Credit, Collections & Insolvency News
Latest research by Money and Mental Health Policy has found that homeowners with mental health problems are more likely to have cut back on food, energy and other essentials to keep up with mortgage payments, and are also at greater risk of falling behind on mortgage bills compared to other homeowners. While many mortgage holders…
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A recent survey commissioned by finance experts ABC Finance has cast a stark light on the nation’s ability to cope with the cost of a funeral with 38% of admitting they would struggle to cover the expenses of a funeral for their next of kin. ABC says that the study’s findings are an indicator of…
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Latest figures from Accountant in Bankruptcy (AiB) have revealed that personal insolvencies increased by 2% for Quarter 3 (Q3) 2023-2024 compared with Q3 2022-2023, to a total of 2,014. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland for Q3 2023-2024 decreased by 3.3% compared to the previous quarter’s total of 2,082…
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Latest research from Lowell has found that a quarter of people (25%) feel anxious, stressed or ashamed when talking about money. With January being a tough month financially, from gaps between paychecks to the aftermath of festive spending 47% of people admitted they are heading into 2024 feeling worried about money. The nationwide survey revealed…
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Around 1.8 million taxpayers will turn to overdrafts this month to pay unexpected self-assessment tax bill amounts, according to research from Royal London. Income tax receipts are expected to soar by around £35 billion by 2028/29 thanks to the phenomenon of fiscal drag, where rising incomes and frozen tax thresholds tip greater numbers of workers…
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The number of consumers living in households that are in debt to their energy supplier has exceeded 5.3 million households, Citizens Advice has revealed. The survey also revealed that more than two million people across will self-disconnect this winter because they cannot afford to top up their prepayment meter (PPM). Citizens Advice is warning that…
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A new survey for StepChange Debt Charity, carried out by YouGov, has found that one in two people in Scotland (47%), equivalent to 2 million people, are worried about their financial situation. The research also found that two in five (42%) people in Scotland, around 1.8 million, think their household financial situation will get worse…
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The average household had a disposable income of £224 per week in the fourth quarter, the highest since the start of 2022, according to the Asda Income Tracker. The increase in disposable income is attributed to wage growth and easing inflation. However, despite the improvement, disposable income is still down from before the pandemic. After…
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New analysis in the Joseph Rowntree Foundation (JRF) flagship UK Poverty report quantifies for the first time how many thousands of pounds are needed by families to escape poverty. The poverty gap, or the amount of money needed to bring the incomes of people in poverty to the poverty line, has grown wider. Six million…
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Bereavement service Settld has announced that it is working with Octopus Energy to unlock a new service streamlining account administration for those handling the affairs of an Octopus Energy customer who has died. Octopus Energy, already noted for its excellent customer service during the bereavement process will now be able to notify all other relevant service providers nationwide of a death,…
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Nearly a quarter (23%) of adults wouldn’t seek financial advice, even if it was free according to new research by Canada Life. The research also found that nearly half (45%) of UK adults have never seen a financial adviser. Over a fifth (23%) say they could not be swayed to get financial advice no matter…
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One third of adults in the UK will run out of money by the end of January, a new survey by Credit Karma has found. The research said that by 20th January, 56% of adults will have spent their entire monthly income, due to higher winter bills and financial strain from Christmas expenses. As a…
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Latest Bank of England data has highlighted that mortgage defaults and missed payments on credit cards and loans both surged at the end of the year, and are expected to keep rising. Missed credit card and loan payments, as a percentage of balances, are higher than they have been for at least five years with…
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