People in debt have lost £48.8 million on fees for failed Individual Voluntary Arrangements (IVA), with many steered into an inappropriate debt solution by unscrupulous firms offering bad advice according to research by Citizens Advice. The charity has found two thirds of people were not told a key piece of information before entering into an…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that consumer second charge mortgage new business volumes grew by 17% in November 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),…
Read moreNew figures have revealed that the overwhelming majority (91%) of people are still grappling with money struggles as a result of the cost of living crisis. This is equal to around 63.1 million people feeling the impact of the ongoing financial squeeze, highlighting its continuing toll on UK households, and that many are in need…
Read moreNationwide is urging those struggling financially to seek help as a perfect storm of record New Year debt, rising energy bills and tax returns is set to make January a tough month for many. According to Nationwide’s spending data, debt levels in November were already four percent higher than the same month last year, at…
Read moreResearch by Compare the Market has found that half of university students struggle to repay their credit card balance within three months. The data found that almost one in two (48%) university students have been struggling to repay their credit card balance within three months, with the main reasons being the rising cost of everyday…
Read moreNew research by Legal & General Retail has found that financial concerns are causing delays in divorce proceedings, with 17% (280,000) of recent divorces were postponed due to money worries. Couples across the country stalled their separation because of income concerns (13%), rising living expenses (12%) and the cost of divorce (12%). However, once couples…
Read moreThe Resolution Foundation is calling on the Government to offer extra support to working parents, including with childcare and commuting, if it is to fulfil its promise of cutting child poverty. The Resolution Foundation says that he last Labour government reduced relative child poverty significantly – down by the equivalent of 600,000 children between 1998-99…
Read moreNew research commissioned by Co-op Legal Services reveals that almost three-fifths (59%) of married people who want to divorce shared that they felt they couldn’t due to their personal finance situations whilst a similar number (60%) feel the same due to having children. Approximately nine in ten(88%) married people believe that unhappily married couples who…
Read moreAccording to a free money advisory service, nearly 4,000 people searched for debt help over Christmas. Data from the Money Wellness website showed that 3,994 people visited the website on Christmas Eve, Christmas Day, and Boxing Day seeking advice on dealing with unmanageable debt. Almost 2,000 (1,835) people in London searched for support, followed by…
Read moreNew figures from Rightmove has shown that average rents are set to increase next year as demand outstrips supply in the private rental sector. The rental market study finds that the average number of enquiries sent to agents about each available property is still nearly double the level it was in pre-pandemic 2019, with an…
Read moreAlmost one in two (48%) university students have been struggling to repay their credit card balance within three months according to research by Compare the MArket, with the main reasons being the rising cost of everyday expenses (33%), increased university costs (31%), and having to prioritise other household bills such as energy or rent (23%).…
Read moreLatest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures increased by 12.2% in November 2024 to a total of 10,012 compared to October’s total of 8,924, and increased by 25.5% compared to November 2023’s figure of 7,978. The personal insolvencies consisted of 589 bankruptcies, 3,693 debt relief orders…
Read moreOutstanding balances on credit card accounts have grown by 6.6 per cent over the twelve months to September and 49.4 per cent of outstanding balances incurred interest compared to 50.1 per cent in September 2023 according to latest card spending date from UK Finance The data showed 2.2 billion debit card transactions in September, 4.5…
Read more