Credit, Collections & Insolvency News
One-in-six UK households (4.4 million) are now in ‘serious financial difficulties’ compared to one-in-ten (2.8 million) in October 2021 according to research by abrdn Financial Fairness Trust. The figures are worse than at any point during the pandemic. Of those 4.4 million in serious financial difficulties, to make ends meet 71% have reduced the quality…
Read more
While the majority of older households own their home outright, a quarter still have either rent or mortgage payments, according to the Department for Levelling Up, Housing and Communities’ latest survey. The research found that the majority of older households own their home outright, but a quarter still have either rent or mortgage payments. In…
Read more
New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes grew by 43% in May 2022. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
Read more
Research by more2life has found that the total amount of debt owed by the over-55s will rise to £294 billion this year. The figure is up from £272 billion in 2021 and £209 billion in 2017. This is a leap of two-fifths (41%) in five years and the total is projected to soar even further…
Read more
The Financial Conduct Authority (FCA) and MoneyHelper are urging consumers to get help as soon as possible if they are struggling financially because of the rising cost of living. Millions of people get help with their finances every year. However, new research suggests many borrowers are missing out on available support. The research reveals some…
Read more
Research published by the Resolution Foundation shows a slump in typical household disposable income growth in the 15 years leading up to the pandemic. Between 1961 and 2004/05, typical household incomes for working age families grew by 2.3% per year, or 25% per decade. Between 2004/05 and 2019/20 however, typical income growth slowed to just…
Read more
New research from Credit Karma, consumers have spent over £5.6 billion using buy-now, pay-later (BNPL) services in 2022 so far, with an average spend of £396 per person. The research also found that BNPL has been a lifeline for 58% of the service users trying to manage the rising cost of living with the number of…
Read more
More than a third (35%) of motorists say they will switch to public transport if petrol and diesel prices continue to rise, according to the consumer element of July’s Startline Used Car Tracker. Around four out of ten (42%) say that fuel costs have already made them use public transport instead of their car, while…
Read more
Energy companies’ customer service standards have fallen to a new record low according to the latest Citizens Advice research. The table rates customer service between January to March this year. Amid rising call waiting times and customers saying they can’t get hold of their supplier, the average score (2.8 stars) is the lowest on record.…
Read more
As the Monetary Policy Committee (MPC) meets to decide whether to impose a further rise in interest rates, the majority of Britons are already cutting back on their spending.W ith inflation at a 40-year high, the Bank of England’s efforts to cool it down by raising interest rates three times since December last year, has…
Read more
Half (49%) of university students and graduates said that the prospect of student debt made them think twice about taking up their place at university, according to new research from credit reference agency Equifax. The large debt associated with attending university was enough to make graduates think twice, even though they go on to earn £10,000…
Read more
Almost one-fifth of UK credit card users (19%) have missed a credit card repayment within the past six months due to the rising cost-of-living, according to new research by comparethemarket.com. The research is published as the Office for National Statistics revealed that prices across the economy are rising by 9.1% a year, squeezing household budgets.…
Read more
Suspending deductions from Universal Credit for Government debt would help plug the gap caused by the shortfall between the Government’s support measures and wider price increases for over a million low-income households, according to new research revealed today by StepChange Debt Charity. The effect of deductions is especially pernicious due to the rising cost of living. The…
Read more