Credit, Collections & Insolvency News
The rate of mortgage arrears growth slowed to 3.9% in Quarter 1 from 5.7% in Quarter 4 2023, the lowest quarterly growth rate since the September 2022 when the combined effects of the cost-of-living crisis and the September 2022 Mini-Budget began to impact UK household budgets according to the latest data from Pepper Advantage. While…
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Here is an overview of The Money Charity’s latest statistics for April 2024 Personal debt in the UK People in the UK owed £1,841.2 billion at the end of February 2024. The average total debt per household, including mortgages, was £65,569 and per adult was £34,617, around 99.2% of average earnings. Net mortgage lending decreased by…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell by 19% in March 2024 with a total of 8,708 personal insolvencies registered. The figures was 19% lower than in February 2024 and 9% lower than in March 2023. The insolvencies consisted of 681 bankruptcies, 2,628 debt…
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Latest figures from Accountant in Bankruptcy showed that there were 8,085 Scottish personal insolvencies in the year 2023-2024. This was an increase of 1% on 2022-2023’s figure of 8,001, an increase of 4% on 2021-2022’s figure of 7,769 and a decrease of 40% compared to pre-pandemic levels in 2019-2020 (13,491). Commenting on the annual Scottish…
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The number of people in full-time work, including those in jobs such as nursing, have increasingly been asking for advice on debt according to a new report from StepChange Debt Charity. The research has found that one in five (21%) StepChange clients in full-time employment are in a negative budget – meaning their expenditure exceeds…
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New data from Go.Compare travel insurance has revealed that almost a third (30 per cent) of those buying travel insurance buy their policy on the same day of travel. The figures, which look at travel insurance policies bought by holidaymakers during 2023, found that a third of people bought their travel insurance on the day of travel…
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Higher interest rates could add £29 billion to household energy bills, according to new research published today (Monday) by the Resolution Foundation. The research considers how to fund the major power sector upgrade needed to cope with rising demand for electricity in a decarbonising economy. By 2040, Britain’s homes will consume 45 per cent more electricity…
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Latest analysis by Shelter found that there were 83,000 unwanted moves in England over the past 12 months, meaning 40% have been forced to relocate, with the moves costing renters over half a billion pounds a year. An unwanted move is defined as a fixed-term tenancy coming to an end, or tenants being priced out…
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Latest data from the ONS has found that CPI inflation fell to 3.2 per cent in March, lower than the 3.4% reported in February. Commenting on the data, Steve Vaid, Chief Executive of the Money Advice Trust, the charity that runs National Debtline, said “Falling inflation is welcome news and will provide some relief for…
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The Bank of England’s latest credit conditions survey for the first quarter of 2024 has revealed a rise in default rates on credit cards and other loans, with overall demand for unsecured lending increased. The data shows that demand for unsecured borrowing rose in early 2024 – driven by credit cards – and is expected…
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Young people are three times more likely than older generations to have their mental health impacted by money worries, research from responsible lender,Creditspring reveals. Four in ten (39%) people aged 18-34 say theirmental health has significantly worsened as a direct result of the cost of living crisis, compared to just 13% of over 55s. Three in…
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New analysis by Lowell shows the widening gulf between generation rent and homeowners. The new data shows tenants in private rental hotspots, like Bristol West, are struggling with loan defaults and resorting to benefits to say afloat, exposing the full, significant impact of rent rises and high housing costs on personal finances. Conversely, areas of…
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New figures released by the Finance & Leasing Association (FLA) second charge mortgage new business volumes grew by 17% in February 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), said “The second…
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