Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for February 2023 Personal debt in the UK People in the UK owed £1,832.8 billion at the end of December 2022. The average total debt per household, including mortgages, was £65,946 and per adult was £34,653, around 105.7% of average earnings. Net mortgage lending rose by…
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New data from Macmillan Cancer Support shows that tens of thousands of people going through or recovering from cancer treatment in the UK (16%) have had to sell personal possessions or borrow money just to make ends meet. The research also found that almost one in three (31%) are struggling to pay their basic living…
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Poorer households are hit harder than wealthy households when it comes to rising energy costs according to new research by Interactive Investor. When factored into the other key areas of household expenditure, including food, housing costs (rent or mortgage) and transport, the research calculated that the poorest 10% of households face spending 26% of their…
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More than half of the UK population are either haggling on their regular bills or intend to do so, according to new research from Go.Compare, as the cost of living crisis continues to impact households. After interviewing more than 2,000 UK adults, the comparison site found that a third (33%) of people have already started…
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Half of people admit they have checked what their parent’s home is worth with over four in ten admitting they are relying on an inheritance for future financial security according to research by Zoopla. The figures show that more than four in ten (43%) are relying on inheritance from home-owning parents during increasingly challenging economic…
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The Financial Ombudsman Service (FOS) saw a 17% year-on-year increase in the number of complaints it received in Quarter 4 (Q4). FOS recorded 41,303 complaints between October and December, up from 35,342 during the same period in 2021. On a quarterly basis, there were 2,833 more complaints in Q4 than in the July to September…
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Research from Capital One has found that one in five young adults are returning to live with their parents due to the cost-of-living crisis, leading to an average expected increase of £272 per month in energy and food bills for parents. The research showed that one in five (17%) have moved or are planning to…
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A quarter (26%) of couples argue about money at least once a week; around 5% say they argue about finances every day according to research by Aviva. The research also found that while more than two thirds of couples (67%) have a joint current account and half (51%) have joint savings accounts, 38% of people…
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Motor and home insurance customers are more likely to get the same or better prices at renewal highlighting the strong performance of insurers in delivering good outcomes, a new report from leading insurance market insight business Consumer Intelligence shows. The research of more than 25,000 home insurance and 25,000 motor insurance customers for the report…
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Here is an overview of The Money Charity’s latest statistics for January 2023 Personal debt in the UK People in the UK owed £1,831.9 billion at the end of November 2022. The average total debt per household, including mortgages, was £65,914 and per adult was £34,636, around 106.5% of average earnings. Net mortgage lending rose by…
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The cost-of-living crisis and the freeze on the income tax threshold has increased the disparity between Britain’s richest and poorest earners according to new data from Office for National Statistics (ONS). The figures show that while the richest Brits have managed to increase their household disposable income by just over £1,000 in the last year,…
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New research by Fair4All Finance has found that the unprecedented support from banks and the regulator significantly helped customers during Covid-19, with no detrimental impact on bottom lines. The research conducted with Lloyds Banking Group, NatWest Group and Yorkshire Building Society looked at the response of major banks and building societies during Covid-19. The aim was to understand…
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New analysis from Citizens Advice has found a record number of people were in need of crisis support during 2022, as the cost-of-living crisis pushed more people than ever before to breaking point. The new research found that in the last 12 months, the charity helped more than 200,000 people with crisis support – which includes food bank…
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