Credit, Collections & Insolvency News
New research by comparethemarket.com has found that a third of drivers (31% think they will need to take on additional debt to afford to keep driving One in four motorists (25%) has struggled to afford the cost of driving in the past month, whilst one in three drivers (33%) are worried that they won’t be…
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A rogue volume IVA provider has been wound-up by the Insolvency Service. Vanguard Insolvency Practitioners (along with three connected companies: MDN Consultancy Limited, Newtco Limited and KIS Financial Consultancy Limited) were wound-up in the public interest at the High Court in Manchester before His Honour Judge Hodge. Petitions were submitted to the court by the…
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The cost-of-living crisis has knocked consumer confidence again, according to the latest analysis from YouGov and the Centre for Economics and Business Research (Cebr). As with last month and the month before, there was a modest fall in the overall index (-1.0 ) can be explained by a more severe decline in household finance measures, which…
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As the cost of living crisis bites householders across the UK, water billpayers in England and Wales have reported increased anxiety about affording their bills, with more than 61% stating they are concerned about their finances worsening this year. Research by Ofwat showed a correlation between those struggling to pay and suffering with poor wellbeing…
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The rising cost of living will leave 1.5 million households struggling to pay food and energy bills, according to a forecast from the National Institute of Economic and Social Research (NIESR). The think tank has said that the government should offer targeted interventions to support the UK’s poorest. NIESR also said that the Bank of…
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New figures from StepChange Debt Charity Scotland have indicated that client average arrears on essential bills have increasing by 29% from £2,302 in 2020 to £2,961 in 2021. The charity says that it helped over 28,600 clients with debt advice, and 8,433 went through a full debt advice process, with a growing proportion of clients…
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Higher earners are more fearful of moving or losing jobs than low-earners, due to worries about getting less pay and flexibility when they find new jobs, while low-earners often see little benefit from upending the status quo, according to new research by the Resolution Foundation. Listen Up – the 18th report for The Economy 2030…
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Despite signs of recovery in 2021, consumers’ wealth has seen a sharp decline in the first quarter of 2022 as the cost-of-living crisis takes its toll, according to the latest data from LifeSearch. The Index – compiled by modelling a range of data sources covering health, wealth, and happiness and monitoring changes over time – shows that…
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The average UK household will be short of a £100 a month by 2024, as the cost of living crisis means expenses will outpace incomes. The figures come from a Yorkshire Building Society’s Inflation Nation report and reveal that weekly household spending is set to rise to £705 in just two years’ time. However, the…
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More than one in seven UK households have cut back on food or skipped meals in the past month according to new research by The Food Foundation. The data has shown a 57% jump in the proportion of households cutting back on food or missing meals altogether in just three months. In April, 7.3 million…
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Charities have warned the Secretary of State for the Department of Work and Pensions (DWP), Thérèse Coffey, that plans to restart ‘managed migration’ must immediately be halted. In an open letter, the coalition of charities have urged the DWP to stop the process due to the risk of cutting off people’s incomes. ‘Managed migration’ is…
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Demand for credit from households is expected to rise this year as cost of living pressures bite, according to the latest EY ITEM Club UK Bank Lending Forecast, which predicts consumer borrowing will grow to a five-year high of 7.9% in 2022 (equivalent to almost £16 billion in net terms). This is a trajectory reversal…
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New data from StepChange Debt Charity shows that the cost of living pressure continues to rise for financially stretched households, as it was the third most commonly cited reason for debt in March, up from the fourth most common in February and the sixth most common in 2021. While 6% of StepChange clients in 2021…
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