Credit, Collections & Insolvency News
Latest Bank of England data has shown that people borrowed an extra £1.8 billion in June, up from £900 million in May showing that consumer credit growth rose 6.5 percent in June 2022. The annual growth rate of credit card borrowing was 12.5 percent with outstanding balances for consumer credit now standing at £203.9 billion.…
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Here is an overview of The Money Charity’s latest statistics for July 2022 Personal debt in the UK People in the UK owed £1,794.8 billion at the end of May 2022. The average total debt per household, including mortgages, was £64,581 and per adult was £33,935, around 107.7% of average earnings. Net mortgage lending rose by…
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More than one in eight UK households fear they have no further way to make cuts to afford a sharp increase in annual energy bills this autumn according to Legal & General’s Rebuilding Britain Index. The report says that the cost of living crisis will lead to nearly 70% of the UK making additional cutbacks…
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Buckinghamshire Building Society has announced that it has appointed Dan Wass as its new Chief Executive Officer (CEO). Wass will start in his new role at the Society in September 2022 following Gerard O’Keeffe’s decision to retire later this year. Wass was most recently as Director of Member Propositions, Banking, Insurance & Investments at Nationwide…
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Equifax, has announced the appointment of Stéphane Dubois as Senior Finance Officer for Europe. Dubois has over 20 years’ leadership experience and joins Equifax from Dutch manufacturing company AkzoNobel, where he spent three years as Head of Finance Transformation, a role that involved his transformation of the company’s finance function. Dubois will report to Leo…
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Smart Money People has announced the finalists of their Consumer Credit Awards 2022 after 10 weeks of voting by consumers for their favourite credit providers. Smart Money People says that over 25,000 votes have already been cast in the awards this year, with voting for the finalist firms remaining open until 15th August 2022 and…
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Nearly 80% of eligible households have received a £150 council tax rebate in the first 3 months to help with the cost of living now Government figures have shown. A total of more than £2 billion has been handed to 15 million households in England under the scheme. Over 90% of households who had direct…
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The Financial Conduct Authority (FCA) has fined three former executives of Carillion for publishing misleading financial statements before the firm collapsed in 2018. The three individuals have referred their respective Decision Notices to the Upper Tribunal where they will each present their case. Any findings in the individuals’ Decision Notices are therefore provisional and…
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New data from carwow has revealed that the cost of living crisis continues to hit motorists hard, with one in five ( 21%) of those listing their cars for sale doing so to ‘cut costs’. Of those who said they are selling their car to save money, 52% are looking to downgrade to a cheaper…
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Ofwat has set out new proposals to improve financial resilience in the sector. These would give the regulator extra powers to stop water companies making dividend payments if the company’s financial resilience is at risk. The move would also enable Ofwat to take enforcement action against companies that don’t link dividend payments to their performance, or…
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The Financial Conduct Authority (FCA) regulation of pre-paid funeral plans has launched following legislation passed by Parliament. The FCA is now authorising 26 providers. Together these firms hold approximately 1.6 million plans, which make up 87% of the market. Regulation of the sector will bring higher standards and boost consumer protection. The rules will include…
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UK rentals rose by 2.47% (£849 to £870) during Q2 2022, the largest quarterly increase during the fifteen years that The Deposit Protection Service (The DPS) has recorded the country’s rental values. Average rents had risen £66 from £804 to £870(8.21%) between Q2 2021 and Q2 2022. The research also found that four of the…
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Commercial mortgage brokers are expecting a sharp increase in commercial property sales, with 42% expecting to see more SMEs look to acquire their premises rather than rent according to research by Alicia Bank. Rising business costs, including rent and associated charges, are driving business owners to buy their properties and acquire a freehold asset, rather…
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