Credit, Collections & Insolvency News
Young adults are facing significant financial struggles, with many battling debt and seeking help with budgeting, according to new figures released by Christians Against Poverty (CAP). Research carried out by Opinium for CAP found that 35% of young adults are struggling with deficit budgets – spending more than they earn – a far higher number…
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New research commissioned by Co-op Legal Services reveals millions of married people may want to file for divorce but feel that their current circumstances are preventing them from taking this step. Survey findings from the member-owned organisation show that almost three-fifths (59%) of married individuals who have considered divorce feel they can’t end their marriage…
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Latest data from the Ministry of Justice, fro Quarter 4 (Q4) has shown that mortgage claims, orders, warrants and repossessions increased. Compared to the same quarter in 2023 there were increases in mortgage possession claims from 4,385 to 6,080 (39%), orders from 2,697 to 4,178 (55%), warrants from 2,240 to 3,305 (48%) and repossessions by…
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Financial Ombudsman Service (FOS) has announced that professional representatives will be charged £250 to refer a case to the service, FOS says professional representatives can bring ten cases to the service for free each financial year. After that, every subsequent case they refer will be chargeable. They will receive £175 back in credit if the…
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Parents with children below the age of 18 have expressed widespread concern about the country’s economic outlook and its impact on family finances according to new research by Confused.com Life Insurance. The findings shed light on parents’ financial priorities, worries, and hopes for their children’s futures with an overwhelming 78% expressing concern about the UK’s…
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New Censuswide polling from StepChange Debt Charity finds that just over two in five (41%) GB adults – equivalent to 21.3 million people – expect their financial situation to worsen over the next 12 months. The findings show that meeting the cost of living and higher energy bills this month is a major factor driving…
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Consumer confidence has fallen to its lowest level in over a year, as shown by figures from GfK’s consumer confidence index. The index fell five points to minus 22 in January and puts confidence at its lowest level since the end of 2023. The component of the index that measures sentiment towards the general economic…
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People in debt have lost £48.8 million on fees for failed Individual Voluntary Arrangements (IVA), with many steered into an inappropriate debt solution by unscrupulous firms offering bad advice according to research by Citizens Advice. The charity has found two thirds of people were not told a key piece of information before entering into an…
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New figures have revealed that the overwhelming majority (91%) of people are still grappling with money struggles as a result of the cost of living crisis. This is equal to around 63.1 million people feeling the impact of the ongoing financial squeeze, highlighting its continuing toll on UK households, and that many are in need…
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Nationwide is urging those struggling financially to seek help as a perfect storm of record New Year debt, rising energy bills and tax returns is set to make January a tough month for many. According to Nationwide’s spending data, debt levels in November were already four percent higher than the same month last year, at…
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Research by Aegon reveals a growing optimism regarding personal finances for 2025, with three-fifths of people (60%) of respondents feeling positive, up from 52% in 2024. However, women (54%) and individuals aged 50 to 59 (47%) are less optimistic compared to the overall population. The survey showed that 60% are feeling positive overall about their finances…
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New research by TCN has found that more than half of consumers prefer to communicate by email when contacting a company’s customer service department The results showed that preferring to speak to a person or live chat with an agent with the next best options. While consumers don’t mind waiting on hold, they highly value…
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New research from Santander has revealed that young adults are leaving school without a formal financial education. A decade after financial education became part of the secondary school curriculum, young adults are still leaving school unprepared to manage their finances. According to a new research report from Santander UK of 2,000 18-21-year-olds, only one in…
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