20th January 2022 - Credit Connect

Inflation hits 30-year high

20th January 2022 Consumer Collections | #economy

Official figures show that inflation jumped to 5.4% in December, with this the highest rate since the 7.1% recorded in March 1992. The consumer price index (CPI) measure of inflation was up from 5.1% in November, with soaring food costs and energy price increases helping drive the rate up. The Office for National Statistics (ONS)…

One in three consumers struggling to keep up with bills

20th January 2022 Arrears and Recoveries | #consumer debt

The number of people finding it hard to keep up with bills and credit commitments has doubled since the start of the pandemic according to new research from StepChange Debt Charity. The charity has found the proportion of people struggling is now nearly one in three (30%) UK consumers – 15 million people – compared…

CCJs against consumers rise by a third

20th January 2022 Consumer Collections | #County Court Judgments (CCJs)

The number of County Court Judgments (CCJs) issued against consumers in England and Wales in 2021 rose by more than one third compared to 2020, according to latest figures released by the Registry Trust. The number of consumer judgments registered in 2021 was 848,124, up by 36 percent from 625,901 in 2020. The Registry Trust…

Scottish decrees against consumers rise by 9%

20th January 2022 Consumer Collections | #debt judgments

The number of decrees and total amount of debt registered against Scottish consumers in 2021 rose compared to 2020, according to figures released by the Registry Trust. The number increased from 13,308 in 2020 to 14,444 in 2021, a rise of nine percent. The total value rose even more, by 19 percent, from £37 million…

Northern Irish debt judgments against businesses and consumers show slight rise

20th January 2022 Commercial Collections and Recoveries | #debt judgments

The number of debt judgments registered against Northern Ireland consumers in 2021 was 3,263, a small rise of two percent from the 3,207 in 2020, according to latest figures released by the Registry Trust. The Registry Trust says it is worth noting that numbers are still well below the highs seen before Covid struck. The…

Irish debt judgments against consumers fall by 2%

20th January 2022 Credit and Collections | #ireland

The number of judgments registered against Irish consumers saw a small fall in 2021 compared to 2020, figures released by registrar Irish Judgments show. The number of judgments registered against Irish consumers in 2021 was 912, a fall of two percent on the 930 seen in 2020. However, the total value of consumer judgments registered…

Older homeowners release a record £4.4bn in property wealth

20th January 2022 Consumer Lending | #Private equity

Older homeowners released a record £4.4 billion in property wealth last year at a rate of more than £12 million a day as customers helped family and secured their own finances by repaying debt or remortgaging existing borrowing, data from the UK’s leading equity release adviser Key shows. Around one in five equity release plans (19%) taken…

Pay packets shrinking for the third time in decade

20th January 2022 Global | #economy

Real wages officially began to fall in November, and the current period of shrinking pay packets is likely to get worse before it starts to ease in the second half of 2022, the Resolution Foundation said in response to the latest ONS labour market statistics. Real regular average weekly earnings wages fell by 1 per…

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