Credit, Collections & Insolvency News
A new survey from The Open University (OU) has found that nearly one in two (49%) have reconsidered going to university in the last year, because of the rising cost of living. Nearly a third (31%) of school leavers believe university is not affordable, while a fifth (20%) are still unsure if they will go…
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Latest GDP figures have shown that the economy grew 0.5% in June and 0.2% between April to June according to official data from the Office for National Statistics (ONS). The ONS said the struggling manufacturing sector has experienced a modest rebound in the second quarter and that the economy benefitted from the effects of May’s…
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A new report by Creditfix has revealed the average Premier League supporter is spending over £3,000 per season, and up to 13% of their annual salary, to follow their team. Creditfix compiled six common football expenses for each club for the season: the minimum cost of an adult season ticket, relevant TV subscriptions, cost of…
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A sharp rise in tax payments and cuts to energy subsidies in the UK were to blame for a steep fall in household incomes during the first three months of the year, according to the Organisation for Economic Cooperation and Development (OECD). In a review of its 38 member states, the OECD said the UK…
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New Ministry of Justice data has shown the number of households removed from their homes by court bailiffs as a result of no-fault evictions is up 41% in one year in England. Between April and June 2023, 2,228 households were evicted by bailiffs because of a Section 21 no-fault eviction, up from 1,578 households since…
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Latest data from UK Finance for Quarter 2 (Q2) has found that arrears and possessions data shows that there were 81,900 homeowners in arrears of 2.5 per cent or more of their outstanding balance. Mortgages in arrears accounted for 0.93 per cent of all homeowner mortgages outstanding. UK Finance predicts that this figure will remain…
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Latest figures from the Finance & Leasing Association (FLA) show. that second charge mortgage lending returned to growth in June. However, quarterly lending fell by 9% by volume and 10% by value compared to the same quarter in 2022. The number of new agreements stood at 32,575 over the past year, an increase of 5%…
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As the UK’s economic outlook remains uncertain and the cost of living crisis persists, financial advisers are seeing significant changes in their clients’ behaviour, with many withdrawing funds to plug the shortfall or opting for a more cautious approach to their finances, according to a recent survey by AKG, sponsored by Standard Life. Close to half…
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Consumer travel spend priorities’ research from Outpayce has revealed that demand for travel is expected to remain robust over the coming 12 months – despite continuing economic uncertainty. International travel was once again ranked by consumers as the highest discretionary spend priority from a basket of six categories. All spend categories edged up compared to…
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New research from Mind has found that almost a third (29 per cent) of people (almost 14 million) in England and Wales have been affected by hearing about or experiencing increasing mortgage costs over the last year. One in ten (10 per cent) said that it had affected their mental health a lot. The figures come…
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A Freedom of Information request to Thanet District Council has revealed the total value of unpaid council tax debt owed in the district up to the end of the 2022-2023 financial year is a £23,202,000. The figure has built up over the past 30 years, since the charge was first introduced, and includes £2 million…
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Almost four in ten (39%) households with children at home are not confident that they will be able to afford their energy bills over the next six months, according to Compare the Market’s latest Household Financial Confidence Tracker. This compares with just below one fifth (18%) of those households without children at home. Concern over…
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Plans to ban cold calls for financial products such as sham cryptocurrency schemes, mortgages and insurance have been set out with the launch of a consultation, marking the next step in delivering the Government’s Fraud Strategy. The eight-week consultation will cover proposals to ban cold calls offering any financial products to clamp down on fraudsters…
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