Credit, Collections & Insolvency News
Household money worries have hit their highest level in 2023 as year-on-year spending continues to rise, according to Nationwide Building Society’s monthly Spending Report. A recent survey conducted by the society reveals that a growing number of people are worried about their personal finances and their ability to cover basic expenses. The survey found that…
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The Trussell Trust has published new research that reveals the true and devastating consequences of the inadequacy of Universal Credit, with millions of families across the country struggling to make ends meet – including working households and disabled people. The research found that a third of working families (32%) receiving the benefit report struggling to…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers fell 11% in August 2023 when compared to August last year. The personal insolvency figures totalled 8,536 compared to the same month in the previous year (9,584 in August 2022). Personal insolvency figures consisted of 648 bankruptcies, 2,714…
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One in four people in the UK (27%) are currently behind on at least one bill with Citizens Advice warning the situation only looks set to deteriorate in the coming months. The research estimates household debt, covering things like essential bills and benefit repayments sits at £22 billion. But the charity warns the true figure…
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Close to half (45%) of adults are concerned about the financial decision-making of their more vulnerable relatives as they get older, with one in ten (10%) saying their relatives have made poor financial decisions in the past two years resulting in some form of financial loss, according to data from a recent report by AKG,…
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Latest Bank of England figures have indicated that the value of mortgage arrears jumped by almost a third (29%) in April-June compared with the same period in 2022, with the total value of outstanding mortgage debt at £16.9 billion, the highest total since 2016. New arrears cases equated to 16% of the total outstanding mortgage…
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Resarch from lender Creditspring has found that 30% of people say their mental health has deteriorated since the start of the cost-of-living crisis, with the rate rising to almost half (48%) among 25 to 34-year-olds. The research shows that financial woes are directly contributing to this widespread decline in mental health, with a quarter (23%)…
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One in every five households in England (4.8 million) will be forced to spend more than a third of their income on housing by the end of the next parliament unless politicians commit to a long-term plan to fix the housing crisis, according to a new report by Pragmatix Advisory on behalf of the National Housing Federation…
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Latest figures from the Finance & Leasing Association (FLA) show that second charge mortgage lending fell by 14% in July. 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 “The second charge mortgage…
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The data suggests that the Midlands is the region of the UK hit hardest by the rising cost-of-living according to research by Lowell. Lowell’s latest Financial Vulnerability Index shows 41% of all areas that became financially worse off this year are in the Midlands region, with areas in Birmingham, Leicester and Coventry became financially worse…
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Latest research Hargreaves Lansdown has found that the average renting household has just £180 left at the end of the month, while a household with a mortgage has £337. Renters are less likely to have enough emergency savings to cover three months of essential spending. Only 45% cross the threshold, compared to 72% of those…
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Future generations of retirees are likely to be poorer than those of today, according to new data published by the International Longevity Centre (ILC) which reveals a startling decline in the share of wealth held by those under 40. Analysis of ONS population data shows that in 2010/11, people under 40 made up just over…
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Worries about housing costs have hit the highest levels ever recorded by Which?’s Consumer Insight Tracker, as interest rates are widely expected to rise further. The Insight Tracker recorded highest levels of concern around housing costs – with four in five mortgage owners (79%) and 4 in 5 renters (81%) saying that they were worried…
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