Credit, Collections & Insolvency News
Latest Bank of England (BOE) data has shown that mortgage borrowing hit a record monthly high in June, climbing to £17.9 billlon. This marks a 163% jump on the £6.8bn recorded in May. The increase came as buyers looked to complete deals before the stamp duty holiday started to taper. While the threshold at which…
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The number of debt judgments registered against Northern Ireland consumers in the first half of 2021 (H1 2021) was 1,678, a fall of nearly 12 per cent from the 1,900 in the same period last year, according to figures released by Registry Trust. But, the total value of judgment debt owed by consumers rose by…
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The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland rose by 12.3% to 1,884 in April-June 2021compared with January-March 2021’s figures of 1,677, and was 9.6% lower than in April-June 2020 according to latest Accountant in Bankruptcy (AiB) figures. A total of 586 bankruptcies were awarded during this quarter – a 61.4%…
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Here is an overview of The Money Charity’s latest statistics for July 2021 Personal debt in the UK People in the UK owed £1,721.3 billion at the end of May 2021. The average total debt per household, including mortgages, was £61,933 and per adult was £32,544, around 108.7% of average earnings. Net mortgage lending rose by…
Read moreNearly one in three people are retiring in debt this year with an average £20,650 to pay off, new research by equity release adviser Key, has indicated. People expecting to retire this year are facing debts around a fifth higher than those who finished work last year the study shows – although the number of…
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New research by LifeSearch has indicated that consumers’ wealth continues to recover as £14.1 billion of debts repaid and £34.6 billion saved in the past 6 months. The research has found that 14% of consumers have repaid debts in the last six months, rising to 20% of Generation Y (aged 25-39); an average of £319…
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A new report from Juniper Research has found that global contactless card transaction values will reach $2.5 trillion in 2021, from $1.7 trillion in 2020, with cards retaining the majority share of overall contactless transaction values at 79% in 2021. The pandemic has significantly accelerated an existing contactless card usage trend, and these value increases…
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A new report from the Centre for Social Justice has unveiled a partnership between bailiff firms and debt advice charities to help people in ‘severe’ debt, which is a third higher than before the pandemic began, The bold plans to strengthen protections for households facing a post-pandemic tidal wave of debt have been brokered by…
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NewDay has launched, Bip, the UK’s first completely cardless consumer credit proposition. Bip has been designed around the customer, offering a fully digital credit experience that is simple to use, fully transparent on costs and with the customer in complete control. NewDay offers credit to a broad spectrum of UK customers, providing accessible credit to…
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NatWest’s Ulster Bank is preparing to sell €7.6 billion of loans and 25 branches to Irish bank Permanent TSB. Between 400 and 500 Ulster Bank employees will transfer over under the deal while NatWest will secure a 20% stake in PTSB as part payment. “In line with our strategy of a phased withdrawal from the…
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New research has found that 840,000 private renters have built up arrears as a result of the Covid pandemic meaning 56% of landlords have lost rental income. The research by Homeppl also found that there was also 71% rise in fraudulent applications, one in 50 are now fraudulent and that fraudulent tenants now costing landlords…
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Credit Connect’s hosted the latest edition of the Connected News series last week which saw a discussion focused on the delivery of responsible vulnerable communications strategies and the future of the sector discussed by four leading collections professionals. Banks, credit card providers, building societies, loan providers, collections specialists, utility firms and fintechs were amongst the…
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New research by MoneySuperMarket has found that over 11 million consumers could see their energy bills balloon by 20% in 2021. The research found that bills for 11 million consumers on standard or default tariffs are set to rise by an unprecedented 20% since the start of the year it also found that energy bills…
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