Credit, Collections & Insolvency News
New Enforcement Board (ECB) research has found that 6% of civil enforcement doorstep interactions are a breach of current standards. The research, commissioned by the ECB and led byagency M.E.L Research, represents the first comprehensive study of its kind. Researchers analysed a substantial, randomly selected sample of over 600 videos of interactions between enforcement agents…
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A two-year study by Fair4All Finance has identified that more than half of adults are living in financially vulnerable circumstances in 47 local authorities across the UK. The research identifies rising living costs, low or unstable incomes, persistent debt and a lack of ‘safety nets’ such as insurance, credit and savings among the factors which leave…
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New research from Skipton Building Society has found that just one in four people (26%) are feeling hopeful and optimistic about the upcoming Budget announcement. Whilst a further 70 per cent admit to feeling worried or anxious on what the Government may announce. And of those, it is more women (77%) than men (62%) feeling…
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Homeowners in parts of northern England are more than twice as likely to be in mortgage arrears than those in the south, according to new analysis of Financial Conduct Authority (FCA) data by longer-term lender April Mortgages. The latest mortgage arrears data provided by the FCA shows that the North East (1.76%) has the highest…
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Latest data from UK Finance has found that outstanding balances on credit card accounts have grown by 7.6 per cent over the twelve months to July with 49.4 per cent of outstanding balances incurring interest compared to 50 per cent in July 2023. The report also showed that there were 403 million credit card transactions…
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StepChange Debt Charity is calling for urgent action from the Government and local authorities to overhaul the council tax debt collection system, as it says current practices are causing significant harm to people struggling with their finances, including damage to their health, wellbeing, and relationships. As it stands, there are no binding standards for local…
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Latest Bank of England of England data has reported that lenders have seen mortgage defaults rose in the three months to the end of September and are expected to do so again in the last three months of 2024. The recent rise in default rates was lower than the banks had expected. However, in the last…
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7.7 million households in England are at risk of fuel stress this winter, including the majority of families with children. The Government will therefore need to do more to support vulnerable households who are no longer eligible for Winter Fuel Payments (WFP) and those who never have been, according to new research published by the…
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According to Compare the Market’s latest Household Financial Confidence Tracker, over one in ten (13%) admit they are not confident in their ability to meet their mortgage repayments over the coming months. 57% of mortgage holders say they are unlikely to switch their mortgage to a new deal while rates remain at current levels. By contrast,…
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Here is an overview of The Money Charity’s latest statistics for September 2024 Personal debt in the UK People in the UK owed £1,860.6 billion at the end of July 2024. The average total debt per household, including mortgages, was £65,515 and per adult was £34,457, around 95.8% of average earnings. Net mortgage lending increased by…
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Latest figures from Ofgem show energy debt levels have broken records again, with £3.69bn now owed. Debt charity, Money Advice Trust has highlighted the need for urgent debt help with energy arrears breaking record levels. The figures come ahead of the latest energy price cap increase, which comes into effect on 1st October, when energy…
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More than half (57%) of households with children have not taken significant action to save more than £100, despite many seeing their household bills increase recently according to Compare the Market’s latest research. To combat rising prices, households could save up to £756 by switching their car and home insurance through price comparison sites. Nine…
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Almost two in five (37%) 18–24-year-olds who are already in debt are struggling to pay it off, according to a two year-study by Fair4All Finance. The research found that over the last year, 29% of 18–24-year-olds say they have taken on more debt, and a worrying 22% say they have had an application for a…
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