Credit, Collections & Insolvency News
New data from the Office for National Statistics (ONS) shows that the Consumer Price Index (CPI) rose to 10.1% in the twelve months to July, up from 9.4% in June. With the October energy price cap rise fast approaching and real wages failing to keep pace with inflation. With the real value of wages falling…
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The Government would need to find £12 billion simply to achieve what it was aiming to do with the £24 billion package announced in May according to new analysis by the Institute for Fiscal Studies (IFS), funded by the Nuffield Foundation as part of the forthcoming IFS Green Budget. The analysis says that the figures…
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People who say they ‘live for today’ are less likely to have enough cash left over at the end of the month (42%) according to research from Hargreaves Lansdown Savings & Resilience Barometer, produced with Oxford Economics in July 2022. The research has found that they will be hit harder by the cost-of-living crisis too,…
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Trustfolio has announced that it has partnered with Equifax to launch a new feature powered by Open Banking. The new Debt Adviser Support Portal feature will allow advisers to gain instant access to bank transaction data in an income & expenditure-friendly format, mapped to the Standard Financial Statement. Alongside the client credit reports from multiple…
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Equity release is helping to fund one in every £90 spent by retired people within the UK currently, according to a new report by Legal & General. The report, found that people are increasingly making the most of property wealth. It also forecasted that the equity release market will surpass £12 billion in 2030, with…
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New Aegon research tracking adults’ relationship with their finances since the start of the Covid-19 pandemic has found that financial worries are already significantly worse since the beginning of the cost-of-living crisis than experienced during the pandemic. The latest research* shows nearly two thirds of adults (63%) said they are worried about their finances during…
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Latest figures from the Ministry of Justice have shown that mortgage and landlord possession statistics (April to June 2022) have indicated that repossessions by county court bailiffs increased from 45 to 770 (1,611%). Mortgage claims, orders, warrants and repossessions have also increased significantly when compared to the same quarter in 2021. Compared to the same…
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As the cost of living crisis continues to squeeze the personal finances of many, research from Canada Life reveals over half (55%) of adults, equating to 28.9 million people, have implemented, or are looking at ways to boost their income. The top ways adults plan to increase their current income include selling unwanted belongings (36%), looking…
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Ahead of the autumn bill hikes, household energy debt is already standing at an all-time high of £1.3 billion – nearly three times higher than it was in September last year according to new research from Uswitch.com, the comparison and switching service. Six million homes – almost a quarter of households (23%) – owe an average of…
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New research by the Post Office indicates that people are turning back to cash to help them keep tighter control on their spending as living costs soar. Latest figures show that Post Offices handled £801 million in personal cash withdrawals in July, the most since records began five years ago, an increase of almost 8%…
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Around 1 million children with key worker parents are living below the breadline, new research by the TUC has found. In some parts of the UK, more than two-fifths of children in key worker households are living below the breadline with one in five (19%) key worker households having children living in poverty. The research,…
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Nearly six million households are struggling to afford essential telecoms services according to a new analysis by Which?, as it calls on the government to cut the amount of VAT paid on mobile, broadband and telephone services. The consumer champion found that millions of households reported issues affording essential telecoms services such as mobile phone…
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New figures released by the Finance & Leasing Association (FLA) have indicated that second-charge mortgage new business volumes grew by 24% in June 2022. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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