start to 2018. Group Chief Executive, Malcolm Le May, Group Chief Executive, said “I am very pleased with the operational and financial performance of the group during the first quarter of the year and we are on-track to deliver results for…
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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 Credit & Collections Technology Awards has confirmed the judges for the 2018 event. Launched in 2017, the second annual awards seek to recognise excellence in credit and collections technology. The judging panel includes industry association leaders whose expertise includes specialisms from a diversity of different backgrounds, this ranges from consumer and business commercial through to lending and collections.…
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More than half of consumers with debt are struggling according to a new poll that reveals most people take on the strain themselves rather than seek help. The Nationwide Building Society poll of more than 2,000 UK adults reveals that of those in debt, 57 percent are experiencing debt problems and feel like they are…
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