Credit, Collections & Insolvency News
Before further government measures are expected to be announced later today (Thursday 8th September) new data from Comparethemarket has revealed that one in two households (56%) are not confident they will be able to afford energy bills this winter, rising to two-thirds of families (64%) with children at home. Households say, on average, they will…
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The number of people classed as ‘financially vulnerable’ has risen from 2.7% to 4.4% of the population since the start of the pandemic and continues to rise as the cost-of-living crisis intensifies. That’s according to research into 13 million consumer debt profiles conducted by UK leading debt recovery specialist TDX Group, an Equifax company, which…
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Between April and June 2022, the number of households falling behind on their utility bills grew by 14% (295,000), to hit 2.7 million, or one in 10 UK households, according to new figures released by credit reference agency Equifax. On 1st April 2022, Ofgem increased the energy price cap from £1,277 to £1,971. In the…
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Over 12 million households (42%) across the UK face fuel poverty this winter, according to a forecast by the End Fuel Poverty Coalition. The estimates take into account support announced by the Government so far and are historically reflective of the definitions of fuel poverty used in official statistics. From the price cap rise on 1st…
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The Money and Pensions Service (MaPS) has announced a call for evidence on debt advice clients with deficit budgets. MaPS says that the purpose of this call for evidence is to understand what help can, or could, be offered where a client presents with a deficit budget, as well as what MaPS can do to enable…
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New Government figures have shown that around 90% of eligible households have received the government’s £150 council tax rebate to help with the cost of living. Figures published today show 16.6 million households in England, 86% of those eligible, were handed payments by the end of July – meaning the actual number of those who have…
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Seven in ten (70%) young drivers between the ages of 17-24 say they have relied on financial support from their parents towards their motoring costs in the past 12 months – receiving an average of £781 – according to new research from Comparethemarket. The research highlights just how dependent young drivers are on their parents…
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Real household disposable incomes are on course to fall by 10 per cent over this year and next – the deepest living standards squeeze in a century, while the number of people living in absolute poverty is set to rise by three million. The report incorporates the Bank of England’s latest economic forecasts, as well…
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Employees will pay an extra £131 a month in energy costs to work from home this autumn, meaning that those who spend less than £30 on their weekly commute could save money by going to their workplace according to new analysis from Uswitch.com. A typical household will run up a £363 monthly bill for gas…
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Latest data from the Bank of England has indicated that credit card borrowing grew by £730 million in the 12 months to July. The 13% rise on borrowing on cards is the fastest rise since October 2005. The annual growth rate for all consumer credit, which also includes overdrafts, personal loans and car finance, increased…
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A majority of consumers aren’t confident in managing their money due to the cost of living crisis, according to research by Hodge Bank. The research from the specialist lender has found that four out of five (80%) respondents aren’t confident in managing their money at the moment – with mortgage, energy and recreational costs all…
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New StepChange clients are increasingly citing the cost of living as their main reason for debt. In July, 20% of clients who completed full debt advice said the cost of living was their primary reason for contacting StepChange, up from 18% in June. Meanwhile, for the first time in several months, the proportion of new…
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More than two-fifths of 55 to 64-year-olds are ‘struggling financially’ or are ‘up to their neck in debt’ against an average of 35% of people surveyed in the 55+ age group according to research by insurer Aviva. The research also found that while more than a third of all over-55s said they are having difficulties with…
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