The Analysis News & Opinions
Opinion
Warning signs that arrears will increase further
The latest statistics from UK Finance reveal that mortgage lending is down 3.6%, but all other forms of household debt have risen, with credit-card spending up 11.7%, the amount outstanding on overdrafts up 0.9% and the value of new personal loans are up 7.8%. Earlier last month, the Money Charity
statistics also revealed a worrying picture in terms of household finances. It revealed that the average real wage is
down 5.3% since the pre-crash peak in February 2008, that credit-card debt is now £2,638 per household as people start having to put everyday expenses onto credit cards. Last month, we saw the real impact of
these tightening household budgets on the high street as another ‘casual dining’ business – Jamie’s Italian – went into administration. Add this to the ongoing Brexit saga, which is affecting consumer and business confidence, and we have a perfect storm. Troubles in the retail and casual dining
sector and rising debt have always been a sign of what is to come, and new figures also paint a worrying picture. In first quarter of the year, mortgage arrears and repossessions rose for the first time in years, and I think we will see a more significant rise at the end of the second quarter. Lenders should try and identify any
borrowers who are already having difficulties managing their mortgage – or are likely to in the future – and take action before repossession becomes the only option.
Mark Pilling Managing director, Spicerhaart Corporate
2019 awards begin
Application packs have been made available for the Credit Excellence Awards 2019, as the awards scheme again sets out to allow the best in the industry to show their true worth and to shine. Stephen Kiely, editor of CCRMagazine,
said: “It is always an exciting time to send out the first packs – the credit, collections, and enforcement industry is one of the most hard working and impressive parts of our economy, so it is an honour to give it a platform to show its worth. “The awards are free to enter and
independently judged, so each year we look forward to welcoming entries from across the industry. “Every year, we receive huge numbers of
outstanding applications and again we are looking forward to seeing the real quality of the industry. “So, if you are truly excellent in your field, then we want to hear from you, regardless of
Credit Excellence Awards2019
whether you are a creditor or supplier, or even a product or service.” l To claim your Credit Excellence Awards Application Pack, or to find out more, please e-mail
stephen@ccrmagazine.co.uk or call 07766 416693.
Research data for collections is planned
CCRMagazine and Restons Solicitors are to ask the credit industry’s opinions on the future of data for collections and legal services. Stephen Kiely, editor of CCRMagazine,
said: “The role of data in collections and legal services is fundamental to the success of our industry: it is probably fair to say the industry today would not exist without the developments seen in all of these areas. “But there will always differences in
approach and different attitudes on what works well and how each can be integrated better into the others to bring success for the industry and its customers, so it should be very interesting to where people’s priorities
sit and where they feel that they have reached in their journey. “Such research is hugely important as a
tool for information and benchmarking for the industry, so we are delighted to be working with specialist
legal services
provider, Restons Solicitors to generate exclusive insights and inform the industry.” l To fill out the short survey, please go to
www.CCRMagazine.com.
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www.CCRMagazine.com
June 2019
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