Credit, Collections & Insolvency News
New research by Zuto Car Finance has found that only one in ten (13%) of consumers can only stick to their financial new year’s resolution for a week. The research surveyed consumers to determine their top ten financial goals of 2023, after 40% claimed they are worried about their money next year. 37% want to…
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Household bills have surged by £1,316 in the past 12 months, according to new research by Comparethemarket. The research analyses the cost of energy, home, and motor insurance, and reveals bills have increased significantly in the past year. The research found that a typical household spent £3,280 on their energy, car and home insurance in…
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Here is an overview of The Money Charity’s latest statistics for December 2022 Personal debt in the UK People in the UK owed £1,827.2 billion at the end of October 2022. The average total debt per household, including mortgages, was £65,746 and per adult was £34,547, around 107.4% of average earnings. Net mortgage lending rose by…
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Households across the country could be heading for even more financial pressures in January – as 1.9 million households missed payments in the lead up to Christmas according to new analysis by Which? An estimated 1.9 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill payment in the…
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The number of families with children at home who believe they won’t be able to afford their energy bills is set to rise by an additional 27% over the next three months, pushing an additional one in four families into financial struggle, according to Comparethemarket’s latest Household Financial Confidence Tracker. Over a third (36%) of households…
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GfK’s consumer confidence index increased by just 2 points to minus 42 in December compared with November. This represents a record eighth month in a row that the measure of financial optimism gave a reading of -40 or worse on an index where a minus score represents negative confidence. Britons’ confidence in their personal finances…
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Credit Connect has announced its annual Credit & Collections Technology company power list for 2022. The fourth edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Each year Credit Connect identifies the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies.…
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The Bank of England’s Monetary Policy Committee has voted to increase interest rates to 3.5 percent, a rise of 0.5 percentage points. The latest rate increase marks the ninth hike this year and the highest level since the financial crisis 14 years ago. Around three quarters of mortgage customers are on a fixed rate mortgage…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 18% in October. 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 “The…
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Analysis by Legal & General suggests that more than 2.5 million over-55s plan to delay retirement as a result of the cost-of-living crisis, with up to 1.7 million of these saying they expect to have to keep working indefinitely. On average, over-55s expect to stay in work for an extra three years. Nearly two-thirds of…
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Latest figures from The Office for National Statistics (ONS) consumer price index (CPI) shows that inflation stood at 10.7 per cent in November, down from its 41-year high of 11.1 per cent in October. Inflation has slowed thanks to an easing in costs of second-hand cars and motor fuel. Commenting on the date Joanna Elson…
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A new report from Cornwall Insight and Complete Strategy has shown domestic energy suppliers could be exposed to approximately £1.9bn of debt1, of which a significant portion could be unrecoverable. The amount of unrecoverable debt, known as bad debt, facing suppliers is increasing with the cost-of-living crisis leaving more households unable to pay their bills.…
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At some point in 2022, 74% of households have avoided turning on the heating despite wanting to. In addition, 55% have turned down the temperature in their home, 50% have reduced the use of their oven and 31% are only heating part of their homes according to new research by abrdn Financial Fairness Trust. The…
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