Credit, Collections & Insolvency News
StepChange Debt Charity Scotland client data for the fourth quarter of 2022 shows the cost of living increase was the leading cause of debt for almost a quarter (23%) of its new clients. This is more than double the figure in the first quarter of 2022 (10%), reflecting the upward pressures people have been facing…
Read more
The cost-of-living crisis and the freeze on the income tax threshold has increased the disparity between Britain’s richest and poorest earners according to new data from Office for National Statistics (ONS). The figures show that while the richest Brits have managed to increase their household disposable income by just over £1,000 in the last year,…
Read more
Debt Charity StepChange is marking 30 years of helping people deal with their debt problems. Originally known as The Consumer Credit Counselling Service (CCCS), StepChange was set up in 1993 and has since helped over 7.5 million people. To mark the anniversary, StepChange has published a new report reflecting on what the organisation has achieved over the…
Read more
Economists lexpect the UK to enter a recession this year, with new research from the EY Item Club showing that the recession could be deeper than expected. The forecast reflected findings that showed the rate of economic inactivity had not fallen as quickly as expected, with the number of inactive people rising by half a…
Read more
One in six of the UK’s over-50s are so impacted by the cost-of-living crisis they will need to either sell or release equity from their homes to give them more cash to live on. The findings come from the LiveMore Barometer, a detailed indicator of the financial priorities of the UK’s 50-90+ year-olds. The survey…
Read more
New research by Fair4All Finance has found that the unprecedented support from banks and the regulator significantly helped customers during Covid-19, with no detrimental impact on bottom lines. The research conducted with Lloyds Banking Group, NatWest Group and Yorkshire Building Society looked at the response of major banks and building societies during Covid-19. The aim was to understand…
Read more
New analysis from Citizens Advice has found a record number of people were in need of crisis support during 2022, as the cost-of-living crisis pushed more people than ever before to breaking point. The new research found that in the last 12 months, the charity helped more than 200,000 people with crisis support – which includes food bank…
Read more
Debt advice provider, MoneyPlus Advice has seen enquiries for debt help significantly increase this month already, with initial enquiries rising by 353%, compared with the same period last year. Over the last 6 months, people citing the cost of living as their main reason for financial difficulty has more than tripled, and this worrying trend…
Read more
Energy consultancy Cornwall Insight has predicted that energy bills are expected to fall to about £2,200 from July. The decrease will mean that typical annual household energy bills will have fallen from £4,279 now to £3,208 from April, and then will ease to roughly £2,200 for the remainder of the year. The forecasts show prices…
Read more
Millions of broadband and mobile phone customers look set to face rises of more than 14% in their monthly bills from April. BT, TalkTalk, Three and Vodafone are among the big telecoms suppliers that are contractually allowed to increase their bills in line with the previous year’s inflation rate, as measured by the consumer prices…
Read more
Octopus Energy has come top in Which?’s annual customer survey as the consumer champion calls on energy firms to do more to support consumers during the cost of living crisis. Over the last two years, the energy market has changed completely – gas prices have soared, millions of consumers have been transferred to a new…
Read more
Latest insight into the rental sector has revealed that the average tenant is paying 23.5% of their net earnings on the cost of renting, climbing as high as 42.8% in the nation’s least affordable pockets of the rental market according to research by Ocasa. The research shows that the average household earns £4,030 after tax…
Read more
As the cost of living continues to spiral people are cancelling or switching their insurance policies in a bid to make savings, according to research by Consumer Intelligence. Around 7% of people have already cut back on insurance to make savings in the last three months and a further 7% are considering back in the…
Read more