Credit, Collections & Insolvency News
A majority of young people enter adulthood ‘financially illiterate’, suggesting they are poorly equipped to make good financial decisions in later life according to new research from Compare the Market and MyBnk. The research suggests that 3.4 hours of financial education each month could significantly boost financial literacy for young people in the UK. Almost…
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The Resolution Foundation says the Bank of England’s decision to hike rates to 4.5% will mostly impact young families. The Foundation notes that the Bank of England’s decision to combat high inflation by raising interest rates for the twelfth consecutive time to 4.5 per cent last Thursday – a rise of over four percentage points…
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The number of people helped by Citizens Advice has hit a record high, with the charity calling it ‘our bleakest-ever start to the year.’ There were record highs on 70 different advice issues, including homelessness, food bank referrals and debt. The analysis shows the charity helped more people in January to April than in the…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in March 2023 by 8% compared with the same month in 2022. The corresponding value of new business fell by 7% over the same period. In Q1 2023, new business fell 6% by value and 5%…
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An estimated 700,000 households missed a housing payment in the last month, new Which? research suggests, as the consumer champion calls on essential businesses to do more to support people through the cost of living crisis. Missed housing payments were particularly high among renters – with one in 20 (5.2%) renters surveyed missing a payment…
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New research from National Debtline, the free debt advice service run by the Money Advice Trust, has revealed that the average level of priority debt – including council tax, energy and rent arrears – held by callers has risen 54 percent since 2018, from £2,642 to £4,080. The findings, based on a survey of National…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 10% in March 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…
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Money is the number one cause of quarrels for three out of 10 couples in the UK, according to a new survey by Starling Bank wth couples aged 45-54 having the most disagreements (39%), along with parents (37%). The research, which questioned 4,000 over 16s in the UK, found that couples who share finances have…
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Demand for debt advice is up 15% year-on-year according to StepChange Debt Charity’s client data for March, continuing a consistent trend of markedly higher year-on-year client volumes in each month of 2023. The charity says this indicates the beginning of an escalating debt crisis following a sustained period of high inflation. Meanwhile, the Bank of England’s Money…
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New research from Standard Life has found that first salaries might not stretch as far as young workers hope as the reality of paying for necessities like utilities and council tax kicks in. The number of people making regular ‘everyday’ payments rises significantly among those aged 25 to 34, compared to those aged 18 to…
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New analysis by Policy in Practice finds that the total amount of unclaimed income-related benefits and social tariffs is now £18.7 billion a year. The research estimates that £7.5 billion of Universal Credit is unclaimed by 1.2 million eligible households and £2.9 billion of Council Tax Support is unclaimed by over 2.7 million eligible households…
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Two-fifths (43%) of key workers in the UK have been forced to take on additional part-time work on top of their full time role, or work extra overtime shifts to make ends meet, new research from responsible lender, Creditspring, shows. The data shows significantly higher levels of financial vulnerability among key workers, with nearly half…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers decreased by 2%. The total number of individual insolvencies was 9% lower when compared to figures from Quarter 1 (Q1) 2022. During Q1 2023, there were 29,017 personal insolvencies these comprised of 20,246 Individual Voluntary Arrangements (IVAs), 7,034…
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