Credit, Collections & Insolvency News
The annual cost of household bills is predicted to drop by £350 on average year-on-year in April 2024, according to new research by Compare the Market. The research analyses the cost of energy, water, home insurance, motor insurance, and council tax. It reveals that the combined cost of these household bills is set to decline…
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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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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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The DWP has published a new report reviewing the cost of living support and it’s impact on households with below average income. The report showed that 1.3 million more people would have been in absolute poverty after housing costs in FYE 2023, a 2 percentage point increase, without the additional cost of living support provided.…
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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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Latest data from the ONS has found that CPI inflation fell to 3.4 per cent in February, confirming the fastest 12-month fall in inflation since 1978 and bringing inflation to its lowest level since September 2021 Commenting on the inflation figures for February, David Cheadle, Chief Operating Officer at National Debtline, said “This fall in…
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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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Nearly 800,000 people endured a toxic cycle of entrenched mental health problems and long term financial difficulties during the years from the start of the pandemic to the onset of the cost of living crisis according to analaysis by the Money and Mental Health Policy Institute. The report looks at people’s experiences of financial and mental…
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Users of alternative financial products, like home-collected loans and payday loans, are four times more likely to be contacted by a debt collector, according to a new study of customers by Lowell. One in five adults who use alternative financial products were contacted by a debt collector in 2023, while one in twenty people in…
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As the cost of living crisis continues to escalate, a personal insolvency specialist has issued a warning about a concerning trend of mounting debt among the hospitality workforce. According to Creditfix, hospitality workers are grappling with unprecedented financial burdens, with an alarming average debt level of £13,151 with the industry faces a dual challenge as operating…
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14% of retirees aged over 55 have gone back into work as their living costs have increased and their pension is not sufficient to fund retirement according to new research from Standard Life. A further 4% are also considering returning to work. Men are more likely to have unretired, with 16% saying they have done…
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