Credit, Collections & Insolvency News
Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies increased by 4.9% to 10,514 in October 2022 compared to 10,023 in September, The figures were 8.6% higher than October 2021’s figure of 9,682 and were also 4.6% higher than October 2019’s total of 10,056. There were 531 bankruptcies were…
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Intrum’s annual European Consumer Payment Report has shown that inflation is a major concern for consumers. Consumer confidence has plummeted, and more than a third are struggling to make ends meet. Surging inflation has created a wave of financial anxiety as households struggle to meet their commitments. Two out of every five believe they will…
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New consumer research from Go.Compare Energy has revealed that a sixth (16%) of UK households won’t be putting up their Christmas lights this year, to save on energy costs. This number has increased by a third since December 2021, when just 12% of people told Go.Compare that they wouldn’t be decking the halls with lights.…
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Older people will spend a higher share of their income on energy bills this winter than other age groups – with the over-75s expected to spend 8 per cent of their total household income on bills, even with significant government support – but younger households are most at risk of being unable to pay bills…
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New research from specialist lender Hodge has found 88% of British householders is concerned about the rising cost of energy. When asked if they have changed the way they run their homes in light of increased energy costs, 69% revealed they had done that too. Hodge asked 2,000 people how they felt about the current state…
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Over a quarter of consumers want a more affordable approach to debt repayment from banks and credit lenders according to new research from Sopra Steria. The research found that over one in four (27%) UK respondents said they’d like creditors and banks to take a more flexible approach to debt management, allowing repayments to vary…
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New research by Lowell has found that 69% of people in debt don’t talk about it with a majority saying it’s because they are embarrassed. The company’s latest Financial Vulnerability Index has shown that borrowing has risen dramatically since the beginning of the year with over one in five consumers have mental health difficulties caused…
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New figures released by the Finance & Leasing Association (FLA) have indicated that the value of new second charge business secured in September increased by 42% compared to the same period last year. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and…
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Latest data from UK Finance indicated that third quarter (Quarter 3) figures saw 1% fewer homeowner mortgages in arrears than in Quarter 2. In total, there were 74,440 homeowner mortgages in arrears of at least 2.5%. Pf these, 28,910 were in ‘significant’ arrears – defined as being 10% or more of the outstanding balance. However,…
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More than 11 million people across the UK have looked for money help in the past three months alone, new research from the Money and Pensions Service (MaPS) suggests. The survey of 3,000 adults, carried out for Talk Money Week has shown that the rising cost of living has led to one in five (21%)…
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New analysis published today by the Money Advice Trust (the charity which runs the National Debtline service) and data company, Experian, has revealed new insights about the pressures being experienced by UK consumers. The analysis shows that three in 10 (29%) UK adults are worrying about their finances every day, while one in seven (15%)…
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Food price inflation now stands at 14.7%, according to latest research. by data insights business specialist, Kantar. Prices are at record high since the firm began tracking prices in this way in 2008. Soaring energy prices and labour costs have pushed prices up. Fraser McKevitt, head of retail and consumer insight at Kantar, said “Yet…
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New research by the Money and Mental Health Policy Institute has found that only 1 in 7 consumers (14%) with a mental health problem have told their financial services firm about their condition. Money and Mental Health’s research shows that getting the right support from a financial services firm to disclose a mental health problem…
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