Credit, Collections & Insolvency News
The majority of customers don’t even realise they are vulnerable according to research by AI customer service technology provider NICE. The study has found that only 17% of UK consumers self-identify as vulnerable, despite 67% being deemed as potentially vulnerable when assessed against the Financial Conduct Authority (FCA) criteria. This gap in awareness could have…
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The ‘squeezed middle’ has been labelled the ‘precarious middle’ with those on middle incomes struggling to save, and more likely than before to be in insecure jobs and insecure homes. For single parents, the problem is particularly acute, with those who are in work more likely to be in insecure work than not according to…
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A new Citizens Advice Scotland (CAS) report has found that over 660,000 people cite debt as impacting their mental health.Analysis of polling from research company YouGov suggests around 665,148 of people in Scotland have seen their mental health and wellbeing affected by debt. CAS Financial Health spokesperson Sarah Jayne Dunn said “There is a clear…
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One in five (20%) people only managed to make the minimum repayment on their most recent bill according to research from Compare the Market. The research shows that less than half of borrowers (48%) are regularly paying off their credit card balance in full each month. This suggests that outstanding balances on cards are increasing…
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Latest GDP figures has indicated that the UK ended 2023 in recession. The figures showed that GDP fell 0.1% in December, following a 0.2% rise in November. GDP was down 0.3% over the three months to the end of December, a second consecutive quarter of negative growth, pushing the UK into a technical recession. The fall reflects…
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The number of young people needing help with managing money has doubled since 2019, Citizens Advice has reported. The charity, which supported 66,000 under 25s last year alone, says one in five (20%) young adults seeking its advice need help with debt. Citizens Advice warns many young people are feeling particularly squeezed by the cost-of-living…
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Latest data from the ONS showed annualised inflation remained at 4% in January, unchanged from December. Economists had predicted a small rise, however prices were down 0.6% in a month. The numbers are a long way from the peak at 11.1% in October last year, Commenting on the data Sarah Coles, Head of Personal Finance at…
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Almost half of motorists (47%) would feel “anxious and financially stressed” by an unexpected £1,000 car repair bill, new research from the RAC Dealer Network shows. In a sign of the impact of the cost-of-living crisis, the percentage has increased from 37% compared to the last time the organisation asked this question in 2021. Almost…
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Over six million children in Britain have parents who are worried they won’t be able to afford their next energy bill. And almost half of parents said they would cut back on their food shopping to pay for other household bills according to research by Citizens Advice. Citizens Advice and Citizens Advice Scotland are also…
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Age UK is warning that older people living in a household with an income less than £20,000 per year and not in receipt of means tested benefits, have faced particularly steep challenges with managing through recent times. New research for the Charity revealed that almost a third (29%) of over 60s in this group report…
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Latest statistics from the Ministry of Justice (MoJ) have shown that mortgage and landlord possession actions continued to grow steadily in 2023. The figures showed that mortgage possession claims now sit around 65% of what it was in 2019. The quarterly figures show that mortgage possession actions have continued their gradual upward trend with mortgage…
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Over 11.5 million, or four in ten (39%), financially vulnerable people, have no option but to turn to credit to afford everyday expenses, over double the UK average (15%) according to research by analytics firm Fuse. Three in ten (28%) also say that they are reliant on credit to pay for their mortgage or rent…
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New research from Citizens Advice has found that five million people are in a negative budget, with the charity warns a living standards catastrophe is becoming the new normal ahead of the general election. The charity’s new analysis shows that the number of people in the red has jumped from 3.25 million since the start…
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