Credit, Collections & Insolvency News
More people are seeking one-to-one support from Citizens Advice than at any point during the pandemic. That’s according to stark new figures released which reveal the enormous pressures facing households even before major increases to energy bills kick in this April. The charity warns that crisis support – including referrals to food banks and advice…
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Millions of people with mental health problems say they are missing out on Equality Act protections from banks and other essential services firms according to new a report by Money and Mental Health Policy Institute. The research found that many banks and other essential services providers are likely to be failing to meet legal duties set…
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Households are spending up to 77% of their income to cover the rental cost of living according to latest property market analysis by London lettings and estate agent, Benham and Reeves. The research shows that the average UK rental household pays £808 per month in rent, accounting for 26% of total monthly household income. The…
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Over half of the UK’s remaining small energy suppliers are at imminent risk of collapse, according to Price Bailey analysis. Of the 22 gas and electricity suppliers left outside of the so-called ‘big six’, 12 companies have negative assets on their balance sheets meaning they are technically insolvent and at risk of collapse. city trade…
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Here is an overview of The Money Charity’s latest statistics for January 2022 Personal debt in the UK People in the UK owed £1,754.3 billion at the end of November 202 The average total debt per household, including mortgages, was £63,122 and per adult was £33,169, around 108.6% of average earnings Net mortgage lending rose by…
Read moreNew research by Which? has found that around 2.5 million households missed payments in January. According to the latest findings from Which?’s consumer insight tracker, an estimated 2.5 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in January 2022. This marks a significant increase on December 2021,…
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New research by HL Savings and Resilience Barometer, in partnership with Oxford Economics, has found that higher earners have more debt than any other income group and they also have more debt as a percentage of their income. Higher earners also have a bigger proportion of their debt on variable rates than people on lower incomes.…
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New data shows victim-survivors of economic abuse are left with long-lasting harm have an average coerced banking debt of £4,607 and 83% with low financial knowledge and confidence. Charity, Surviving Economic Abuse (SEA) has revealed new data showing that victim-survivors of economic abuse are left without the support they need to escape an abuser and…
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Household bills fell marginally over 2021, with annual costs falling by £37 during the past 12 months, according to new data from comparethemarket.com. This new research which analyses the cost of energy, home, and motor insurance, based on comparethemarket.com’s switching data, shows that household bills were cheaper last year than the two years prior. A typical…
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The Government should reject over-complicated solutions to the cost-of-living crisis and simply make one-off cash payments to millions of households, according to Dr Aveek Bhattacharya, Chief Economist of the Social Market Foundation. The Social Market Foundation says that cash payments of up to £500 would be the best answer to the cost-of-living crisis, allowing households…
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Official figures show that inflation jumped to 5.4% in December, with this the highest rate since the 7.1% recorded in March 1992. The consumer price index (CPI) measure of inflation was up from 5.1% in November, with soaring food costs and energy price increases helping drive the rate up. The Office for National Statistics (ONS)…
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The number of people finding it hard to keep up with bills and credit commitments has doubled since the start of the pandemic according to new research from StepChange Debt Charity. The charity has found the proportion of people struggling is now nearly one in three (30%) UK consumers – 15 million people – compared…
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The number of County Court Judgments (CCJs) issued against consumers in England and Wales in 2021 rose by more than one third compared to 2020, according to latest figures released by the Registry Trust. The number of consumer judgments registered in 2021 was 848,124, up by 36 percent from 625,901 in 2020. The Registry Trust…
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