Credit, Collections & Insolvency News
Almost two in five (37%) 18–24-year-olds who are already in debt are struggling to pay it off, according to a two year-study by Fair4All Finance. The research found that over the last year, 29% of 18–24-year-olds say they have taken on more debt, and a worrying 22% say they have had an application for a…
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Half of adults have cut back spending on two or more essentials, including energy, water, broadband and car insurance, in the last year according to latest research by the Citizens Advice. The data has also revealed that people are in the dark about almost £2 billion of available financial support. Social tariff schemes, which reduce…
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New research from the Post Office has found that four-fifths of students (82%) feel that non-academic responsibilities interfere with their ability to attend lectures or complete assignments. Nearly half of students (49%) will handle their life admin for the first time when starting university with many finding that managing finances is the most challenging part…
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New research commissioned through YouGov by StepChange Debt Charity of UK adults (of whom 185 live in Scotland) has revealed two in five (41%) Scots have found it difficult to keep up with bills and credit commitments in the last few months. This is up by twelve percentage points year-on-year, from three in ten (29%)…
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An organisation providing free debt help has warned it is seeing a concerning change in how buy now, pay later (BNPL) is being used. Money Wellness says it has seen a threefold increase in the number of people seeking debt help with BNPL debts over the past 12 months. But the most significant change is…
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Energy company OVO is to pay £2.37m in compensation for customer complaint failures. Energy regulator Ofgem said OVO will pay £378,512 directly to affected customers, with an additional £2 million to the Energy Industry Voluntary Redress Scheme in recognition of the severity of consumer detriment caused. The regulator identified that 1,395 OVO customers were affected…
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New research by SunLife has found that millions of people could be left struggling to achieve a ‘minimum’ standard of living if the state pension age rises earlier. The research found that 24% of retirees are living on the state pension alone. If the state pension age were to rise to 68 earlier, millions could…
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The Bank of England has published its inflation attitudes survey for August showing that people thought the inflation rate was 5.2%. In July it was 2.2%. The survey also showed that 55% of people said the interest rate on mortgages, loans and savings had risen over the past 12 months. In reality, the average 2-year fixed…
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One in eight women who held a joint mortgage in the last two years experienced joint mortgage economic abuse from a current or former partner – equivalent to over 750,000 people, according to a new report by the charity Surviving Economic Abuse. The report, ‘Locked into a mortgage, locked out of my home’, funded by…
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Vulnerable customers will be able to access support services more quickly and easily, thanks to a project driving forward Priority Services Register (PSR) data-sharing between energy and water companies. At a summit meeting, Ofgem and Ofwat announced plans bring together suppliers, customer groups and experts to work towards a transformation in customer service culture across…
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New Bank of England data shows that the value of outstanding mortgages in arrears hit £21.9 billion in the second quarter of this year. This marks a 32% increase on Q2 2023 and is the highest total since 2014. On a quarterly basis, the value of outstanding mortgage balances with arrears increased by 2.9% compared…
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Over half (51%) of adults believe that they have become more competent in managing their finances over the past 12 months, new research by SmartSave, a Chetwood Financial brand, has found. The digital bank commissioned an independent, nationally representative survey of 2,000 UK adults, which revealed that due to their financial constraints, nearly half of…
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Analysis of figures from councils across England by responsible lender, Creditspring, have revealed that over £57 million remains unclaimed from the Household Support Fund with just a month to go before applications to the scheme close. The Household Support Fund was first launched on 6th October 2021 and has been extended several times – with…
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