Credit, Collections & Insolvency News
As interest rates rise, mortgages in London postcodes are at the highest risk of default, according to a new analysis by Mazars. The analysis found that 19 out of the top 20 postcodes with the most risky mortgages, defined as loans at least 4.5 times the borrower’s earnings, were in London. South West London dominated…
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In England, a no-fault eviction notice drops through the letterbox of an older private renter every 16 minutes, new research from Shelter reveals. The housing charity’s research, conducted by YouGov and funded by The Co-operative Bank, shines a spotlight on the struggle older renters face in keeping a roof over their heads. Nearly three in…
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The Resolution Foundation says inflation could fall to 3% by the next election, and interest rate hikes are likely to dry up. However, taxes will rise, cost of living payments will end, and rents and mortgages will be higher, so we’ll be no better off than we are now – and much worse than when…
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Research released by Topcashback which examines how adults spend money has revealed more than five million adults (10%) are spending beyond their means for at least half of the year (seven months or more). The ‘How Britain Spends’ report, the first in a new series developed by leading cashback site TopCashback, highlights the impact the…
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New research by Save the Student has found that the average student’s monthly living costs have risen by 17% since 2022, from £924 to £1,078. Below-inflation increases in the Maintenance Loan now mean it falls short of living costs by an average of £582 per month, up from £439 per month in 2022 with 18% of students…
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The number of people using the funds from their 50+ mortgage for debt consolidation has doubled in the year to date compared with 2022, Hodge data has found. Hodge data analysts delved into its completion data and found that in 2022 7% of 50+ mortgage customers said they had used their funds for debt consolidation.…
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A new study from Nationwide Building Society has found that three in five households are now worried about their finances. The research also found that more than six in ten (62%) are currently worried about their personal finances and ability to cover essential costs, marking the first time it has risen since May. This was up…
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Almost a quarter of people feel anxious most (or all) of the time, and the levels of anxiety are growing – particularly among younger people. In many cases, it’s inextricably linked to financial problems according to analysis by Hargreaves Lansdown (HL). The most recent edition of the HL Savings & Resilience Barometer found that people…
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Victim-survivors of economic abuse are being failed by the criminal justice system according to a new report by the charity Surviving Economic Abuse (SEA) – with a new case being reported to the police every 20 minutes. Despite this high prevalence and economic abuse now being recognised in law, the charity’s report, ‘Seen Yet Sidelined’…
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One in five families couldn’t cope financially without grandparents providing their services for free according to research by SunLife. The research showed that more than half of grandparents provide childcare for their grandchildren during the working week, giving up more than four hours a day on average Not only are grandparents not being paid to…
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Nearly a third of mortgage holders (32%) do not believe they will pay off their mortgage by the time they are 65, according to a survey by retirement specialist LV=. It has also being reported that HSBC has become the latest lender to increase its maximum mortgage term to 40 years, in response to rising…
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Money and Mental Health Policy has announced Lloyds Bank, Halifax and Bank of Scotland have each been awarded an ‘Advanced’ accreditation through the Mental Health Accessible programme – the first UK firms to receive this accolade. This is the second of three, progressively more demanding levels of accreditation a firm can achieve through the scheme…
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Here is an overview of The Money Charity’s latest statistics for August 2023 Personal debt in the UK People in the UK owed £1,842.6 billion at the end of June 2023. The average total debt per household, including mortgages, was £65,619 and per adult was £34,644, around 103.5% of average earnings. Net mortgage lending increased by £256…
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