Credit, Collections & Insolvency News
Nearly 40 per cent of people are at risk of being unable to cover their basic needs in retirement, up from 35 per cent in 2023, according to a report from Scottish Widows. Low-to middle-income earners and people under the age of 40 were highlighted to be at more risk. The report also highlighted housing…
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New research by Saltus has found that one in eight (12%) are financially supporting both generations, often at the expense of their own financial goals. The data found that seven in ten (73%) high net worth parents are financially supporting adult children, while more than two thirds (68%) are helping their ageing parents or grandparents…
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Gifts and loans from the Bank of Mum & Dad (BOMAD) totalled £9.6 billion in 2024, according to the latest analysis from property firm Savills. The research found that 173,500 first-time buyers received assistance last year, receiving on average £55,572. This equates to just over half (52%) of all first-time buyers, which, although lower than…
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Latest Bank of England data has shown that net borrowing of mortgage debt by individuals increased sharply by £9.7 billion to £13 billion in March, following a decrease in net borrowing of £1.0 billion to £3.3 billion in February. The annual growth rate for net mortgage lending rose from 1.9% to 2.7% in March, the…
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New research by Pepper Advantage has found that in Q1, the data reveals that the overall arrears growth rate across residential and buy-to-let (BTL) mortgages was at 0.0%, primarily driven by improvement in the buy-to-let market. The data, which consolidates and analyses data from across the UK, shows that BTL arrears growth fell for the first…
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Household bill arrears among StepChange Scotland clients have surged to an average of £5,193, according to the charity’s newly published 2024 Scotland in the Red report, marking a staggering 65% increase from £3,147 in 2023. Nearly seven in ten (68%) of those seeking help from StepChange Scotland are now behind on essential household bills. The…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that there were 9,205 personal insolvencies in England and Wales during March 2025, which was 7% lower than in February 2025 but 2% higher than in March 2024. The personal insolvencies consisted of 613 bankruptcies, 3,490 debt relief orders (DROs) and 5,102…
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Latest annual data analysis by the Accountant in Bankruptcy has shown that there were 7,412 personal insolvencies in Scotland in the year 2024-2025. This was a decrease of 8.3% from 2023-2024’s figure of 8,082, and a decrease of 7.4% on 2022-2023’s figure of 8,001. Quarterly figures (Q4, 2024-25) showed that there were 1,673 personal insolvencies…
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MPs, Government Department Officials and supporting organisation in Parliament have joined a call for urgent changes that would support a fresh financial start for in-debt survivors of domestic, economic and digital abuse so they are better protected. The roundtable, hosted and chaired by Emily Darlington MP, focused on the Persons At Risk of Violence (PARV) order process – the…
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An estimated 12.3 million households have had to put off some form of home maintenance work because of the cost of living crisis, according to new research by Go.Compare home insurance, The figures show that around two-fifths (43%) of residents have had to delay these types of jobs due to rising costs. This means millions…
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New research by Lowell and Opinium has found that household finances are now in a worst state since pandemic. The research shows after years of high inflation, traditionally affluent areas populated by middle-income families have seen the biggest erosion of their financial security. The data shows that six in ten households lack sufficient savings…
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New figures released by the Finance & Leasing Association (FLA) show that second-charge mortgage new business volumes grew by 9% in February 2025. 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 “The second charge…
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Birmingham’s residents are set to be hit hardest by rising council tax rates for 2025/26, new research by Go.Compare Home Insurance has found. Households across the city will pay an extra £43.1 million this tax year – the largest overall increase of any local authority in England.[ The country can expect a total council tax…
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