Credit, Collections & Insolvency News
People in debt have lost £48.8 million on fees for failed Individual Voluntary Arrangements (IVA), with many steered into an inappropriate debt solution by unscrupulous firms offering bad advice according to research by Citizens Advice. The charity has found two thirds of people were not told a key piece of information before entering into an…
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New figures released by the Finance & Leasing Association (FLA) show that consumer second charge mortgage new business volumes grew by 17% in November 2024. 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),…
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New figures have revealed that the overwhelming majority (91%) of people are still grappling with money struggles as a result of the cost of living crisis. This is equal to around 63.1 million people feeling the impact of the ongoing financial squeeze, highlighting its continuing toll on UK households, and that many are in need…
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Analysis by Shelter and HSBC has shown that 52% of people paying housing costs are starting the new year worried about housing or financial pressures. The research also found that 67% of people with housing costs have experienced housing pressures over the past year. Of those experiencing housing pressures, 57% said they have lost sleep…
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Nationwide is urging those struggling financially to seek help as a perfect storm of record New Year debt, rising energy bills and tax returns is set to make January a tough month for many. According to Nationwide’s spending data, debt levels in November were already four percent higher than the same month last year, at…
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New research titled the ‘Hotel of Mum and Dad’ funded by the Economic and Social Research Council, and published by IFS, has found a rise young people living with parents among those in their late 20s. The share of 25- to 29-year-olds living at a parental home has increased from 20% to 28% between 2006–07…
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Research by Aegon reveals a growing optimism regarding personal finances for 2025, with three-fifths of people (60%) of respondents feeling positive, up from 52% in 2024. However, women (54%) and individuals aged 50 to 59 (47%) are less optimistic compared to the overall population. The survey showed that 60% are feeling positive overall about their finances…
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Research by Compare the Market has found that half of university students struggle to repay their credit card balance within three months. The data found that almost one in two (48%) university students have been struggling to repay their credit card balance within three months, with the main reasons being the rising cost of everyday…
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New research from Santander has revealed that young adults are leaving school without a formal financial education. A decade after financial education became part of the secondary school curriculum, young adults are still leaving school unprepared to manage their finances. According to a new research report from Santander UK of 2,000 18-21-year-olds, only one in…
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Latest figures from Barclays show zero growth in consumer card spending in December, as households cut back on essential items and pub and restaurant meals in favour of spending on experiences. The data showed that consumer card spending growth remained flat in December, at 0.0 per cent year-on-year – significantly lower than the latest CPIH…
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New research by Legal & General Retail has found that financial concerns are causing delays in divorce proceedings, with 17% (280,000) of recent divorces were postponed due to money worries. Couples across the country stalled their separation because of income concerns (13%), rising living expenses (12%) and the cost of divorce (12%). However, once couples…
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The Resolution Foundation is calling on the Government to offer extra support to working parents, including with childcare and commuting, if it is to fulfil its promise of cutting child poverty. The Resolution Foundation says that he last Labour government reduced relative child poverty significantly – down by the equivalent of 600,000 children between 1998-99…
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New research commissioned by Co-op Legal Services reveals that almost three-fifths (59%) of married people who want to divorce shared that they felt they couldn’t due to their personal finance situations whilst a similar number (60%) feel the same due to having children. Approximately nine in ten(88%) married people believe that unhappily married couples who…
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