View more on these topics

Credit Action reveals latest UK debt figures

The total UK personal debt exceeded £1 ¼ trillion and at the end of September 2006, with the growth rate increasing to 10.3% for the previous 12 months which equates to an increase of £109bn.

These startling facts add up to Britain’s personal debt increasing by £1m every four minutes.

Total secured lending on homes has exceeded £1 trillion, at the end of September 2006 it stood at £1045.7bn. This has increased 11.2% in the last 12 months.

Total consumer credit lending to individuals in September 2006 was £212.0bn, increasing 6.3% in the last 12 months.

Average household debt in the UK is £50,918 including mortgages, while the average owed by every UK adult is £26,747. Average interest paid by each household on these debts is approximately £3,204 each year.

A recent survey shows that some 770,000 people throughout Great Britain, with a mortgage have missed one or more mortgage payments in the last 12 months.

The survey showed that younger people are more likely to have missed a mortgage payment, with 13% of 21-24 year-olds surveyed said they had missed one or more mortgage payments last year. This suggests that some people who are new to homeownership may be getting straight into difficulties.

A recent report from Datamonitor reveals that the UK is responsible for a third of all unsecured debt in Western Europe and that the average UK consumer owes over twice as much as the average western European owes.

One person is falling victim to insolvency every minute of the working day – 26,021 people became insolvent between April to June 2006 which is a 66% increase on the same quarter last year. The number of people becoming insolvent in 2006 is likely to exceed 100,000.


Mortgage Next offers free legal and valuation fees

Mortgage Next is running a free legal and valuation fees incentive in conjunction with four of its lender partners.The incentive scheme is available immediately on all packaged cases over £100,000 and includes Mortgages PLC, Advantange, Kensington Mortgage Company and DB Mortgages.Justine Tomlinson, marketing director at Mortgage Next, says: “We’re always looking for ways to add […]

Prices up 187% since 1996

House prices have risen by a whopping 187% since the UK housing market recovered in February 1996, Halifax re-vealed last week. Half of the country’s counties have seen a trebling in their average house price since 1996. All counties have seen at least a doubling in the average house price since that time. London showed […]

Thinc Destini rebrands as The Thinc Group

Thinc Destini, the multi-distribution channel, has launched its new corporate brand and will now be known as The Thinc Group. The new brand design, which has been planned for a number of months, was unveiled at a reception on Monday October 30 at the Royal Academy of Arts in London. Since the merger of Thinc […]

Free remortgages at edeus for three-year adverse tracker range

edeus has announced it is to offer free standard valuations on its 3 year adverse tracker range. This new option allows intermediaries to meet the needs of clients who may struggle to meet increased payments if base rates change on November 9.Alan Cleary, managing director of edeus, says: “Offering free remortgages greatly enhances the adverse […]

Why your clients need some tough love

In any relationship that matters, professional or personal, you should be upfront with someone if you think they’re making a decision or doing something they might later regret. Being honest with someone and having their best interests at heart, however hard the message, is key to building trust in any relationship. So how does this […]


News and expert analysis straight to your inbox

Sign up