Credit, Collections & Insolvency News
Research carried out by Opinium on behalf of Hargreaves Lansdown has found that only 61% of people said they thought it was a realistic prospect they could cover their bills in retirement. Less than a third (29%) thought they would not need to worry about money and less than half (45%) thought it was a…
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Latest research by Citizens Advice has found that 7.8 million people borrowed to pay their energy bills in first six months of 2023. A total of 46,431 people with energy debts contacted the charity for advice in the first six months of 2023, a 17% increase on the same period last year. Citizens Advice says…
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Nearly one in three homeowners approaching the end of their fixed mortgage deals are taking extra work to boost their savings ahead of repayment rises, new data released by Indeed Flex. The company says with 800,000 fixed-rate mortgage deals set to expire in the latter half of 2023 — along with 1.6 million in 2024—…
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Over one-in-three (35 per cent) English households, equivalent to 7.2 million households, will see higher energy bills this winter than they did last winter, including almost half (47 per cent) of those in the poorest tenth of households, according to new Resolution Foundation research. Ofgem is expected to announce a reduction in the energy price…
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One in two working private renters in England, 3.2 million adults, wouldn’t have enough in savings to pay their rent for more than a month if they lost their job, new research by Shelter reveals. And shockingly, 2.2 million renters (34%) would be immediately unable to pay their rent from their savings if they lost…
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Two-fifths (38%) of adults under 35 years of age say that they don’t plan to work beyond age 60 according to new research by Royal London. Royal London says that despite many workers starting to save earlier as a result of auto-enrolment, future generations have a mismatch between expectations and reality as far as the…
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Research from credit management company Lowell, has discovered that over three-quarters of students (77%) develop personal debt problems while at university. But, are students educated on the potential consequences of short-term borrowing? The average annual percentage rate (APR) on a payday loan (a short-term loan) could be up to 1,500% – compared to a typical…
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Private landlords are more than twice as likely to sell properties than they are to purchase them, according to new research by the National Residential Landlords Association (NRLA) The research for Q2 2023 showed that over one in ten (12%) of landlords in England and Wales sold properties. In contrast, only 5 per cent purchased…
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The Money and Pensions Service (MaPS) has published its annual corporate [lan. The plan covers the second year of MaPS’ first ever three-year Corporate Strategy. It outlines five priority themes which will help MaPS deliver its core services to millions of people, so they can get the guidance and advice they need on money, debt and pensions, however and whenever they need it. Caroline Siarkiewicz,…
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New data from Equifax has found that four in ten (41%) of live mortgages are held by customers who will be beyond retirement age (66+) at maturity, with over a quarter of these are held by those who will be over 70 at maturity. Of the identified group of UK mortgage borrowers whose loans will not…
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Latest ONS data has shown that CPI inflation fell to 6.8% in July, down from 7.9% in June and well below the peak of 11.1% in October. Commenting on the data, Joanna Elson CBE, Chief Executive of the Money Advice Trust said “This fall in the rate of inflation is an early sign that the…
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Young people are turning away from higher education as the cost-of-living crisis prompts a shift in financially prioritising basic needs, a major study by the Co-op and children’s charity Barnardo’s has found. One of the largest studies of its kind, ‘Youth Opportunities Tracker: Fairer Futures’, was commissioned as part of a wider partnership between the…
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New analysis by the Financial Conduct Authority (FCA) has found that one in ten interest-only mortgage holders might be ‘overly optimistic’ about repaying their debt when the time comes. The number of interest-only (750,000) and part-interest-only (245,000) mortgages has halved since 2015, new Financial Conduct Authority analysis has found. The fall is a result of…
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