Credit, Collections & Insolvency News
The combination of a weak economic outlook and benefit cuts that fall disproportionately on lower-income families means that living standards are on track to fall over the next five years for the poorest half of households by £500 on average, according to the Resolution Foundation’s overnight analysis of Spring Statement 2025. Key findings include: A…
Read more
The Chancellor, Rachel Reeves, has delivered her Spring Statement outlining the Government’s economic plans. Responding to the announcement, David Postings, Chief Executive of UK Finance, said “The chancellor’s Spring Statement focused on stability and growth in the UK. We welcome the government’s continued commitment to growing the economy and the financial services sector is committed…
Read more
A new survey by Ocean Finance has found that 73% are worried about affording their essential bills this Spring. Millions of households across the UK are set to be hit with yet another wave of bill increases this April, with hikes expected across council tax, broadband, water, energy, and phone contracts. 42% say they’ve already…
Read more
A new study by Go.Compare has revealed that an estimated 6.6 million people now rely on their credit cards to pay everyday bills such as groceries and utilities. In total, 17% said they need their card to afford their bills, with 13% stating that the cost of living crisis is the reason for this. This…
Read more
New research by Stepchange has found that more than one in four (27%) adults in the UK, equivalent to around 15 million people, would be unlikely to speak to a friend, partner or family member about debt problems. The polling, conducted by Censuswide on behalf of StepChange, found generational and gender divides when it comes…
Read more
Latest data from GfK’s consumer confidence index showed that it increased by one point in March to minus 19, despite analysts expecting a drop. Sentiment about the performance of the UK economy over the past year and its potential to gather momentum in the coming year improved in March. However, consumers became slightly more pessimistic…
Read more
StepChange Debt Charity’s 2024 Statistics Yearbook, published to mark the start of Debt Awareness Week, has revealed tha the average StepChange client is £3,911 in arrears on household bills, a jump of 25% from £3,124 in 2023. Overall, the average amount of debt per StepChange client jumped 7%, from £16,706 in 2023 to £17,936 in…
Read more
New figures released today by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 24% in January. 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…
Read more
Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures increased decreased by 4.1% in February 2025 to 10,147 when compared to January 2025’s total of 9,752, and decreased by 5% when compared to February 2024’s figure of 10,684. The personal insolvency figures consisted of 600 bankruptcies, 3,865…
Read more
The biggest loans taken out by UK adults are for car payments according to new research by GoCompare. Analysing data on loans secured since September 2022, the study found that motorists took out an average loan of more than £10,700 to put towards their new vehicles. This highlights that buying a car remains one of…
Read more
Energy UK has warned that urgent action is needed to bring down energy bills in line with Government targets. The Government has set an ambition of reducing energy bills by ‘up to £300’ by 2030. A new report has highlights that reducing reliance on international gas prices is the only long-term solution. Being at the mercy…
Read more
A new study has estimated that 5.7 million people are struggling to keep up with their credit card repayments. The research by Go.Compare found that just over one in ten (14%) credit card holders said they were finding it hard to meet their repayments, meaning millions could be grappling with debts across the country. Young…
Read more
Research from consumer group Which? has found that three in ten (28%) of people have been put off from making a major purchase including items such as cars, furniture and electronic devices – in the last month because they were worried about their future household finances. The data also showed that the estimated number of…
Read more