Credit, Collections & Insolvency News
OneFamily Funeral has revealed that in the UK between 2012 and 2017 the average price of a cremation increased by a huge 33% from £2,896 to £3,894, while the price of a burial has risen by 26% to £5,446. Comparatively inflation has risen just 11.91% over the same period. The most significant costs are for…
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The latest research from Plentific.com, an online home service marketplace, has found that financial help from the Bank of Mum and Dad isn’t just limited to purchasing a property; it also extends to improving the home. A fifth of homeowners (18%) say they rely on the Bank of Mum and Dad to help finance home…
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The Institute For Fiscal Studies (IFS) has released a new briefing note as part of its pre-election analysis, provides key information on incomes and inequality. It analyses net household incomes (after taxes and benefits) since the recession, and looks ahead to what we might expect over the next parliament if official economic forecasts turn out…
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Insight from MoneySuperMarket has revealed that the introduction of an energy price cap, widely rumoured to feature in the Conservative Party general election manifesto, could mean the end of cheap fixed rate tariffs, risking a situation where UK households miss out on additional savings of £200. Last year alone the cheapest deals offered by MoneySuperMarket…
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New research from Gocompare.com finds that young people’s financial reliance on their parents could be putting families under pressure. The Bank of Mum and Dad picks up bills for food, mobile phones, clothing, cosmetics and transport – as well as treats. The research, commissioned by Gocompare.com Money, looked at the financial help parents of 17…
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A study, by the International Longevity Centre-UK (ILC-UK), supported by the Building Societies Association (BSA) has found that borrowing into older age is likely to move from niche to mainstream within the next decade. The amount of mortgage debt held by over 65s is set to increase by more than £19 billion by 2030 (from…
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Legal & General and Cebr have published a new report into the role the Bank of Mum and Dad plays in helping their children get on, or move up the property ladder. The research shows the Bank of Mum and Dad will lend over £6.5 billion in 2017, up from £5bn in 2016, providing deposits for…
Read moreThe British Bankers Association (BBA) has released March 2017 figures for the high street banks. Eric Leenders, BBA Managing Director for Retail Banking said: “In March, annual growth in consumer borrowing from the main high street banks* slowed, perhaps mirroring the dip seen in retail sales volumes as price rises appear to have started biting…
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A new briefing note released by the Institute for Fiscal Studies (IFS) has analysed the impact of tax and benefit changes since May 2015 on the incomes of different kinds of households. One of the key findings in the reports suggests that the one million families with children and nobody in paid work would be…
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New research by the Financial Services Compensation Scheme (FSCS) shows that almost two-thirds of respondents feel reassured knowing that FSCS protects their money if their bank, building society or credit union fails. On 30 January 2017, the FSCS protection limit increased from £75,000 to £85,000 following a consultation from the Prudential Regulation Authority. The research by…
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The Council of Mortgage Lenders estimates that gross mortgage lending reached £21.4 billion in March. This is 19% higher than February’s lending total of £17.9 billion, and 19% lower than the £26.3 billion lent in March last year. The sharp fall in year-on-year lending was expected, as March last year saw significant rises in activity…
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Households are experiencing the tightest squeeze on their spending power since the summer of 2014, according to Markit’s Household Finance index. A “sharp and accelerated” squeeze on households’ financial well-being is largely being driven by renewed pressures on the amount of cash available to spend – which has fallen at the fastest pace seen since…
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New research from insurer Royal London has found that over £400 billion in wealth being held by Britain’s grandparents is set to cascade down through the generations to the benefit of Millennials in the coming years. Although most of the wealth held by the grandparents’ generation will be passed on initially to their baby boomer…
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