Credit, Collections & Insolvency News
Six in ten households (63%) who are not confident they will be able to pay their bills in the coming weeks have taken no steps to strengthen their finances according to Comparethemarket’s new Money Action Index. The research shows that almost two-thirds (64%) of households worried about the cost of living have found it difficult to pay…
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A new survey by YouGov for StepChange Debt Charity finds that 45% of all British adults, equivalent to 23 million people, have found it difficult to keep up with household bills and credit commitments in the last few months, up from 30% in October 2021 and 15% in March 2020. The figures mean the number…
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The cost of living crisis is forcing families to sell their cars according to research by Startline Motor Finance. Almost one in four (23%) say they already or are going to reduce the number of cars in their family while 61% say that tightening personal finances have changed their attitudes to car ownership for the…
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More than 733,000 retirees across the UK are preparing to return to work as the cost-of-living crisis escalates, according to new research by My Pension Expert. The research found that, for 12% of those in retirement, rising inflation has ‘upended’ their retirement plans. More than a third (34%) of UK retirees are worried they will no…
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The monthly cost of repaying a mortgage has seen the second largest annual spike, with just energy bills increasing at a greater rate according to research by Revolution Brokers. The research analysed the annual increase in a number of household costs, from energy bills to mortgage payments, water and sewage and food and drink, to…
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New research from Lowell has found that more than a quarter (27%) of Brits don’t have the ability to save money due to their financial situation and over one in five (22%) revealed that they have mental health difficulties directly caused by money. Over the past 90 days, in the UK search terms for ‘I…
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The Money and Pensions Service (MaPS) has announced the outcome of its debt advice commissioning process for England. MaPS has said that it intends, subject to the conclusion of the mandatory ten-day standstill period, to award contracts to the following organisations to provide national and business debt advice, and administration of debt relief orders (DROs).…
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New research by Royal London has found that four in ten (40%) workers have little or no idea how much they need to save for retirement. The research found only a minority of UK employees (16%) are very confident that the amount they are currently saving is sufficient for retirement. A further 46% are fairly…
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Prime Minister Liz Truss and Chancellor Kwarteng have abandoned a plan to abolish the top rate of income tax for the highest earners in an astonishing U-turn. The chancellor acknowledged that their desire to axe the 45% rate on earnings over £150,000 in a move to be paid for by borrowing had become a “distraction”…
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Latest data from the Bank of England show that spending on credit cards rose by £700 million in August as households borrowed heavily to cope with the cost of living crisis. The increase pushed the annual growth rate in spending on credit cards to 12.9%, its joint highest level since 2005. Maintaining a high level…
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Almost half a million (450,000 people) could be made to pay their energy bills with a prepayment meter by the end of 2022 because they’ve fallen into debt according to new analysis from Citizens Advice. The charity analysed Ofgem data on the number of customers moved to prepayment meters due to their existing debt to…
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New research from StepChange and Amplified Global has shown that two in three StepChange clients surveyed felt they could have been referred to debt advice sooner by their creditors, underlining the need for earlier intervention, constructive communication, and proactive signposting to debt advice The report assesses the extent to which communications from creditors help people…
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Parents are having to find another £1,300 to meet rising childcare costs this year. This comes ahead of new energy tariffs to be introduced in October, as parents already feel that childcare has become unaffordable in the context of rising household bills according to research by Credit Karma. The research found that a quarter (24%)…
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