Credit, Collections & Insolvency News
A study by the New Economics Foundation think-tank suggests that 30 million people in the UK will be unable to afford a decent standard of living by the time the current parliament ends in 2024. The report warns that rising prices, below-inflation increases in earnings and projected increases in unemployment would result in 43% of…
Read more
PayPlan has become the first national debt advice provider to achieve partner recognition status for its work in raising awareness about loan sharks and helping clients access essential support services. A report published by the Centre for Social Justice earlier this year estimated that more than a million people could be in debt to a loan…
Read more
Eight in ten people (81%) are cutting the amount they spend on gifts this Christmas according to new research from Hodge, which found more than half (53%) won’t be able to spend as much on Christmas this year. A third said they had been saving more than usual for Christmas and a similar amount (37%)…
Read more
Over three million low-income households have said they have not been able to keep their home warm because they aren’t able to afford it as dangerously cold weather sets in according to new research by the Joseph Rowntree Foundation (JRF). JRF says plummeting temperatures terrify the hundreds of thousands of low-income households who can’t afford…
Read more
The Consumer Council for Water (CCW) has urged that water companies must not add to the worries of households through poor service. CCW has responded to Ofwat’s annual water company performance report which sets out a number of areas where water companies are falling short of the standards customers expect. It highlights a fall in customer satisfaction,…
Read more
The Government has hosted a roundtable with the Financial Conduct Authority (FCA), Martin Lewis of Money Saving Expert and mortgage lenders to discuss what support some mortgage borrowers may need. Following the meeting, mortgage lenders have agreed to take a more consistent and supportive approach to homeowners struggling with the cost of living crisis. Bank…
Read more
New research by Canada Life has found that half of over 55s don’t think their pension will be sufficient to fund their retirement. The research also found that just over a third (2.5 million) of over 55s think they will work beyond their state pension age, whilst nearly a quarter (23%) are not sure how…
Read more
New research by credit management company Lowell has found that one in four consumers are relying on credit cards to fund Christmas this year. The research found that the average adult spent £548 on presents alone. With 55% more consumers feeling the pressure to buy extra this year, it could be questioned if these figures…
Read more
Squeezed household finances and the highest level of inflation for decades have resulted in fewer than a quarter (24%) of people surveyed by YouGov for StepChange Debt Charity saying they will comfortably be able to afford Christmas this year, compared with nearly half (45%) last year. A further one in four people (25%) say they…
Read more
The cost of Christmas dinner items has risen three times faster than wages this year, according to new analysis published by the TUC . The analysis shows the cost of traditional Christmas dinner items such as turkey, pigs in blankets, carrots and roast potatoes has risen by on average 18 per cent over the past…
Read more
The number of middle-aged households privately renting has nearly doubled in the space of a decade, with many set to remain in rented homes for the long-term, Paragon Bank analysis of Government data shows. The number of households in England where the lead reference person is aged between 45 and 64 has increased from 691,000…
Read more
Nearly four in ten people feel their finances are in a state of chaos, as bills, taxes, food prices and transport costs put a strain on their income. A poll of 2,000 UK adults found 27 per cent are currently in some kind of unsecured debt, estimating it will take them over three years to…
Read more
Research by the Money and Mental Health Policy Institute found that one in eight people (13%) who are behind on at least one payment say they have attempted to take their own life as a result of the cost of living crisis, as a result, the Government is being urged to adopt US-style rules to…
Read more