Credit, Collections & Insolvency News
New research by Lowell has found that over a quarter (28%) more people think they will have any Christmas debt paid off by the end of February when compared to last year. The research also found that 14% more consumers were able to rely on their disposable income for Christmas 2023, compared to the previous…
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New research from wealth manager Quilter, gathered by YouGov has found that over a third (36%) of women would not be able to afford their everyday expenses should the UK enter a recession, compared with just a quarter (26%) of men. The cost-of-living crisis appears to be putting even greater pressure on women’s finances than…
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Four in ten (41% consumers are heading into 2024 saying they feel less financially secure than when 2023 began, according to new research from KPMG UK. Assessing confidence for 2024, KPMG’s latest Consumer Pulse survey of 3000 UK consumers shows those feeling worse about their financial security outnumber those feeling more secure by almost two…
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Research by the Trades Union Congress (TUC) has warned that households face a ‘debt timebomb’ with analysis showing that borrowing is set to increase by £1,400 on average in 2024. The TUC analysis shows that unsecured debt – which includes personal loans, credit cards, and overdrafts – is set to rise from £13,361 to £14,792…
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Household bills have surged by £326 on average in the past 12 months according to research by Compare the Market. The research analyses the cost of energy, water, home insurance, motor insurance, and council tax. It reveals that the combined cost of these household bills has increased by up to 6% in the past year.…
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4.7 million (9 per cent) of adults are starting the new year very worried and feeling unable to cope because of their finances, according to new research from National Debtline. The research found that one in eight (12 percent) people in debt are worried when they hear a knock at the door in case it…
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One in five (19%) people have spent sleepless nights worrying about retirement planning, as two thirds of people face into retirement planning without support according to new research from Standard Life. The research found that nervousness about preparing for retirement has further negative consequences, with 15% reporting poor mental health and 13% saying they have…
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Latest Office for National Statistics (ONS) data showed that inflation was down to 3.9% in November, from 4.6% in October, the lowest rate since September 2021, the fall was largely thanks to declines in motor fuel prices and recreation costs and a slowdown in food and drink inflation. David Cheadle, Acting Chief Executive of the…
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Generous grandparents are set to spend £4.3 billion on presents for grandchildren this Christmas according to the latest findings from over 50s experts SunLife. SunLife’s research reveals that grandparents are planning to spend £140 on each grandchild this Christmas – which, despite the cost-of-living crisis, is £14 more than last year – and with an…
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Ofgem has announced that energy debt has reached £2.9 billion and may look to recover this by raising the price cap and increasing energy bills. The energy regulator says that the scale of energy debt means that they must take action to protect market and ensure customers are protected from uncontrolled rises This follows an…
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Water regulator, Ofwat has set out expectations for the minimum standards water companies should provide for all customers, specifically recognising vulnerable householders. The new vulnerability guidance recognises that some customers need extra help to access water and wastewater services, such as those who are sick, have a disability or have mental health problems. It will…
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The rising cost of living is the main financial concern for there quarters of people (73%) over 50 according to new research by SunLife, rising to 78% for women. The research found that only 18% of retirees and 9% of non-retirees are free from money worries in 2023. After the rising cost of living, people…
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The proportion of mortgage balances in arrears increased to the highest level in six years in Q3, with Bank of England data showing that the proportion of total loan balances with arrears increased from 1.02% to 1.14%, quarter-on-quarter. This is the biggest proportion since Q2 2017. The latest statistics show that the value of outstanding…
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