Growth between ‘haves and have-nots’ widening

11th December 2023 Arrears and Recoveries | #featured main

The growing gap between the ‘haves and have-nots’ is growing according to a report by the Centre for Social Justice (CSJ). The analysis that that the UK is in danger of sliding back into the ‘Two Nations; of the Victorian era marked by a widening gulf between mainstream society and a depressed and poverty-stricken underclass,…

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Second charge mortgage new business volumes fell by 13% in October 2023

New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 13% in October 2023. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…

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Financially vulnerable people are twice as likely to end up in debt

Financially vulnerable people are twice as likely to end up in debt each time they take out a new credit product, according to new research from AI powered transaction analytics firm, Fuse. More than four in ten (44%) people in this group say they’ve ended up in debt after taking out a credit product in…

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Two-thirds of parents feel pressured to spend above their means at Christmas

Latest research from the Financial Conduct Authority (FCA) has found almost half of UK adults (47%) feel pressured to spend above their means during Christmas to provide for loved ones, rising to almost two-thirds (64%) for those with children under 18. Two in five (40%) UK adults, and over half of those (52%) with children…

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Fifth of adults have missed a payment in last 12 months

One in five (18%) adults, the equivalent to 9.7 million people, have missed a payment in the last 12 months according to research from Bluestone Mortgages. The missed payment includes utility bills or credit cards (both 7%), tax bills or loan repayment (both 5%). Additionally, 7% of those with a mortgage have missed a payment.  Seven…

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2023 Credit & Collections Technology Think Tank review

Credit Connect hosted its third in-person Credit & Collections Technology Think Tank in mid-November in Manchester which saw credit and collections strategies and the impact of the cost of living discussed by sixteen professionals from a variety of industry sectors at the Midland Hotel in Manchester. The themes of cost of living impacting customer engagement,…

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Households facing difficulties with credit

1st December 2023 Arrears and Recoveries |

New research by abrdn Financial Fairness Trust has found that 65% of UK households (18.4 million) have consumer debt and there are signs that credit stress may be worsening, with two-in-ten (16%) owing money due to missing at least one repayment on a credit commitment, up from 11% in May 2023. Over four-in-ten households (12.5…

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Money Statistics: November 2023

Here is an overview of The Money Charity’s latest statistics for November 2023 Personal debt in the UK People in the UK owed £1,845.6 billion at the end of September 2023. The average total debt per household, including mortgages, was £65,724 and per adult was £34,700, around 100.7% of average earnings. Net mortgage lending decreased by…

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One in four Scottish people will struggle to afford Christmas

29th November 2023 Arrears and Recoveries |

New YouGov polling commissioned by StepChange Debt Charity has found that one in four people (24%) in Scotland will struggle to afford Christmas this year. The survey also found that one in twelve (9%) people will have to borrow on credit to afford Christmas. One in every twenty people (4%) are still paying off their…

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One in three households will struggle to afford Christmas

28th November 2023 Arrears and Recoveries |

New YouGov polling commissioned by StepChange Debt Charity, which explores people’s finances and borrowing habits, reveals that one in four people will struggle to afford Christmas this year, rising to more than one in three (34%) households with children. The survey also found that. one in twelve (8%), around 4 million people, will be relying…

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Household debt costs set to double

A run of 14 consecutive interest rate rises has brought worry and financial pain for mortgage holders according to the research by the Office for Budget Responsibility (OBR), The OBR says that the benefit of better returns on savings has outstripped the hit of higher mortgage rates. Our real household disposable income – put simply,…

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Three quarters of households struggling to pay off their monthly credit card balance

Households with children at home are struggling with their monthly credit card repayments according to Compare the Market’s latest Money Action Index. The research reveals that households with children at home have been finding it difficult to manage their finances in the past six months as most have seen their regular bills increase. More than eight…

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One third of older homeowners consider themselves vulnerable

16th November 2023 Arrears and Recoveries |

Nearly a third (32%) of people aged 50 – 79 years consider themselves vulnerable, according to a survey by LiveMore Almost half of those (47%) said it is because they have little or no savings. Nearly two out of five people feel vulnerable due to poor health (37%) or because they feel burdened by bills…

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