Credit, Collections & Insolvency News
New analysis by Policy in Practice has shown that one million households will miss out due to the changes announced to the Winter Fuel Payment. The data also showed that over 850,000 older people are eligible for but not claiming Pension Credit whilst another estimated 130,000 older people miss out because they are just £500…
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More than a quarter (27%) of consumers have fallen into troubling patterns with their finances, with many having engaged in risky financial behaviour over the last year, according to new research from Moneyhub. While the UK’s inflation rate has settled back down to the Bank of England’s 2% target, with Rachel Reeves announcing in her…
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New data from Pepper Advantage, has shown that the overall rate of mortgage arrears growth has dropped to only 1.1% in Quarter 2 (Q2) 2024. This marks the third consecutive quarterly decrease in the arrears growth rate across the company’s UK portfolio, which fell from 5.7% in Q4 2023 to 3.9% in Q1 2024. The…
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Consumers have reduced their spending due to poor weather and the cost of living crisis according to latest British Retail Consortium data. The report shows that annual shop price inflation remained unchanged at 0.2% in July, the lowest rate since October 2021. Non-food price deflation continued at 0.9%, as retailers reduced prices to attract consumers.…
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Winter fuel payments will be scrapped for most pensioners in a move expected to save the Treasury £1.5 billion per year, Chancellor Rachel Reeves has announced Those in receipt of Pension Credit, Universal Credit, Income Support, income-based Jobseeker’s Allowance and income-related Employment and Support Allowance will continue to receive winter fuel payments. Responding to the…
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Here is an overview of The Money Charity’s latest statistics for July 2024 Personal debt in the UK People in the UK owed £1,852.8 billion at the end of May 2024. The average total debt per household, including mortgages, was £65,239 and per adult was £34,537, around 96.0% of average earnings. Net mortgage lending increased by…
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A new report from the Institute for Fiscal Studies (IFS) estimates that an extra 320,000 people have been pushed into poverty as they moved onto more expensive deals, as a result of the rise in mortgage rates in 2022 and 2023. The rise in mortgage rates saw the average rate for a two-year fixed mortgage…
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More than half (54%) of UK retirees expect to work longer than they would like, on average by seven years, highlighting a worrying gap between people’s desired retirement age and the adequacy of pension savings. In addition to that, over a quarter (27%) of those who have made retirement plans don’t feel that they would…
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Research by STAMMA and Money Wellness has found that online debt advice has emerged as the preferred method for those with vulnerabilities, accessibility issues, and addictions, particularly among those under 55. The study found that 53% of people under 55 would prefer to seek debt advice online. This is especially true for Gen Zs (18-24-year-olds),…
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2.3 million parents are unable to afford any activities for their children during the upcoming summer holidays according to research from responsible lender Creditspring. One in seven (15%) parents say their finances won’t stretch to cover any summer activities this year whilst almost one in five (17%) admit they are more worried about their finances…
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New data from Rightmove has shown that average advertised rents outside of London hit a new all-time high of £1,314 per calendar month in the second quarter of 2024, according to the online property platform, indicating a 7% jump from the previous year. In London, rents hit a new record of £2,661, 4% above the same…
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The cost of holiday childcare continues to rise hitting families’ financial resilience according to Coram’s annual Holiday Childcare Survey. The data showed that childcare prices increased this year by 6% since last Summer. A place at a holiday club now costs 2.5 times more than an after-school club during term time (£175 per week compared…
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Inflation held steady in June, with the latest figures from the Office for National Statistics (ONS) showing price growth remained at the Bank of England’s target rate of 2%. Commenting on the data, Matt Hartley, Director of Engagement at the Money Advice Trust, the charity that runs National Debtline, said “Millions of people are still…
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