Credit, Collections & Insolvency News
StepChange Scotland has revealed a rise in the proportion of people struggling to keep up with their energy bills, council tax and mortgage at the outset of 2025. New data from the charity for the final quarter of 2024 shows over one in five (21%) clients with a responsibility for paying a mortgage are in…
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People in debt have lost £48.8 million on fees for failed Individual Voluntary Arrangements (IVA), with many steered into an inappropriate debt solution by unscrupulous firms offering bad advice according to research by Citizens Advice. The charity has found two thirds of people were not told a key piece of information before entering into an…
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New figures released by the Finance & Leasing Association (FLA) show that consumer second charge mortgage new business volumes grew by 17% in November 2024. 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),…
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Analysis by Shelter and HSBC has shown that 52% of people paying housing costs are starting the new year worried about housing or financial pressures. The research also found that 67% of people with housing costs have experienced housing pressures over the past year. Of those experiencing housing pressures, 57% said they have lost sleep…
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Nationwide is urging those struggling financially to seek help as a perfect storm of record New Year debt, rising energy bills and tax returns is set to make January a tough month for many. According to Nationwide’s spending data, debt levels in November were already four percent higher than the same month last year, at…
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Research by Compare the Market has found that half of university students struggle to repay their credit card balance within three months. The data found that almost one in two (48%) university students have been struggling to repay their credit card balance within three months, with the main reasons being the rising cost of everyday…
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The Resolution Foundation is calling on the Government to offer extra support to working parents, including with childcare and commuting, if it is to fulfil its promise of cutting child poverty. The Resolution Foundation says that he last Labour government reduced relative child poverty significantly – down by the equivalent of 600,000 children between 1998-99…
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According to a free money advisory service, nearly 4,000 people searched for debt help over Christmas. Data from the Money Wellness website showed that 3,994 people visited the website on Christmas Eve, Christmas Day, and Boxing Day seeking advice on dealing with unmanageable debt. Almost 2,000 (1,835) people in London searched for support, followed by…
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New figures from Rightmove has shown that average rents are set to increase next year as demand outstrips supply in the private rental sector. The rental market study finds that the average number of enquiries sent to agents about each available property is still nearly double the level it was in pre-pandemic 2019, with an…
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Almost one in two (48%) university students have been struggling to repay their credit card balance within three months according to research by Compare the MArket, with the main reasons being the rising cost of everyday expenses (33%), increased university costs (31%), and having to prioritise other household bills such as energy or rent (23%).…
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Outstanding balances on credit card accounts have grown by 6.6 per cent over the twelve months to September and 49.4 per cent of outstanding balances incurred interest compared to 50.1 per cent in September 2023 according to latest card spending date from UK Finance The data showed 2.2 billion debit card transactions in September, 4.5…
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A new survey by credit management company, Lowell has found that almost three-quarters (74%) of households rely on credit products like Buy-Now-Pay-Later schemes and credit cards to manage Christmas expenses, with repayments stretching into mid-April. The average family is set to allocate over half (53.6%) of their monthly salary—approximately £1,546 based on the national average…
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A poll by Skipton Building Society has found that 85 per cent worry they will give their children bad financial advice. The data also found that many aren’t confident to give advice when it comes to investing (29 per cent) budgeting (25 per cent) and credit scores (23 per cent). While 21 per cent have…
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