Credit, Collections & Insolvency News
New data from StepChange Scotland has revealed that around one in five (19%) mortgaged clients were in mortgage arrears in the second quarter of this year, up from almost one in seven (15%) in the second quarter of 2022. This is alongside a year-on-year rise in the proportion of mortgaged clients, which is up from…
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New research from Money and Mental Health Policy has highlighted the urgent need for more joined-up mental health and debt support during the cost of living crisis. The report shows that people who have had mental health problems in the past two years are three times more likely to be behind on at least one…
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Rising interest rates have caused household wealth across Britain to fall by £2.1 trillion over the past year, but there are winners – concentrated among younger generations – as well as losers if higher rates are sustained, according to major new analysis by the Resolution Foundation and abrdn Financial Fairness Trust. The report notes that…
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Almost a third of people are struggling to afford their mortgage repayments, new research from the Office of National Statistics (ONS) statistics have shown. The survey showed that 43% of renters and 28% of mortgage holders say they are struggling to keep up. The difference between renters’ and mortgage holders’ likelihood of experiencing some form…
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Which?’s June consumer insight tracker found that 1.3 million households missed or defaulted on a household bill payment – such as an energy, water or council tax bill – in the month to June. Missed bill payments have been consistently high since January 2022, showing just how many are struggling to make ends meet every…
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A third (32%) of lenders have seen an increase in borrower defaults over the last 12 months, according to new research from AI powered transaction analytics firm, Fuse. The report found that consumers are increasingly reliant on credit amidst rising living costs – with young people struggling the most. Over four in ten (43%) of 18-34…
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Ofcom says that it is concerned about the number of complaints it has received from Virgin Media customers who have tried to leave but said the company had made it difficult. The regulator says that some people have struggled to get through to an agent on the phone, and some found their call was dropped…
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New figures released by the Finance & Leasing Association (FLA) have shown that second charge mortgage lending fell by 9% in May 2023. 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 “May…
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Latest research by Octane Capital, has shown that cases of arrears in the buy-to-let sector are worsening at a faster rate than for homeowners. The figures show that the number of mortgages that have fallen into arrears by 2.5% or more of the mortgage balance, comparing the split between the buy-to-let and residential sectors and…
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Since the cost-of-living crisis began, only one in five consumers (21%) ‘still always book’ all-inclusive holidays, according to new research from Compare the Market. Over a third (38%) of holiday makers have changed their behaviour when it comes to booking all-inclusive holidays due to the rising cost of living, as 21% ‘sometimes book them…
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A new poll from Savanta, commissioned by the Liberal Democrats, has found that one in two mortgage borrowers fear losing their homes as a result of interest rates growth. The poll found that 46% of mortgage borrowers worried about losing their home with six in ten mortgage borrowers worried about cutting down on food bills…
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Between January 2020 and March 2023, the proportion of clients accessing debt advice who have a car finance debt has risen by 14.8%. In the same period, the average balance of a client’s car finance debt has increased by more than 20%, from £8,077 to £9,705. The charity’s research also found that clients with car finance debt tend to…
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Inflation ignorance and rate confusion is ruining financial resilience according to research by Hargreaves Lansdown (HL) and Opinium. The research found that those who understand inflation are more likely to be financially resilient than those who say they don’t. Those who say they understand inflation, but prove to be wrong, have even lower financial resilience.…
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