UK adults are set to take out more than £13.2 billion worth of loans this year to consolidate debts, according to new research by Go.Compare. The research estimates that more than 1.5 million adults plan to take out a loan for debt consolidation, meaning lenders will provide billions in payments. This could suggest that a substantial…
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The Financial Conduct Authority (FCA) has identified significant gaps in how firms support vulnerable customers. It was found that 44% of vulnerable customers reported negative experiences, compared to 33% of non-vulnerable customers. Three-quarters (74%) of vulnerable customers who told their firm about their circumstances said that staff asked the right questions to understand their situation,…
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Average UK rents for new lets are 3% higher over the last year, down from 7.4% a year ago according Zoopla’s quarterly rental market report reveals. The data showed that rental market conditions are steadily improving after three years of chronic under supply and excess demand, although there is still an ongoing gap which is…
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New research by TotallyMoney has investigated overdraft charges and found that some high street banks are charging customers up to 49.90% interest on their borrowing. The research showed that one in five people (19%) are overdrawn by £709 each day, with total overdraft borrowing at £5 billion. with many high street banks charging daily interest…
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Young adults are facing significant financial struggles, with many battling debt and seeking help with budgeting, according to new figures released by Christians Against Poverty (CAP). Research carried out by Opinium for CAP found that 35% of young adults are struggling with deficit budgets – spending more than they earn – a far higher number…
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New research by StepChange Debt Charity reveals around 3% of UK adults, equivalent to 1.6 million people, have experienced coerced debt, a form of economic abuse where the perpetrator coerces a victim into debt, for example by making them take out credit against their wishes. This comes as the charity estimates that around one in…
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The Resolution Foundation is calling on the Government to change its child poverty strategy. In a new report, the Foundation has warned that the roll-out of £3 billion of previously announced benefit cuts will contribute to an increase in child poverty rates from a projected 31 per cent at the start of the Parliament (2024-25),…
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National Energy Action research has found that nearly half of adults (49%) expect to ration energy in coming months as average bills set to rise by over £100. The data follows on from Ofgem’s announcement that the energy cap will rise by 6.4% in April with the average energy bill rising to £1,849 a year…
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Citizens Advice says energy network companies, which provide pipes and cables to people’s homes, have made nearly £4 billion in excess profits over the last four years. During this time, the charity has helped a record nearly 700,000 people in England and Wales struggling to afford their energy bills, and five million currently live in…
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New figures released by the Finance & Leasing Association (FLA) show that econd charge mortgage new business volumes grew by 16% in December 2024. 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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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures decreased by 3.4% in January 2025 to a total of 9,706 when compared to December 2024’s total of 10,045, and increased by 11.6% compared to January 2024’s figure of 8,698. Personal insolvencies consisted of 592 bankruptcies, 3,847 debt…
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New research commissioned by Co-op Legal Services reveals millions of married people may want to file for divorce but feel that their current circumstances are preventing them from taking this step. Survey findings from the member-owned organisation show that almost three-fifths (59%) of married individuals who have considered divorce feel they can’t end their marriage…
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Latest data from the Ministry of Justice, fro Quarter 4 (Q4) has shown that mortgage claims, orders, warrants and repossessions increased. Compared to the same quarter in 2023 there were increases in mortgage possession claims from 4,385 to 6,080 (39%), orders from 2,697 to 4,178 (55%), warrants from 2,240 to 3,305 (48%) and repossessions by…
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