Credit, Collections & Insolvency News
New research by Hargreaves Lansdown has found that young people have put high-risk investments ahead of debt repayments. Hargreaves Lansdown says that there are 1.8 million households in arrears but also found that 16% of those in arrears are also investing at the same time. Separate research from the FCA found there’s a risk younger…
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UK Finance is leading a call. for changes are needed to help victim-survivors of domestic abuse regain control of their finances. Economic abuse occurs when the abuser restricts, exploits and sabotages their victim’s resources, such as mobile phones and transportation, to maintain power and control. Financial abuse is a subset of economic abuse and includes…
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Over 3 million people across the UK admit they have been forced to borrow from illegal lenders in the last 12 months, reveals research from responsible lender Creditspring. A third (31%) of people in the UK say they currently feel stuck and that there is nothing they can do to improve their financial situation, this…
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The number of homeowner-mortgaged properties being repossessed in the first quarter of 2024 increased by 36% compared to the previous quarter, according to UK Finance. Buy-to-let mortgaged properties also saw a 20% increase in repossessions. The rise in repossessions is largely attributed to older cases working through the court system. In the first quarter of 2024,…
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Rises in court fees that came into force last week could put vulnerable people at risk of violence, according to debt help specialist, Money Wellness. Money Wellness says that anyone who is granted an insolvency solution because they couldn’t afford to repay their debts has their details, including their address, listed in the public insolvency…
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New research by NFU Mutual has found that despite financial confidence growing overall across the UK, the number of those feeling confident about their finances within the next 12 months has reduced (41%) compared to August 2023 (52%) with 24% of respondents still concerned around household bills. Those aged 75 and above are the most concerned…
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New research by Arbuthnot Latham has revealed that 74 per cent of respondents think the next generation will have the same means or be worse off financially, challenging the perception that younger generations will be better off than their parents due to economic growth and improved standards of living. Despite this, only 14 per cent…
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Here is an overview of The Money Charity’s latest statistics for April 2024 Personal debt in the UK People in the UK owed £1,841.2 billion at the end of February 2024. The average total debt per household, including mortgages, was £65,569 and per adult was £34,617, around 99.2% of average earnings. Net mortgage lending decreased by…
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New data from Go.Compare travel insurance has revealed that almost a third (30 per cent) of those buying travel insurance buy their policy on the same day of travel. The figures, which look at travel insurance policies bought by holidaymakers during 2023, found that a third of people bought their travel insurance on the day of travel…
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Higher interest rates could add £29 billion to household energy bills, according to new research published today (Monday) by the Resolution Foundation. The research considers how to fund the major power sector upgrade needed to cope with rising demand for electricity in a decarbonising economy. By 2040, Britain’s homes will consume 45 per cent more electricity…
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Latest data from the ONS has found that CPI inflation fell to 3.2 per cent in March, lower than the 3.4% reported in February. Commenting on the data, Steve Vaid, Chief Executive of the Money Advice Trust, the charity that runs National Debtline, said “Falling inflation is welcome news and will provide some relief for…
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New research from the Financial Conduct Authority (FCA) has found that while many are struggling to meet financial commitments with 7.4 million people were struggling to pay bills and credit repayments in January 2024, down from 10.9 million in January 2023. This is still higher than the 5.8 million recorded in February 2020, before the…
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Average rents could rise by 13 per cent over the next three years, as high market rates work their way through existing tenancies according to new research by the Resolution Foundation. The research showed that the cost of new tenancies has grown by 18 per cent since January 2022. This has had a big effect…
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