Credit, Collections & Insolvency News
The Work and Pensions Select Committee’s has launched a new report on benefit levels. In response to the launch of the report, StepChange debt charity has made a number of key recommendations to the charity outlining that the Government should make the Household Support Fund permanent. The HSF received a six-month extension in the recent…
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A new survey by credit management company Lowell revealed that British Gen Z adults owe on average £5,069 of debt, with 13% owing more than £10,000, a further 61% of people admitting financial decisions they have made are already starting to affect their future goals. With almost half (48%) of Gen Z outlining credit card debt as their main…
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Debt difficulties may be a reality for the majority of households, but even this isn’t enough to stop many struggling in silence and running the risk of spiralling into persistent problem debt, according to research by Fair4All Finance, the not-for-profit financial inclusion organisation. The research on the hidden impact of the cost-of-living crisis reveals widespread…
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The Joseph Rowntree Foundation (JRF) is warning that the nation’s health can’t be protected only through NHS reform, as new JRF-backed research by the King’s Fund health and care think tank exposed the staggering toll poverty is taking on NHS services. With almost four million people in the UK facing destitution in a single year,…
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Missed payment rates among mortgage holders have returned to levels seen at the height of the cost of living crisis, Which?’s latest consumer insight tracker finds, as the Spring Budget leaves some feeling low about their future household finances. In the month (up until 8th March), 8.1 per cent of mortgage holders missed essential payments…
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Nearly 800,000 people endured a toxic cycle of entrenched mental health problems and long term financial difficulties during the years from the start of the pandemic to the onset of the cost of living crisis according to analaysis by the Money and Mental Health Policy Institute. The report looks at people’s experiences of financial and mental…
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Members of the UK Regulators’ Network (UKRN) the Financial Conduct Authority (FC) FCA, Ofgem, Ofwat, and Ofcom, have published a joint letter setting out shared expectations in relation to debt collection and customers experiencing financial difficulty. The letter calls on companies to improve their debt collection practices, after identifying shortcomings across the financial services industry,…
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Outstanding debt on credit cards increased by nearly 10% in the past year, as households turned to borrowing to cope with inflationary pressures and rising living costs. according to latest UK Finance date. The number of credit card transactions rose by 3.8% to 371.4 million in December, with a total spend of £19.2 billion in…
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A new repor from charity Mental Health Innovations, has revealed the extent that the cost-of-living crisis is having on the mental health of the nation. A third of those who are struggling with financial difficulties also tell us they have suicidal thoughts. The report analysed data from two million text conversations over five years, taken…
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New polling by Debt Justice indicated that a record 6.7 million people in Britain are now in financial difficulty. The polling conducted for Debt Awareness Week indicates that 13% of people have missed three or more credit or bill payments over the past six months. Debt Justice’s ,anifesto calls on all political parties to make a…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures increased by 25.1% in February 2024 to a total of 10,136 compared to January’s total of 8,103 and increased by 23% compared to February 2023’s figure of 8,239. Personal insolvencies increased by 3% from when compared to February 2022’s…
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The Insolvency Service has published its latest monthly Insolvency Statistics, showing personal insolvencies were up by 23% compared to February 2023 at 10,136. The rise was driven by a 44% increase in Debt Relief Orders (DRO) applications compared to February 2023. In the Spring Budget, the Chancellor announced an end to fees for DRO’s from…
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As the cost of living crisis continues to escalate, a personal insolvency specialist has issued a warning about a concerning trend of mounting debt among the hospitality workforce. According to Creditfix, hospitality workers are grappling with unprecedented financial burdens, with an alarming average debt level of £13,151 with the industry faces a dual challenge as operating…
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