Credit, Collections & Insolvency News
One in eight (12%), around six million people, have borrowed money to make ends meet in the last 12 months according to research by StepChange. The debt charity is urging the government to reassess its cost of living support for households ahead of the Spring Budget as new polling finds that two in five (40%),…
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Almost one in six renters missed an essential payment in a single month, Which?’s latest Consumer Insight Tracker. Overall, an estimated 2.4 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in the month to 12 January. This is on a par with the levels of missed payments…
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A recent survey commissioned by finance experts ABC Finance has cast a stark light on the nation’s ability to cope with the cost of a funeral with 38% of admitting they would struggle to cover the expenses of a funeral for their next of kin. ABC says that the study’s findings are an indicator of…
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The average household had a disposable income of £224 per week in the fourth quarter, the highest since the start of 2022, according to the Asda Income Tracker. The increase in disposable income is attributed to wage growth and easing inflation. However, despite the improvement, disposable income is still down from before the pandemic. After…
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New analysis in the Joseph Rowntree Foundation (JRF) flagship UK Poverty report quantifies for the first time how many thousands of pounds are needed by families to escape poverty. The poverty gap, or the amount of money needed to bring the incomes of people in poverty to the poverty line, has grown wider. Six million…
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Nearly a quarter (23%) of adults wouldn’t seek financial advice, even if it was free according to new research by Canada Life. The research also found that nearly half (45%) of UK adults have never seen a financial adviser. Over a fifth (23%) say they could not be swayed to get financial advice no matter…
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Funeral costs have increased at almost twice the rate of inflation over the past 20 years, according to research by SunLife.The latest data shows that after two years of lower funeral costs – in part due to the pandemic – prices are on the rise again. In 2023, the average funeral cost was £4,141 –…
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According to a new survey from Nationwide, 84% of people expect this January to be the toughest yet financially due to Christmas spending added to debt from the cost of living crisis. More than half (52%) believe January is the time of year that causes the most financial stress. While 51% blamed Christmas spending for…
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New research by Hargreaves Lansdown has found that the financial resilience gap has widened as with the debt crisis impacting low earners. The debt position of the lowest fifth of earners has deteriorated since the onset of the pandemic, but improved for everyone else. Since the onset of the pandemic, there has been a rise…
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The UK is suffering the worst decline in living standards of any G7 country – according to new TUC analysis. The analysis shows the UK is only G7 economy where real household disposable income per head hasn’t recovered to its pre-pandemic levels. Real household disposable incomes in the UK were 1.2% lower in the second…
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New research from wealth manager Quilter, gathered by YouGov has found that over a third (36%) of women would not be able to afford their everyday expenses should the UK enter a recession, compared with just a quarter (26%) of men. The cost-of-living crisis appears to be putting even greater pressure on women’s finances than…
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Household bills have surged by £326 on average in the past 12 months according to 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 has increased by up to 6% in the past year.…
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The rising cost of living is the main financial concern for there quarters of people (73%) over 50 according to new research by SunLife, rising to 78% for women. The research found that only 18% of retirees and 9% of non-retirees are free from money worries in 2023. After the rising cost of living, people…
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