Credit, Collections & Insolvency News
Half a billion pounds has been spent on subscriptions that auto-renewed without people realising in the last year, according to new research from Citizens Advice. The charity, which is calling for a ban on subscription auto-renewals, warns that many contracts rollover automatically, without a customer needing to give consent. This can lead to people being…
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Students will be hit harder by the cost-of-living crisis than previously thought with the poorest students being more than £1,000 worse off than in 2020–21 according to new research by the Institute of Fiscal Studies (IFS). For university students domiciled in England, government support for living costs takes the form of so-called maintenance loans. Each…
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Having enough money is more important to the majority of the UK’s over-50s than their health or spending time with their families according to a new survey by LiveMore. The findings showed that more than half (56 per cent) of more than 2,000 50-90 year-old Britons chose financial stability and maintaining their standard of living…
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New research by Credit Karma has found that nearly one in three (30%) have no money set aside for increased energy costs this winter. The cost of living crisis threatens the Christmases of 11 million people as concerns over energy prices prompt them to cancel or abandon plans. The total gas and electricity used for…
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One in twelve private renters in England, equivalent to 941,000 people are currently under threat of eviction, according to new research from the housing charity Shelter. The charity’s polling, conducted by YouGov and funded by Nationwide Building Society, found that of those at risk of eviction, 504,000 private renters had received or been threatened with…
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Food price inflation hit a new high of 12.4% in November as the price of basics such as eggs, dairy products and coffee increased. Inflation rose to 14.3% from 13.3% in October –with rises expected to continue into next year according to the latest data from the British Retail Consortium.The research showed that shop price…
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Almost one in four (24%) people in England and Wales are very worried about getting into serious debt over the next six months, rising to over a third (36%) among those with children, new independent research from the Enforcement Conduct Board (ECB) has found. The ECB has been created with agreement between the enforcement industry…
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Faced with the cost of living crisis and interest rates continuing to rise, many consumers may feel pressured to spend more than they can afford this Christmas, increasing their risk of ending up in debt they struggle to get out of according to research by NerdWallet. As part of the company’s new 2022 Household Debt…
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Here is an overview of The Money Charity’s latest statistics for November 2022 Personal debt in the UK People in the UK owed £1,823.6 billion at the end of September 2022. The average total debt per household, including mortgages, was £65,618 and per adult was £34,480, around 107.2% of average earnings. Net mortgage lending rose by…
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The impact of forced transfer of households onto more expensive Pre-Payment Meters (PPMs) has led the End Fuel Poverty Coalition to call for an immediate ban on their imposition. Energy firms’ licence conditions protect many vulnerable people from formal disconnection over the winter, however evidence from End Fuel Poverty Coalition members shows that customers in debt…
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New analysis Hargreaves Lansdown data from government data has found that police recorded 910,980 domestic abuse-related crimes in the year to March 2022 – up 7.7% in a year. 85% of domestic partner abuse is non-violent, and of this 69% is emotional or financial abuse. The analysis has shown that 11% of people have been a…
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A new survey by the High Court Enforcement Officers Association (HCEOA) has found the vast majority of court users are calling for greater freedom of choice over how their judgments are enforced with 97% supporting the right to use a High Court enforcement route when recovering money owed to them. The HCEOA says that the…
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More than half of homeowners are worried about climate crisis according to new research by Hodge Bank. The research found that 62% claim to understand benefits of retrofitting their homes to improve energy efficiency, and 42% rate it as a priority, whilst more than half of British householders (52%) are worried about the climate crisis.…
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