Credit, Collections & Insolvency News
The British Banking Association’s (BBA) latest high street banking data shows that consumer borrowing through overdrafts, loans and credit cards grew at an annual rate of 6.7%. Other findings include: Gross mortgage borrowing totalled £13.8 billion in January, 6.3% higher than the same period last year Re-mortgaging approvals in January were 15.7% higher than January…
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The Office of National Statistics (ONS) has published an interactive housing affordability calculator, allowing users to see what level of household income they might expect to need in order to be able to get a mortgage on an entry-level property in their neighbourhood. The calculator uses some assumptions about the size of the deposit, the multiples…
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The Council of Mortgage Lenders estimates that gross mortgage lending reached £18.9 billion in January. This is 6% lower than December’s lending total of £20 billion, but 2% higher than the £18.6 billion lent in January last year. This is the highest lending total for a January since 2008 (£25.2 billion). Commenting on market conditions…
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The Financial Conduct Authority (FCA) have today published it’s latest data bulletin for The Consumer Contact Centre. The bulletin includes the latest trends in the retirement income market. The Consumer Contact Centre is the main point of contact for consumers of financial services firms who want to interact with the FCA; it handles more than…
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Teachers Building Society has pointed Simon Beresford as its new Chief Executive Officer. Beresford will replace Finance Director Dean Fensome, who has acted as Interim Chief Executive. Having recently held the position of Managing Director for BlackRock’s retail business, Beresford has also served at Nationwide where he was a branch director, Managing Director of personal…
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New research from Intelligent Environments has found an overwhelming majority of University students are feeling the stress created by their financial situation. Three quarters of students polled that receive a maintenance loan feel stressed about the amount of debt they are accumulating while studying, the effects of which are wide reaching. 39% said their debt has…
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Callcredit Information Group has announced that it has achieved full Financial Conduct Authority (FCA) authorisation. The authorisation process involved the Group companies demonstrating they had in place robust business plans, risk management frameworks, and had adequate systems and processes in place to support fair consumer outcomes. In addition, the companies were required to propose a number…
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A new Public Accounts Committee (PAC) report into the use of benefit sanctions has revealed jobcentres and providers use them “inconsistently”, with some Work Programme providers referring twice as many people for sanctions as others in the same area. It also found the “severity” of sanctions – a reduction or suspension of payments because a claimant…
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HMRC’s Counter Avoidance Directorate collected £92 million in unpaid Stamp Duty Land Tax (SDLT) in the year 2015-16, according to Collyer Bristow. The amount collected has fallen from £301.2million in 2014-15, indicating that the government’s strategy and legislative changes have been successful in preventing SDLT avoidance opportunities, the law firm said. James Badcock, partner at…
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Here is an overview of The Money Charity’s latest statistics for February 2017: Personal debt in the UK People in the UK owed £1.516 trillion at the end of December 2016. This is up from £1.466 trillion at the end of December 2015 – an extra £995.53 per UK adult. According to the Office for…
Read moreOverseas buyers and British expats without correct advice are finding it increasingly difficult to purchase property in the UK, according to research provided deVere Mortgages. The observation follows the introduction of new tougher requirements for buy-to-let borrowers year by UK lenders. Darren Mead, Head of Mortgages at the firm, which is part of deVere Group, one of…
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Ecology Building Society has announced the appointment of Martin Sims as its new Chief Operating Officer (COO). Sims joins after more than six years at Co-op Bank, having most recently served as senior manager for mortgages. Sims has also held positions at Royal Bank of Scotland and HBOS. Paul Ellis, CEO of Ecology, said “I…
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The number of guarantor loan problems Citizens Advice has helped people with has risen by 40% over the last year, latest figures show. When taking out a guarantor loan the borrower gives the name of a guarantor, normally a friend or family member, who is then pursued for payment if the borrower can’t repay. Last…
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