One in eight women who held a joint mortgage in the last two years experienced joint mortgage economic abuse from a current or former partner – equivalent to over 750,000 people, according to a new report by the charity Surviving Economic Abuse. The report, ‘Locked into a mortgage, locked out of my home’, funded by…
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Vulnerable customers will be able to access support services more quickly and easily, thanks to a project driving forward Priority Services Register (PSR) data-sharing between energy and water companies. At a summit meeting, Ofgem and Ofwat announced plans bring together suppliers, customer groups and experts to work towards a transformation in customer service culture across…
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New Bank of England data shows that the value of outstanding mortgages in arrears hit £21.9 billion in the second quarter of this year. This marks a 32% increase on Q2 2023 and is the highest total since 2014. On a quarterly basis, the value of outstanding mortgage balances with arrears increased by 2.9% compared…
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A new report from the Credit Services Association has found that public perceptions of debt enforcement are at odds with reality, with anxieties about talking to a debt collector about arrears out of line with the likelihood of enforcement proceedings. The report titled ‘ Tackling the Engagement Gap: Addressing the reluctance of consumers to discuss…
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Credit Connect is pleased to announce the companies, individuals, partnerships, teams and initiatives that have been shortlisted in this year’s seventh Credit & Collections Technology Awards 2024. The Credit & Collections Technology Awards is the UK’s celebration of tech innovators in credit and collections. The technology-focused award scheme seeks to champion innovation and best customer…
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New research by Creditspring has found that half of parents (52%) are unable to cover back-to-school costs with their current income, with two in five at a loss as to how they will be able to afford new term essentials. The research found that four in ten (39%) are reliant on credit to buy back-to-school…
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Here is an overview of The Money Charity’s latest statistics for August 2024 Personal debt in the UK People in the UK owed £1,856.8 billion at the end of June 2024. The average total debt per household, including mortgages, was £65,380 and per adult was £34,612, around 96.3% of average earnings. Net mortgage lending increased by…
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A new forecast has predicted that median household incomes are projected to grow by 3 per cent this year. However on current economic forecasts and policy assumptions, this recovery is set to peter out, with incomes forecast to grow by just 2 per cent in total over the next five years, highlighting why the Government…
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Latest ONS data as measured by the Household Costs Index (HCI), has found that household costs rose 2.5% in the year to June 2024, slowing from the annual rate of 4.5% in March 2024. Over the past three years, the all-households inflation rate has followed the fifth income decile most closely; costs for these households…
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More than three-quarters (78%) of students fear how they will get through University as escalating bills, rent and prices pile pressure on their limited finances, research from Nationwide shows. Nationwide carried out a poll of 2,000 UK University students to understand better how students are managing their money. It revealed that while the average student…
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Ofgem has confirmed that the energy price cap will rise 9.5% in October, to £1,717 for an average user, adding £148.92 to an average bill or £12.41 a month. The removal of the winter fuel payment for those on low pension incomes, who don’t qualify for pension credit, will make it even tougher to make…
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38% of older people (65+) living on a low household income (under £15k per year) in England and 29% in Wales are either finding it a constant struggle – or a struggle from time to time – to keep up with their water bills, according to new research by Independent Age. The charity has teamed…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures in July 2024 remained at similar levels to June 2024, but were 24% higher than in July last year at 10,524. The personal insolvencies consisted of 634 bankruptcies, 4,163 debt relief orders (DROs) and 5,727 individual voluntary arrangements (IVAs).…
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