Credit, Collections & Insolvency News
Scottish Widows has today released new data, that shows that one in three (35%) of adults currently aged 22-65 risk having less than the minimum needed to pay for essentials when they retire. The research found that many societal groups –such as renters and young people –are disproportionately facing hardship, while others such as millennials…
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New research shows that eight in ten (79%) middle class parents are helping support their adult children financially, one in four of whom are helping with mortgage payments specifically, according to the fourth Saltus Wealth Index Report. The average rate for a two-year fixed deal has recently surpassed 6% which pushed the average repayment on a 25…
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According to research from the National Institute of Economic and Social Research (NIESR), by the end of the year 1.2 million households or 4% of all UK households, will run out of savings as a result of higher UK interest rates. NIESR says households will run out of savings because of higher mortgage repayments, taking…
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New figures from GfK’s consumer confidence index have shown consumer confidence strengthened more than anticipated, reaching its strongest level in 17 months despite persistently high inflation and rising interest rates. The research reported a rise of 3 points to minus 24 in June. Analysts had expected a reading of minus 26. The report indicates households…
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More than one in six people expect to be over the age of 65 by the time they repay their mortgage (17%). Almost one in ten expect to be over 70 – or never to pay it off (9%) according to new research conducted by Opinium for Hargreaves Lansdown. Among those who were aged 55…
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UK banks have agreed to give mortgage holders a 12-month grace period before their homes are repossessed should they fall behind with their repayments. Homeowners will also be able to switch to interest-only for six months or temporarily lengthen mortgage terms for the same period without affecting credit ratings in new measures announced by Jeremy…
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The Office for National Statistics (ONS) has published new figures revealing that median monthly rents in England have reached £825, the highest figures since records began. The average monthly median rent in London is now £1,500. Debt charity StepChange says rising rents across the country will have a significant impact on the ability of tenants to keep up with their…
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The Resolution Foundation has said that worrying inflation data will reinforce market expectations that the Bank will need to raise interest rates higher and for longer, which are driving the increase in mortgage rates. Inflation data in May was once again above market expectations. Headline CPI was 8.7 per cent, well above market expectations of…
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The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has responded to figures which show that council tax arrears for households in England have reached £5.5 billion by calling for urgent reform of council tax collection rules. Current rules mean that households can be liable for their full annual bill after…
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New polling from StepChange Debt Charity has revealed 45% of mortgage holders, equivalent to 6.9m UK adults, have found it difficult to keep up with bills and credit commitments in the last few months. The new figures, which come as the Bank of England is expected to again raise interest rates today, show that two…
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Fears of a further rise in interest rates were heightened after new data showed the CPI rate of inflation remained stuck at 8.7% in May, the same rate it was in April but worse than the 8.4% expected. Core inflation rose to a 31 year high of 7.1% from 6.8% in the previous month. Services…
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Global credit intelligence company, Pepper Advantage has published data on its portfolio of over 100,000 UK residential mortgages, which shows a material rise in borrower arrears. In the year to April 2023, Pepper Advantage saw an increase of 11% in the percentage of residential mortgages in arrears, the highest growth rate since the global Financial…
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New research by Zoopla has found that the average rent has increased by 10.4% in a year, the 5th month of double-digit growth. 53% of tenants say their rent has risen in the past six months with renters spending 28% of their income putting a roof over their head – the highest in ten years. The…
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