Credit, Collections & Insolvency News
New research from mutual life, pensions and investment provider, Royal London has revealed that millions of workers have had to turn to second or multiple jobs in the face of soaring living costs, while others are working extremely long hours. The findings reveal that 5.2 million workers have taken on an additional job to help…
Read more
The Financial Conduct Authority (FCA) has urged insurers to treat customers fairly amid concerns that the cost of living crisis may prompt households and businesses to cut back on insurance, leaving them without adequate protection – or with none at all. In a letter to Chief Executives in the insurance industry, the FCA has called…
Read moreHere is an overview of The Money Charity’s latest statistics for September 2022 Personal debt in the UK People in the UK owed £1,810.7 billion at the end of July 2022. The average total debt per household, including mortgages, was £65,151 and per adult was £34,235, around 107.5% of average earnings. Net mortgage lending rose by…
Read more
Urgent reform of Universal Credit (UC) is needed to provide support to vulnerable households, according to responsible lender Creditspring, with nearly a third (29%) of low earners now reliant on savings to pay bills – compared to 21% average for the rest of the UK. The research also indicates that almost a quarter (22%) of…
Read more
Over half (56%) of UK households are not confident that measures outlined in the Government’s ‘mini-budget’ will help them cope better with rising living costs, according to Comparethemarket’s latest Household Financial Confidence Tracker. The findings come at a time when two in five (42%) households say they already struggled to pay bills in the last…
Read more
Ofcom is urging telecoms firms to do more to support their customers through the cost-of-living crisis, as new research reveals record numbers of households are struggling to afford their communications services Ofcom’s annual affordability study finds that nearly a third (29%) of customers, around 8 million households, are having problems paying for their phone, broadband, pay-TV…
Read more
A fifth of households (20%) will only be able to cope with rising bills this winter by cutting back their energy use, according to new research from Uswitch.com, the comparison and switching service. Despite the Government’s energy price guarantee and £400 bill support, energy bills are still set to increase from the 1st October, and…
Read more
Almost one in two UK adults (47%) are considering taking on an additional job or getting an alternative source of income on top of their main form of employment amid the rising cost of living, according to new research by Comparethemarket. The trend is most popular among young adults aged between 25 to 34, with…
Read more
The cost of living increase has forced households to dip into their savings with rainy-day funds now depleted by over half since the start of the year, according to research by KPMG. The cost of essential goods such as food, energy and mortgage repayments has risen by £145.50 a month this year for the average…
Read more
UK Finance has shared its latest credit and debit card data which has highlighted an increase in credit card usage when compared to 2021. The date showed that were 343 million credit card transactions in June, 10.7 per cent more than in June 2021. The total spend of £19 billion was 18.7 per cent higher…
Read more
The Government has announed that around 114,000 people on Universal Credit will be supported to increase their pay while getting access to more one-on-one time with a Work Coach. The changes will bring tens of thousands of claimants of all ages across Great Britain into closer contact with a dedicated Work Coach focused on guiding…
Read more
Chancellor Kwasi Kwarteng announced a series of tax cuts and financial support in the mini budget on Friday (23rd September). The Chancellor announced changes to income tax and stamp duty, alongside plans to cut taxes for businesses in designated sites for ten years to support investment, jobs and growth, and cancelled the planned increase in…
Read more
Almost 1.1 million private renters in England, one in seven, have had their rent increased in the last month, a new report from Shelter reveals. The charity’s research shows millions of private tenants are stretched to breaking point: one in three (2.6 million adults)are spending at least half their household income on rent. And even…
Read more