Credit, Collections & Insolvency News
Three-quarters of people who are already in debt across the UK have had to borrow more money to cover daily living costs since receiving Universal Credit, according to new data from national debt help provider PayPlan. The survey of more than 6,000 people, who have already sought advice from the free debt help provider, also shows…
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A lack of support means people with a mental health condition can pay between £1,100 to £1,550 a year more for essential services, new research from Citizens Advice shows. This problem exists across energy, telecoms, current accounts and unsecured personal credit such as credit cards and overdrafts. The charity has found that many companies are…
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One in three people say they are currently living with debt and the same number admit to feeling more worried about their finances this year than last year, a national survey commissioned by The Salvation Army has found. The survey of 2,000 people across the UK showed nearly 70 percent reported going over budgets set…
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UK Finance has released its latest Household Finance update for January 2019 The figures indicate that £10.8 billion was spent on credit cards in January 2019, this was 4.4% higher than the same month the previous year. The outstanding level of credit card borrowing also grew by 4.4% in the twelve months to January. Personal…
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One in five (17%) adults in Scotland would find it somewhat difficult, very difficult or impossible to immediately pay an unexpected bill for £20, without assistance from an external source, according to new research from R3, the insolvency trade body, and ComRes. In the survey, 4% of adults in Scotland said they would find it…
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Here is an overview of The Money Charity’s latest statistics for February 2019: Personal debt in the UK People in the UK owed £1.625 trillion at the end of December 2018. This is up from £1.576 trillion at the end of December 2017, an extra £935.34 per UK adult, £81.72 higher than the previous month. The average total debt per…
Read moreOver three-quarters, (77%) of consumers say they are confused by financial jargon and this is having consequences for their finances, according to research. Six million consumers have incurred late fees because they’ve misunderstood information on financial products. One in 10 (10%) say they have lost out on favourable rates at the bank because they were confused by financial terminology and 12 percent…
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The Money and Mental Health Policy Institute (MMHPI) has welcomed a commitment from the British Medical Association (BMA) that GPs will stop charging for the form people with mental health problems need to get debt support. The commitment by the BMA – the professional body for all UK doctors – is part of the new Five Year GP…
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One in five (21%) businesses in the UK believe that decision makers do not place enough value on technology and 24% do not understand how fintechs could help them, according to research by Centtrip. The firm surveyed more than 500 chief executives, chief financial officers and managing directors at UK companies and found that businesses…
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Consumers can save more than £2,500 a year by taking control of their finances, new analysis from Experian has revealed. Families are overpaying on their mortgages and energy bills, and those paying interest on their credit cards can cut their costs by switching to a better deal. Experian has launched Money Matters Week to help…
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New figures from the Registry Trust indicate that in 2018, there were 1,115,099 County Court judgments (CCJs) were registered against consumers in England and Wales, a fall of two percent on 2017. This is the first time in six years that the number of CCJs against consumers has fallen. The average value of a consumer CCJ…
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A coalition of charities has urged the Government to take urgent steps to protect people and places in poverty from the financial consequences of Brexit, including no-deal. The Joseph Rowntree Foundation (JRF), Shelter, Trussell Trust, Child Poverty Action Group, Action for Children, National Children’s Bureau, Poverty Alliance, Turn2us, Barnardos and ATD Fourth World have sent…
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New figures released by the Finance Leasing Association (FLA) have shown that the number of second charge repossessions in 2018 was 147, 8.1% higher than in 2017. In the final quarter of 2018, the number of repossessions was 28, down by 26.3% compared to the same period in 2017. The number of properties repossessed during…
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