Credit, Collections & Insolvency News
New figures from the Insolvency Service show that there were nearly 88,000 IVA’s were registered in England and Wales in 2022, the highest annual number since records began in 1990. In England and Wales, one in 18 Individual Voluntary Arrangements (IVAs) (5.5%) registered with the Insolvency Service in 2021 terminated within one year of being approved.…
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New data from specialist lender Hodge shows a significant increase in the number of its 50+ customers taking out a mortgage for debt consolidation in January this year compared with January 2022. The data shows that in January 2023, 18% of customers said they were using the loan for debt consolidation, compared with just 2.13%…
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The rising cost of living and weaker consumer spending is expected to deepen the economic divide between London and the rest of the UK, according to the latest EY UK Regional Economic Forecast. The forecast says that UK Gross Value Added (GVA) is expected to decline 0.6% over the course of 2023, with London (-0.2%)…
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New data from Macmillan Cancer Support shows that tens of thousands of people going through or recovering from cancer treatment in the UK (16%) have had to sell personal possessions or borrow money just to make ends meet. The research also found that almost one in three (31%) are struggling to pay their basic living…
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More than 900,000 more households across England, Scotland and Wales will benefit from the government’s £400 help with energy bills, as an online application portal opens today (Monday 27th February 2023). Households without a direct relationship to an electricity supplier, such as those living in park homes and care homes, can now apply via a…
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More than half of the UK population are either haggling on their regular bills or intend to do so, according to new research from Go.Compare, as the cost of living crisis continues to impact households. After interviewing more than 2,000 UK adults, the comparison site found that a third (33%) of people have already started…
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A third of people over-50s have concerns about being able to put enough food on their tables if the UK slips into the recession new data from Livemore has found. The data also shows more than half of 50-90 year olds fear that they will not be able to heat their homes or pay other…
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New ONS data on debt and wellbeing has found that more than a fifth of adults in the UK (22%, equal to around 11.5 million people) reported borrowing more money or using more credit than the previous year because of the increased cost of living. Nearly a third (31%) said they would be unable to…
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Half of people admit they have checked what their parent’s home is worth with over four in ten admitting they are relying on an inheritance for future financial security according to research by Zoopla. The figures show that more than four in ten (43%) are relying on inheritance from home-owning parents during increasingly challenging economic…
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Households with energy prepayment meters in their homes are nearly twice as likely to dip into debt due to the cost of living crisis than others, according to new data. The Office for National Statistics (ONS) found that 26% of adults who pay for their gas or electricity up front, reported using credit because of…
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Latest research by FICO has shown that there was a significant rise in cardholders missing one credit card payment in December 2022. The research showed that accounts missing one payment jumped month-on-month by 19%. The percentage of accounts with two missed payments was 19% higher than in December 2021 and 20% higher for three missed…
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New research from Citizens Advice has found that millions of people are living in damp and draughty rented homes. The research also shows that 1.6 million children currently live in privately rented homes with damp, mould or excessive cold. The charity’s analysis suggests more than half of private renters in England – 2.7 million households…
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Debt solution company MoneyPlus Group has announced that it has completed the purchase of debt advice management specialist Bright Oak. MoneyPlus Group has received substantial investment over the last 2 years from both Intriva Capital and Oak North Bank and has spent that time fine-tuning internal operations ready for significant scaling. There is no firm…
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