The UK’s largest specialist mortgage lenders are accounting for a 22% increase in Expected Credit Loss (ECL) provision as mortgage defaults spike, according to a new report from AI powered transaction analytics firm, Fuse. Analysis of the most recent financial statements of ten of the UK’s largest specialist mortgage lenders indicate that lenders are accounting…
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New research by CreditSpring has found that 6.7 million young people (aged 18-34) across the UK don’t know that using buy now, pay later (BNPL) can lead to debt. The research showed that mearly half (46%) of young people remain unaware BNPL can lead to debt, much higher than the 35% UK average. BNPL is…
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Here is an overview of The Money Charity’s latest statistics for March 2024 Personal debt in the UK People in the UK owed £1,838.7 billion at the end of January 2024. The average total debt per household, including mortgages, was £65,479 and per adult was £34,570, around 99.1% of average earnings. Net mortgage lending increased by…
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Latest analysis by StepChange Debt Charity has revealed that there is growing financial insecurity among its clients, with the average person coming to the charity for help having more debt and less money to pay towards it each month. The findings also showed that the average amount of unsecured debt has reached its highest level…
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New official household income statistics released IFS funded by the Joseph Rowntree Foundation and the abrdn Financial Fairness Trust has found that the real incomes of the poorest third of households were roughly the same in 2022-23 as in 2019-20, despite the Covid pandemic and the cost of living crisis. But other measures of material…
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A survey by the Royal College of Nursing (RCN) has found that 77% say they are worse off than a year ago. The findings from the survey reveal a nursing workforce struggling desperately with living costs, with more than three quarters (77%) saying they are financially worse off than 12 months ago. Over two thirds…
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A new survey by credit management company Lowell revealed that British Gen Z adults owe on average £5,069 of debt, with 13% owing more than £10,000, a further 61% of people admitting financial decisions they have made are already starting to affect their future goals. With almost half (48%) of Gen Z outlining credit card debt as their main…
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Debt difficulties may be a reality for the majority of households, but even this isn’t enough to stop many struggling in silence and running the risk of spiralling into persistent problem debt, according to research by Fair4All Finance, the not-for-profit financial inclusion organisation. The research on the hidden impact of the cost-of-living crisis reveals widespread…
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The Joseph Rowntree Foundation (JRF) is warning that the nation’s health can’t be protected only through NHS reform, as new JRF-backed research by the King’s Fund health and care think tank exposed the staggering toll poverty is taking on NHS services. With almost four million people in the UK facing destitution in a single year,…
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Missed payment rates among mortgage holders have returned to levels seen at the height of the cost of living crisis, Which?’s latest consumer insight tracker finds, as the Spring Budget leaves some feeling low about their future household finances. In the month (up until 8th March), 8.1 per cent of mortgage holders missed essential payments…
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Members of the UK Regulators’ Network (UKRN) the Financial Conduct Authority (FC) FCA, Ofgem, Ofwat, and Ofcom, have published a joint letter setting out shared expectations in relation to debt collection and customers experiencing financial difficulty. The letter calls on companies to improve their debt collection practices, after identifying shortcomings across the financial services industry,…
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Outstanding debt on credit cards increased by nearly 10% in the past year, as households turned to borrowing to cope with inflationary pressures and rising living costs. according to latest UK Finance date. The number of credit card transactions rose by 3.8% to 371.4 million in December, with a total spend of £19.2 billion in…
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A new repor from charity Mental Health Innovations, has revealed the extent that the cost-of-living crisis is having on the mental health of the nation. A third of those who are struggling with financial difficulties also tell us they have suicidal thoughts. The report analysed data from two million text conversations over five years, taken…
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