Credit, Collections & Insolvency News
Households with unsecured debts (like credit cards and loans) spend an average of £216 a month to repay them according to new research by Hargreaves Lansdown Savings & Resilience Barometer. The research showed that in debt hotspots, almost 20% of income is being spent on repaying unsecured debts. Excluding student loans and mortgages, borrowers owe…
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Latest Bank of England’s Money and Credit data has found that net borrowing of mortgage debt by individuals increased by £1 billion to £3.6 billion in December, bouncing back from a decrease in net borrowing of £0.9 billion in November. The annual growth rate for net mortgage lending rose to 1.5%, from 1.3% in November,…
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The average annual water bill in England and Wales will rise by 26% or £123 in the next financial year according figures analysed by Water UK. Water companies have committed extra money for investment in infrastructure, such as reservoirs, and more help for struggling customers. To fund these new levels of affordability support and investment,…
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A new report by the Joseph Rowntree Foundation (JRF) has found that more than 1 in 5 people in the UK (21%) were in poverty in 2022/23 – 14.3 million people. Of these, 8.1 million were working-age adults, 4.3 million were children and 1.9 million were pensioners. To put it another way, around 2 in…
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Parents with children below the age of 18 have expressed widespread concern about the country’s economic outlook and its impact on family finances according to new research by Confused.com Life Insurance. The findings shed light on parents’ financial priorities, worries, and hopes for their children’s futures with an overwhelming 78% expressing concern about the UK’s…
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One in seven retirees are returning to work or are considering doing so, with financial pressures, a lack of pension provision and desire for social connection driving this, according to new research from Standard Life. 7% of retirees aged over 55 have already gone back into work, with a further 2% actively looking for employment.…
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New research from Rightmove’s Rental Tracker has shown the slowest rate of growth in private rent prices since 2021. The data showed that rents are still 4.7% higher than this time last year. Average advertised rents outside London fell for the first time since pre-pandemic 2019 to £1,341 per calendar month (down 0.2% vs the…
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New Censuswide polling from StepChange Debt Charity finds that just over two in five (41%) GB adults – equivalent to 21.3 million people – expect their financial situation to worsen over the next 12 months. The findings show that meeting the cost of living and higher energy bills this month is a major factor driving…
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Consumer confidence has fallen to its lowest level in over a year, as shown by figures from GfK’s consumer confidence index. The index fell five points to minus 22 in January and puts confidence at its lowest level since the end of 2023. The component of the index that measures sentiment towards the general economic…
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Latest data from Accountant in Bankruptcy has found that personal insolvency numbers (bankruptcies and protected trust deeds) in Scotland for Quarter 3 (Q3) 2024-2025 decreased by 11.4% compared with the same quarter in 2023-2024, which totalled at 1,784. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland also decreased by 6% when…
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A coalition of organisations including StepChange Debt Charity, Christians Against Poverty, Money and Mental Health Policy Institute, Money Advice Trust and six others has written to the Government reiterating a call to end imprisonment for non-payment of council tax. The coalition claims the rule is “outdated” and “disproportionate,” as it continues to campaign for reform…
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Annual figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures increased by 14% in 2024 to a total of 117,947 when compared to 2023’s total of 103,434. The number of DROs in 2024 was the highest annual number on record. This followed the removal of the £90 administration fee to obtain a DRO from 6…
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StepChange Scotland has revealed a rise in the proportion of people struggling to keep up with their energy bills, council tax and mortgage at the outset of 2025. New data from the charity for the final quarter of 2024 shows over one in five (21%) clients with a responsibility for paying a mortgage are in…
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