Credit, Collections & Insolvency News
The crisis of poverty in the UK has been exposed by two new reports, revealing the devastating impact of low wages and price increases on 900,000 children. The research by Trades Union Congress (TUC) has found that over the past 14 years, an additional 1,350 children per week in households with at least one working…
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New research commissioned through YouGov by StepChange Debt Charity of UK adults (of whom 186 live in Scotland) shows that one in four adults (24%) in Scotland have used a form of credit to pay for essentials (groceries, utilities, housing) in the past three months, while one in five (19%) adults in Scotland have borrowed…
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The removal of the £90 debt relief order (DRO) administration fee in April has already had a significant impact on the number of financially vulnerable people applying for support according to Money Wellness, one of two commissioned DRO hubs in England. The debt sepcialist says that it has seen a 50% increase in applications in…
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Weekly wages have increased by just £16 in 14 years when inflation is factored in according to research from living-standards thinktank the Resolution Foundation. The research found that despite the welcome return of strong real wage growth in recent months, three shocks to pay packets in a little over a decade – the financial crisis,…
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Money Wellness is calling for the next government to appoint a minister for financial equality to take responsibility for evaluating all government policies to ensure they don’t disproportionately impact the economic wellbeing of certain sectors of society – such as single-parent families. The financial wellbeing platform, which provides free debt support to more than 1,000…
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The Bank of England has opted to hold the base rate at 5.25%, this marks the seventh consecutive meeting where the Monetary Policy Committee has opted against raising or cutting interest rates. The MPC voted 7-2 to hold rates steady, with the dissenters preferring a cut of 0.25% to 5.0%. The decisions follows the announcement…
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Unsecured household debt is set to rise by over £1,600 this year as families continue to struggle with the cost of living crisis, according to new TUC analysis. The analysis shows that unsecured debt (loans, credit cards, purchase hire agreements) is on course to increase by 9.4% (£1,660) in real terms, on average, per household…
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Latest data published by the Department for Levelling Up, Housing and Communities (DLUHC) show outstanding council tax arrears have reached a total of £6 billion as of 31stMarch 2024, a 9% year-on-year rise and an 71% increase since before the pandemic – the total outstanding arrears stood at £3.5 billion in 2019 to 2020. Over…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell by 4% in May 2024 with a total of 9,266 personal insolvencies registered when compared to last month. Personal insolvencies decreased by 7.2% when compared May 2022’s total of 9,986 and decreased by 15.7% compared to pre-pandemic…
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With rent prices rising 9% over the last 12 months, three in ten (28%) renters across the UK have been forced to turn to benefits due to rising costs, reveals research from responsible lender Creditspring. ONS figures show that average rents increased by 8.9% over the last 12 months, with tenants paying over £100 more…
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Credit Connect has announced the shortlist of companies and partnerships for this year’s first-ever annual Credit & Collections Industry Awards. The shortlist for the inaugural awards consists of 64 entrants with over 50 companies in the running to win the first-ever awards. Credit Connect’s panel of judges has now compiled the shortlist for the fourteen…
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Half (49%) of people over 50 say they want to be able to leave their loved ones some inheritance when they’re gone and are prepared to sacrifice their own financial stability to do so. according to data from SunLife. The research over found that 6.9 million (51%) women and 5.8 million (47%) of men want…
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The number of mortgages in arrears, relative to all outstanding mortgage balances, increased to 1.28% in Quarter 1, according to figures from the Bank of England. The data shows an increase of 1.23% in the final quarter of 2023, taking it to the highest proportion since the end of 2016. The value of outstanding mortgage…
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