Credit, Collections & Insolvency News
Desperate families are finding themselves forced to borrow from illegal loan sharks as a consequence of getting into severe debt due to the high costs of paying for the funerals of loved ones, according to research by Funeralexperts.com. The data revealed that around 32,400 people (3%) of the 1.08 million people who were forced to…
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New research by Moneybox has found that half (50%) of respondents said rising costs of everyday expenses (e.g. bills, food, transport) were triggering feelings of anxiety or stress when it comes to their money. A further third (34%) said unexpected expenses or emergencies (e.g. car/home repairs, family emergencies) and a fifth (22%) mentioned a general…
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Dubbed ‘divorce month’, January has famously been cited as the time of the year when family lawyers see a surge in those looking to end their marriages. According to current data from Google, searches for ‘divorce’ in the week beginning 11th January are at their highest in 12 months in the UK. Family lawyers also…
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New analysis from debt management firm Lowell has found that 61% of households (17 million) don’t have sufficient emergency savings to cover these unexpected costs without turning to credit. At the time of reporting, the cheapest fridge/freezer available at Argos would set someone back £160, a washing machine £189 and a dishwasher £189. Replacing a…
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New data from Hargreaves Lansdown has found that on average, self-employed households have £89 left at the end of the month, compared to £244 among employed households. The self-employed are also more vulnerable if things go wrong: 70% of employed households have enough redundancy cover to be resilient, whereas only 12% of those where the…
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Latest data from Hargreaves Lansdown has found that households with unsecured debts (like credit cards and loans) spend an average of £259 a month on them. Bank of England showed that the annual growth rate for all consumer credit was 8.1% and for credit cards it was 12.1% – the highest since January 2024. In…
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More than six in ten (62%) parents believe a traditional Christmas is under threat due to the cost of living, with four in ten (40%) having to prioritise essential bills over festive spending, new research from Nationwide reveals. The poll of over 1,000 parents, done in partnership with charity Action for Children, also reveals that 42…
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Around one in three consumers (30%) in the UK are planning to spend more this Christmas compared with last year, according to new Deloitte research. This is higher than the rest of Europe, where less than a quarter (23%) plan to spend more. In the UK, younger consumers aged 18-34 are nearly twice as likely…
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New research from financial wellbeing business Loqboxr has revealed a major shift in how families are approaching Christmas this year, with four in ten planning to buy fewer gifts and a quarter saying the season has become ‘too materialistic.’ Rather than these changes taking the shine off the season, this shift shows families are choosing…
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The package of measures announced in the Government’s Child Poverty Strategy – including the abolition of the two-child limit on benefit support and an expanded Free School Meals offer – will result in child poverty rates falling in 2026-27, the first time in nine years (outside the pandemic), according to new analysis by the Resolution…
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With possible income tax and threshold reforms expected in the Budget, new data from Howden Life and Health reveal families are already under pressure, with millions forced to borrow from friends and family, take out loans, and even cancel insurance policies to cover sudden costs. As part of its Health Gap report, Howden Life and Health surveyed 3,000…
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One in ten (8%) of people have no emergency savings at all, rising to one in ten women (10%) according to Hargreaves Lansdown (HL) Savings and Resilience Barometer. The research found that 11% of the squeezed middle (35-54), 12% of single people and 17% of renters do not have savings, whilst 11% have £100 or…
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New research from Creditspring has found that half of people (49%) say higher prices for essentials are their biggest worry ahead of the Budget, followed by rising energy bills (47%) and income tax freezes (35%) The research also revealed that the average person has spent hundreds of pounds in the past year on unplanned expenses…
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