Credit, Collections & Insolvency News
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…
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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…
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Almost two in five over-55s (39%) said that their outgoings exceeded their income during parts of 2022, new data from more2life and economics consultancy Cebr has found, with a growing number turning to unsecured borrowing to cover shortfalls. The research also revealed that the number of people whose spending exceeded their income every month has more than doubled to 8% (2022) from…
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In an open letter sent today to the Chancellor, Jeremy Hunt MP, 95 Charities and non-profit organisations across the UK have joined together to call for more targeted support in the form of a social tariff for the energy market to help older and disabled households heat their homes. New research by Age UK reveals strong…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies decreased by 20.4% to 8,339 in December 2022 compared to 10,473 in November. They were 1.3% lower than December 2021’s figure of 8,453, and 0.8% lower than December 2019 (8,406). There were 397 bankruptcies were registered, which was 13%…
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The latest UK Consumer Prices Index (CPI) figures, published by the Office for National Statistics (ONS) show that CPI rose by 10.5 percent in the twelve months to December 2023, down from 10.7 percent in November. The drop was due to fuel prices falling along with clothing and footwear prices, however, this was offset by…
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A third of people have poor or very poor debt resilience according to new analysis by HL Savings & Resilience Barometer. The research also found that higher earners are more likely to score poorly for debt resilience than lower earners. 38% of those in the fourth quintile (who earn more than three fifths of the…
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Two thirds (63%) of households resorted to credit cards, loans and overdrafts to cover Christmas costs in 2022 according to new research by Credit Karma. A total post-Christmas balance of £9.8 billion has prompted concern around managing repayments, as rising levels of borrowing coincide with higher household expenses for necessities, from groceries to heating and…
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Surprise economic growth in November means that the UK is unlikely to have fallen into recession last year. But this will be of cold comfort for many families who are still in the midst of a deep living standards downturn according to the Resolution Foundation. With latest ONS GDP data showing a surprising growth of…
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More than one in twenty are behind on their energy bills, which grows to around one in ten of those aged 16-49 and women according to latest Office for National Statistics (ONS) data. The figures also showed that 46% of people find it very or somewhat difficult to pay their energy bills – rising to…
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Latets figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes grew by 9% in November 2022 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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Cash usage increased for the first time in 13 years in 2022, as many households respond to the cost-of-living crisis by budgeting with physical money. according to latest data from Nationwide Building Society Data The research showed that more than 30.2 million cash withdrawals were made from Nationwide ATMs last year – a 19 per…
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NatWest has unveiled a £40m support package for customers as it looks to cushion the impact from the soaring cost of living. The bank’s plans include extending the time it takes to repay an unsecured loan or overdraft if payments are missed from 18 months to two years. NatWest will give firms cash back on…
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