Credit, Collections & Insolvency News
The UK’s sustained cost of living crisis is eroding people’s confidence in managing their money, with a third (33%) feeling they have made poor financial decisions in the past two years, according to data from a recent report by AKG, sponsored by Standard Life. The research found that people are most likely to feel they…
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Britain’s macroeconomic policy framework is largely unchanged since the 1990s, and now needs an overhaul to tackle the risk of an unsustainable ratcheting up of debt that will hamper its ability to respond to economic shocks or fund public services according to the Resolution Foundation. Built to last – the 46th report from The Economy 2030 Inquiry, funded…
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Consumer confidence has slumped ahead of Christmas as consumers continue to suffer a cost of living crunch. GfK’s monthly measure of consumer sentiment fell by nine points to -30 in October, the weakest reading since July. The index measuring changes in personal finances during the last year is up down six points at -19; this…
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Mortgage holders are repaying record amounts of mortgage debt in the higher interest rate environment, according to the Equity Release Council’s Autumn 2023 Market Report. The report says high levels of debt and a lack of pension savings make it increasingly likely that homeowners will need to borrow against the value of their properties in…
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Food banks across the Trussell Trust network are expecting to provide more than one million emergency food parcels between December 2023 and February 2024 – the most parcels ever provided across this period. This equates to an average of one food parcel every eight seconds (11,500 a day) and 7,000 people seeking support each day.…
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Household energy debt has hit a five-year high of £216 ahead of the winter, with the number of homes already owing money to their provider up 11% on last year new research from Uswitch.com, has revealed. The average household debt is up 13% on the £190 figure seen at this time last year, and the number…
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Tthe government has released new figures revealing the amount being spent by local councils on temporary accommodation for homeless households in England was £1.7 billion between April 2022 and March 2023 This is a 9% increase in spending in just one year. It has increased by 62% in the last five years. One third of…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers fell 27% in September 2023 when compared to August last year. The total number of insolvencies in September 2023 was 7,271, 27% lower than in the same month in the previous year (10,024 in September 2022). Personal insolvencies…
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New research from TopCashback has found that families are spending on average £6,192 per year on food – approximately £119 per week or £516 per month In the last three months, parents say the cost of their essential groceries has increased by 46%, considerably higher than the latest ONS statistics* showing food inflation at 13.6%…
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Consumers are feeling financially worse off than they were a year ago, especially those aged 35-54, according to research by Dye & Durham. Almost half of respondents (47%) said their finances are in a worse place than they were 12 months ago, with only 16 per cent of people suggesting their finances have improved. Those…
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Energy regulator, Ofgem has announced the launch of a consultation to assesss options to protect the energy market and consumers from the risk of spiralling debt. Figures obtained by the regulator this summer show that energy debt reached £2.6 billion, its highest ever level, due to a combination of the rise in wholesale energy prices,…
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New research from Vitality reveals more than 2 in 3 adults are worried about money. As many as 69% of respondents are worried about their finances, with 35% not feeling resilient when it comes to supporting themselves or their family. This maybe be due to the fact that 3 in 5 people reported an increase…
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Data from SCOR’s Digital Solutions subsidiary ReMark reveals worrying gaps in financial understanding among Millennials and Gen X. Less than half of people aged 18-42 have a ‘good’ understanding of life and health insurance products, and 11% admit to having ‘no knowledge’ at all. The report which interviewed 12,563 Gen Zs (18-26) and Millennials (27-42)…
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