Credit, Collections & Insolvency News
New research by TotallyMoney data found that one in five adults (19%) are overdrawn by £697 each day with many high street banks are charging between 35%-49.90% APR. This makes overdrafts an expensive way to borrow money, and in line with a typical near-prime personal loan (a prime personal loan would usually be below 10%…
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New research from Pay.UK, owner and operator of the Current Account Switch Service, reveals a stark generational divide in financial confidence and knowledge across the UK. Younger generations, particularly Gen Z, reveal lower levels of financial competence, with only 26% able to correctly calculate compound interest and just 35% understanding how savings accounts work. In…
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Growth in rent and mortgage spending increased to its highest rate in 13 months, at 6.4 %, last month according to the latest Barclays Property Insights report. The report found that more than half of Brits (55 %) are confident they can afford their monthly rental or mortgage outgoings – an increase compared to September…
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Latest data from StepChange has found that two in five (41%) have found it difficult to keep up with bills and credit commitments in the last few months. The debt charity data has also found that, among those with a mortgage seeking debt advice, mortgage arrears have been steadily rising this year. The average arrears…
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Latest mortgage lending data from UK Finance has found that there were 93,630 homeowner mortgages in arrears of 2.5% or more of the outstanding balance in Q3 2024, 3% fewer than in the previous quarter (96,090), but 8% higher than the same quarter in 2023 (87,010). The data also showed that there were 32,860 homeowner mortgages…
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Consumer debt advice organisation MoneyPlus is calling for further reforms in the personal debt advice sector. Chris Davis, Chief Executive Officer at MoneyPlus, said “The country has now been in a cost-of-living crisis for more than two years and those who are struggling with debt need some reassurances that when the pressure is really on and…
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New research by Hargreaves Lansdown has found that one in four people (26%) said they wouldn’t talk to anyone if they had money worries. The data also shows that this figures rises to 30% among men and 36% among those aged 55 and over. The research found that 13% would speak to a debt charity…
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Chancellor Rachel Reeves has announced the autumn budget for 2024. Commenting on the announcements, Steve Vaid, Chief Executive of the Money Advice Trust, the charity that runs National Debtline, said “There was some good news in this Budget for people struggling with problem debt. Reform of Universal Credit debt deductions is long-overdue, and the Household Support…
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Here is an overview of The Money Charity’s latest statistics for October 2024 Personal debt in the UK People in the UK owed £1,864.9 billion at the end of August 2024. The average total debt per household, including mortgages, was £65,665 and per adult was £34,536, around 95.6% of average earnings. Net mortgage lending increased by…
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New data has revealed a significant increase in debt levels for those approaching or in retirement, with the average debt for ‘baby boomers’ climbing by over 11% in the third quarter of 2024. In comparison to the previous year, boomers’ average debt levels now stand at an average of £19,571. The average debt levels across…
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New Enforcement Board (ECB) research has found that 6% of civil enforcement doorstep interactions are a breach of current standards. The research, commissioned by the ECB and led byagency M.E.L Research, represents the first comprehensive study of its kind. Researchers analysed a substantial, randomly selected sample of over 600 videos of interactions between enforcement agents…
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A two-year study by Fair4All Finance has identified that more than half of adults are living in financially vulnerable circumstances in 47 local authorities across the UK. The research identifies rising living costs, low or unstable incomes, persistent debt and a lack of ‘safety nets’ such as insurance, credit and savings among the factors which leave…
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A third (33%) of parents with children under 18 say they’re terrified for their financial future with over a quarter (27%) likely to start a side hustle or second job to make ends meet according to research by Creditspring. Over a fifth (22%) of parents will have to borrow in the next six months whilst…
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