Student debt levels making half think twice about attending University

1st July 2022 Arrears and Recoveries |

Half (49%) of university students and graduates said that the prospect of student debt made them think twice about taking up their place at university, according to new research from credit reference agency Equifax. The large debt associated with attending university was enough to make graduates think twice, even though they go on to earn £10,000…

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One fifth of credit card users have missed payment in the last 6 months

Almost one-fifth of UK credit card users (19%) have missed a credit card repayment within the past six months due to the rising cost-of-living, according to new research by comparethemarket.com. The research is published as the Office for National Statistics revealed that prices across the economy are rising by 9.1% a year, squeezing household budgets.…

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Debt charity calls for pause on Universal Credit deductions

1st July 2022 Arrears and Recoveries |

Suspending deductions from Universal Credit for Government debt would help plug the gap caused by the shortfall between the Government’s support measures and wider price increases for over a million low-income households, according to new research revealed today by StepChange Debt Charity. The effect of deductions is especially pernicious due to the rising cost of living. The…

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Money Statistics: June 2022

30th June 2022 Arrears and Recoveries | #debt

Here is an overview of The Money Charity’s latest statistics for June 2022 Personal debt in the UK People in the UK owed £1,786.6 billion at the end of April 2022. The average total debt per household, including mortgages, was £64,286 and per adult was £33,780, around 105.3% of average earnings Net mortgage lending rose by…

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Low-income households enduring ‘year of financial fear’

Seven million households are living through a ‘frightening year of financial fear’, going without food, heating, toiletries and even showering as they try to cope with the cost of living crisis new research by Joseph Rowntree Foundation has found. The research found that low-income families have fallen behind on payments by an average of £1,600.…

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Telecoms industry agrees to cost of living support plan

The UK’s biggest mobile and broadband companies have agreed on a plan to help customers struggling to pay bills amid the cost of living crisis. The Telecoms industry agreed to the new plan following a government summit led by Digital Secretary Nadine Dorries. The new measures such as allowing customers struggling with bills to move…

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Card data shows rise in spending

A new report has found that card spending trends for April have indicated early signs of the impact of the widely reported cost-of-living pressures. Fico’s monthly report based on the largest consortium of UK cards data shows a typical rise in card spend and balances, but also a slight increase in missed payments. Average monthly…

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CSA CEO appointed to FENCA board

27th June 2022 Appointments |

Chris Leslie, Chief Executive of the Credit Services Association (CSA), the UK trade body for debt collection and debt purchase, has been elected to the board of the Federation of European National Collections Association (FENCA) today at the Associations Annual General Meeting (AGM) in Berlin. FENCA represents the interests of the European credit management, debt…

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Scammers targeting customers of collapsed energy suppliers

Scammers are attempting to exploit the cost of living crisis by targeting consumers whose energy supplier has collapsed, according to new analysis by Which? Former customers of bust suppliers including Solarplicity, Future Energy and Northumbria Energy have been singled out by fraudsters attempting to exploit the confusion caused by the companies’ failures. In the first…

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Cost of living gap widens for poorer households

23rd June 2022 Arrears and Recoveries |

Inflation increased slightly in May, but soaring petrol prices will drive a bigger rise in June, while low-income households continue to face the greatest cost-of-living pressures according to the Resolution Foundation. CPI inflation increased from 9 to 9.1 per cent, while CPIH rose from 7.8 to 7.9 per cent, driven primarily by household services (such…

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Households spending £170 on unused subscriptions

22nd June 2022 Arrears and Recoveries |

A third (33%) of households have multiple individual memberships for the same streaming service, when they could be saving money by paying for one household membership instead, according to research from comparethemarket.com. The research found that households spend £50 on average each month on paid-for subscriptions, the equivalent of £600 a year, with 32% spending…

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Personal insolvencies increase by 23%

Latest statistics quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies numbers increased by 23.3% compared to May 2021’s figure of 8,496 and increased by 11.2% to 10,476 in May 2022 compared to 9,417 in April. There were 2,030 DROs and 566 bankruptcies. For individuals, 566 bankruptcies were registered, which was…

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Student living cost support cut to lowest level in seven years

The value of government support for living costs for university students from the poorest families will fall to its lowest level in seven years in the coming academic year, as maintenance loan entitlements will fail to keep up with inflation. As a result, even students entitled to maximum maintenance loans will have to make do…

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