Credit, Collections & Insolvency News
The Money Advice Trust has published its latest Outcomes Report, which shows the scale and impact of the charity’s work helping people and small businesses in financial difficulty. Last year, through its National Debtline and Business Debtline, the Trust helped 140,980 individuals and small business owners to tackle their debts, with 1.87 million visits to…
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New research by Hargreaves Lansdown has found that one in four spending more than they have earnt creating a risk of running up debts. The study also found that higher-income households are borrowing more as a percentage of their income – and have a bigger share of their borrowing on variable rates and are more…
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Here is an overview of The Money Charity’s latest statistics for June 2023 Personal debt in the UK People in the UK owed £1,839.3 billion at the end of April 2023. The average total debt per household, including mortgages, was £65,498 and per adult was £34,580, around 103.3% of average earnings. Net mortgage lending shrunk by…
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Chancellor of the Exchequer Jeremy Hunt agreed a new action plan with regulators to try to ensure consumers are being treated fairly and help those struggling to make payments. As part of the government’s plan to halve inflation this year, the Chancellor chaired a roundtable with CEOs from the Competition and Market Authority (CMA), Financial…
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The UK needs to move away from its simplistic and pernicious cycle of promising tax cuts while delivering tax rises, and towards reforming and improving our tax system so that it supports, rather than hinders, economic growth, according to new research Resolution Foundation. Tax planning – the 39th report of The Economy 2030 Inquiry, funded by the…
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New research shows that eight in ten (79%) middle class parents are helping support their adult children financially, one in four of whom are helping with mortgage payments specifically, according to the fourth Saltus Wealth Index Report. The average rate for a two-year fixed deal has recently surpassed 6% which pushed the average repayment on a 25…
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New figures from GfK’s consumer confidence index have shown consumer confidence strengthened more than anticipated, reaching its strongest level in 17 months despite persistently high inflation and rising interest rates. The research reported a rise of 3 points to minus 24 in June. Analysts had expected a reading of minus 26. The report indicates households…
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5.7 million low-income households are having to cut down or skip meals because they don’t have enough money for food, while the number going without items such as food, heating or basic toiletries (63%) has remained around 7 million for more than a year according to latest analysis by Joseph Rowntree Foundation (JRF). The research…
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Three-quarters of people feel their financial education was inadequate or non-existent, impacting their ability to navigate the cost-of-living crisis. A study commissioned by Santander found that 69% of people feel they have struggled to cope with the current cost-of-living crisis due to a lack of financial education at school. Just 26% of young adults aged…
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Less than half of children have been taught about money at home or in school, according to a new report from the Money and Pensions Service (MaPS). Financial Foundations, based on a survey of 4,740 children aged 7-17, found that just 47% had received a meaningful financial education in either or both settings. The figure…
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Households have faced more than a year of high inflation and rising interest rates and the impact of both is becoming more apparent according to new UK Finance data. The research found that squeezed budgets and higher financing costs are bearing down more heavily on affordability for prospective house buyers. The same pressures are, as…
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Latest UK Finance data has reported a 50% increase in home repossessions in Quarter 1 (Q1) 2023, with over 1,000 homes taken into repossession due to homeowners struggling to keep up with mortgage repayments. In addition to the 750 mortgaged properties repossessed, 50 per cent greater than in the previous quarter. 410 buy-to-let mortgaged properties…
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New data from Experian finds that the average adult will wait until they have debt totalling £7,835 before seeking help, with one fifth of the nation (20%) saying they wouldn’t look for any support at all if they owed money. To support people who are finding money conversations difficult, Experian is partnering with Citizens Advice…
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