Credit, Collections & Insolvency News
Latest UK Finance data has reported a 50% increase in home repossessions in Quarter 1 (Q1) 2023, with over 1,000 homes taken into repossession due to homeowners struggling to keep up with mortgage repayments. In addition to the 750 mortgaged properties repossessed, 50 per cent greater than in the previous quarter. 410 buy-to-let mortgaged properties…
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New data from Experian finds that the average adult will wait until they have debt totalling £7,835 before seeking help, with one fifth of the nation (20%) saying they wouldn’t look for any support at all if they owed money. To support people who are finding money conversations difficult, Experian is partnering with Citizens Advice…
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New data from HyperJar, has found that one in ten adults admit to failing to budget sufficiently for their first holiday and fell into debt as a result. Cost of living costs rises hasn’t deterred holidaymakers from planning getaways this summer. EasyJet has reported that planned flights are up 8% on pre-pandemic levels. In light…
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A quarter of adults aged over 55s lack confidence in their current financial position and nearly half have experienced a reduction in their disposable income, Paragon Bank research has revealed. The survey of over 3,000 people aged 55 or over found that 25% felt unconfident in their current financial position, compared to 44% who felt…
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The rising cost of food will overtake the price of energy as the driving force behind inflation over the summer, hitting poorer households the hardest, according to a forecast by the Resolution Foundation. The Foundation says that the cost of living crisis is often thought of as a cost of energy crisis. That is an…
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Over a third of adults (35 per cent) say that doing maths makes them feel anxious, while one in five (20 per cent) are so fearful it even makes them feel physically sick, according to new research from KPMG UK and the charity National Numeracy. The study of 3,000 UK adults found that numeracy gives…
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Latest data from the Ministry of Justice (MoJ) has indicated that mortgage repossession claims increased by 40 per cent over the past year, as higher interest rates and rising living costs impact borrowers’ ability to service their home loans. The figures show that there were 4,035 mortgage possession claims lodged in the first quarter of…
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Data from UK Finance shows that the number of households falling into arrears increased in Quarter 1 of 2023. The figures showed that were 76,630 homeowner mortgages in arrears of 2.5% or more of the outstanding balance in the first quarter of 2023 2% greater than in the previous quarter. The figures also showed that…
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The Government has announced new private rented sector reforms. The Renters’ (Reform) Bill, introduced to Parliament will abolish section 21 ‘no fault’ evictions which will empower renters to challenge poor landlords without fear of losing their home. The new Bill also protects over two million landlords, making it easier for them to recover properties when…
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As many as one million people cut off their broadband in the last year as the cost-of-living crisis left them unable to afford internet access, according to new research from Citizens Advice. People receiving Universal Credit were badly affected. The research found them to be six times more likely to have stopped spending on broadband…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers decreased by 21.4% in April 2023 to a total of 8,996 compared to March’s total of 11,447, and decreased by 8.1% compared to April 2022’s figure of 9,790. Personal insolvencies also decreased by 8.9% when compared to April…
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80% of consumers getting debt help say their mental health has affected their finances, according to a survey carried out by Money Wellness, Money Wellness surveyed their existing customers to find out how being in debt had affected their mental wellbeing and find out more about the link between mental health problems and money worries.…
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Around one in five adults are struggling with bills and credit repayments, according to the Financial Conduct Authority (FCA). The analysis shows that the number of people burdened by these financial challenges has increased from around 7.8m (15%) in May 2022 to 10.9m (21%) in January 2023. The number of adults who missed bills or…
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