Credit, Collections & Insolvency News
Inflation increased slightly in May, but soaring petrol prices will drive a bigger rise in June, while low-income households continue to face the greatest cost-of-living pressures according to the Resolution Foundation. CPI inflation increased from 9 to 9.1 per cent, while CPIH rose from 7.8 to 7.9 per cent, driven primarily by household services (such…
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A third (33%) of households have multiple individual memberships for the same streaming service, when they could be saving money by paying for one household membership instead, according to research from comparethemarket.com. The research found that households spend £50 on average each month on paid-for subscriptions, the equivalent of £600 a year, with 32% spending…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 48% in April 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…
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Latest statistics quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies numbers increased by 23.3% compared to May 2021’s figure of 8,496 and increased by 11.2% to 10,476 in May 2022 compared to 9,417 in April. There were 2,030 DROs and 566 bankruptcies. For individuals, 566 bankruptcies were registered, which was…
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More than 2 million households face increased mortgage payments after the latest Bank of England interest rate rise. The Monetary Policy Committee (MPC) voted by a majority of 6-3 to increase the bank rate by 0.25 percentage points, to 1.25%. The members in the minority voted to increase the bank rate by 0.5 percentage points,…
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Over half (58%) of people were most concerned about energy bills. This compared to 12% who were most concerned about transport and 8% who were most concerned about food and other household essentials according to new survey by BEIS The survey found that around one in ten (11%) were equally worried about all of them…
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The value of government support for living costs for university students from the poorest families will fall to its lowest level in seven years in the coming academic year, as maintenance loan entitlements will fail to keep up with inflation. As a result, even students entitled to maximum maintenance loans will have to make do…
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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 figures from the Building Societies Association (BSA) With inflation at a 40-year high, the Bank of England’s efforts to cool it down by raising interest rates three…
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The Financial Conduct Authority (FCA) has written to more than 3,500 lenders to remind them of the standards they should meet as consumers across the country are affected by the rising cost of living. With household bills expected to continue to rise into the autumn, it is important that firms act now to make sure…
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The Money Advice Trust has published its Outcomes Report 2021, which outlines the impact of the charity’s activity across its National Debtline and Business Debtline services, training and influencing work. In 2021 the charity helped 170,420 people through its National and Business Debtline services with 1.63 million visits to its advice websites. National Debtline, which…
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Work and Pensions Secretary Thérèse Coffey has sets out detailed plans so that more than eight million households across the whole of the UK will get a cash payment from July to ease cost of living pressures. Millions will receive the first of two cost of living instalments totalling £650 from 14 July 2022, part…
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The average household that took out a mortgage in 2021 faces a 3% reduction this year in the amount of disposable income it has left over after home loan, credit commitments and living costs, according to UK Finance. The analysis found most borrowers across all income brackets would still qualify for the same sized mortgage…
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The cost of childcare has soared over the past decade and is now more than £2,000 a year higher than it was in 2010, according to analysis from the Trades Union Congress (TUC). The analysis shows that nursery fees for under 2s have risen by £185 a month – or £2,200 a year – since…
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