Credit, Collections & Insolvency News
Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures were 20% lower than in the same month in the previous year. There were 6,584 insolvencies in December 2023, compared to i8,254 in December 2022). The lower number of individual insolvencies compared to December 2022. The personal insolvencies…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 6% in November 2023. 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…
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Two years of the cost of living crisis has caused a 50% rise in the number of people who are pessimistic about their financial future, according to new figures released today by StepChange Debt Charity. The research indicates a difficult year ahead for people’s finances, as more than two in five adults (43%), around 22…
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The UK’s poorest people now owe twice as much to energy suppliers as they did during the 2022 energy crisis, according to figures from management consultancy Baringa. Barings says that an energy bill price spiral where customers increasingly default on debts, leads to costs being passed onto others in the form of higher bills, further…
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Debt management specialist TDX Group, an Equifax company, has announced that it has partnered with business outsourcing provider Sigma Connected, drawing on their respective debt insights and collection expertise for an all-in-one recovery solution package for clients. The strategic link-up will see Sigma Connected and TDX Group working closely on white label customer service support…
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Funeral costs have increased at almost twice the rate of inflation over the past 20 years, according to research by SunLife.The latest data shows that after two years of lower funeral costs – in part due to the pandemic – prices are on the rise again. In 2023, the average funeral cost was £4,141 –…
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According to a new survey from Nationwide, 84% of people expect this January to be the toughest yet financially due to Christmas spending added to debt from the cost of living crisis. More than half (52%) believe January is the time of year that causes the most financial stress. While 51% blamed Christmas spending for…
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New research by Hargreaves Lansdown has found that the financial resilience gap has widened as with the debt crisis impacting low earners. The debt position of the lowest fifth of earners has deteriorated since the onset of the pandemic, but improved for everyone else. Since the onset of the pandemic, there has been a rise…
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The Money and Pensions Service (MaPS) has announced it is now consulting on proposals for the delivery of its debt advice strategy, seeking feedback on the proposals laid out and wants to hear alternative proposals or ideas that it could take forward. Organisations and individuals involved in delivering debt advice, organisations that support debt advice,…
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Fuel Bank Foundation says it has been ‘forced to take action’ by doubling the support it provides to vulnerable consumers due to the government not providing any additional energy bill help this winter. The chroty which provides emergency fuel vouchers for struggling households with prepayment meters (PPMs), has increased the amount of financial support it…
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Data released by leading legal provider, Co-op Legal Services has revealed that due to financial reasons, many are now considering waiting until later in the year to start divorce proceedings, with nearly a quarter of people (21%) admitting to delaying divorce proceedings due to the impact it would have on their finances. However, nearly two-thirds…
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The UK is suffering the worst decline in living standards of any G7 country – according to new TUC analysis. The analysis shows the UK is only G7 economy where real household disposable income per head hasn’t recovered to its pre-pandemic levels. Real household disposable incomes in the UK were 1.2% lower in the second…
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Changes to the UK mortgage market and improving household balance sheets, including ‘forced saving’ during the pandemic, have helped to deliver an unprecedented £16 billion household income boost from higher interest rates, according to new research by the Resolution Foundation. The latest Macroeconomic Policy Outlook examines the impact of the Bank of England’s recent rate-rising cycle between…
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