Credit, Collections & Insolvency News
Remortgage sales hit 92,558 in Q4 2021, marking the highest level of activity since before the pandemic according to analysis from digital lender Freedom Finance. The research shows that remortgage sales outnumbered all other types of home loans for the first time since the third quarter of 2020. Separately, sales of mortgages for first-time buyers…
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Here is an overview of The Money Charity’s latest statistics for June 2022 Personal debt in the UK People in the UK owed £1,786.6 billion at the end of April 2022. The average total debt per household, including mortgages, was £64,286 and per adult was £33,780, around 105.3% of average earnings Net mortgage lending rose by…
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Latest figures from the British Retail Consortium have shown that shop price annual inflation accelerated to 3.1% in June, up from 2.8% in May. The rise is above the 12- and 6-month average price increases of 1.0% and 2.3%, respectively. This marks the highest rate of inflation since September 2008. Food inflation strongly accelerated to…
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The government has published breathing spaces data which shows breathing spaces rates were highest for people aged 25-44 (one in 445 of those aged 25-34 and one in 440 of those aged 35-44), and lowest for those aged 65 and over. In the first year of the support, there were 63,864 breathing spaces registered. One…
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Seven million households are living through a ‘frightening year of financial fear’, going without food, heating, toiletries and even showering as they try to cope with the cost of living crisis new research by Joseph Rowntree Foundation has found. The research found that low-income families have fallen behind on payments by an average of £1,600.…
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An unfurling backlog of weddings and other milestone social occasions following the pandemic is adding pressure to people’s already stretched finances, as one in four people (24 per cent) can’t afford to accept all of their wedding invitations, according to new research launched today by Experian. Three in ten (31 per cent) said they have…
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The UK’s biggest mobile and broadband companies have agreed on a plan to help customers struggling to pay bills amid the cost of living crisis. The Telecoms industry agreed to the new plan following a government summit led by Digital Secretary Nadine Dorries. The new measures such as allowing customers struggling with bills to move…
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Extended warranties from some of the biggest online tech stores are not worth the extra cost, according to consumer support specialist Which? Which? surveyed 2,000 UK consumers and found one in five bought a retailer’s extended warranty for a tech or appliance product in the past two years. However, half of those who made a…
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Nearly eight in ten consumers (79%) say that the rising cost of living has impacted their holiday planning, according to new research conducted by comparethemarket.com. Almost a third (28%) are booking fewer holidays, more than a quarter (27%) are booking cheaper accommodation, and a quarter (26%) are booking cheaper destinations to cope with rising prices. 70%…
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Free debt advice provider, PayPlan, has launched a new partnership with the National Bereavement Service (NBS) to provide practical, emotional and financial support to those who have experienced the death of someone close to them. Through its new partnership, PayPlan clients dealing with grief or bereavement will have access to a dedicated NBS bereavement helpline…
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A new report from the Centre for Social Justice supported by Lowell has revealed thedire state of financial literacy in Britain and recommends compulsory money management lessons for primary school students. The report finds that lack of financial knowledge among children is posing unprecedented risks with nearly 14 million adults with experience of financial problems…
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The Advertising Standards Authority (ASA) has published a new Enforcement Notice about Debt Management (IVA/PTD) adverts (ads) by Insolvency Practitioners and Lead Generation Companies. The ASA has published several rulings about ads which offered consumers a way to write off debt in government-approved schemes. These ads were not placed by FCA-authorised debt advisers but by lead generation…
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Customers will need to pay an estimated £2.7 billion to cover the costs of 28 energy suppliers failing since June 2021, in addition to the cost of running Bulb Energy. While the supplier failures were caused by substantial increases in wholesale prices, Ofgem’s approach to licensing and monitoring suppliers over previous years increased the risk…
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