Credit, Collections & Insolvency News
More than three-quarters (78%) of students fear how they will get through University as escalating bills, rent and prices pile pressure on their limited finances, research from Nationwide shows. Nationwide carried out a poll of 2,000 UK University students to understand better how students are managing their money. It revealed that while the average student…
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Ofgem has confirmed that the energy price cap will rise 9.5% in October, to £1,717 for an average user, adding £148.92 to an average bill or £12.41 a month. The removal of the winter fuel payment for those on low pension incomes, who don’t qualify for pension credit, will make it even tougher to make…
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Over two fifths (43%) of UK adults believe that their financial situation will improve in the next 12 months, new research by SmartSave, a Chetwood Financial company, has found. The digital bank commissioned an independent, nationally representative survey of 2,000 UK adults. Of those who said they thought they would be in a better financial…
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Latest ONS data on the cost of living shows that despite the easing in inflation, many people remain concerned over their credit commitments. In the latest period, just over 4 in 10 (44%) adults who are currently making rent or mortgage payments reported that these payments had gone up in the last six months, with…
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Credit Connect has published its first-ever annual Credit & Collections Industry Awards Review. The annual review highlights why the judges decided the winners at this year’s Industry Awards which were announced in July. The review provides background and context for the awards results recognising companies for the progression of industry standards and excellence. The review…
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UK inflation rose to 2.2% in July 2024 from 2.0% in June however core inflation fell to 3.3% from 3.5% according to the Office of National Statistics. Food inflation has increased for the first time since March 2023, with analysis from Kantar showing supermarket prices up 1.8% in the four weeks to 4 August, up…
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Latest research by Which has found that consumer sentiment rose in the week following the general election, with consumers feeling slightly more confident about their household finances and the future UK economy. Consumers’ confidence in their future household financial situation and the future UK economy rose in July, both reaching a net score of 0.…
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Latest Ministry of Justice (MoJ) data has shown that mortgage and landlord possession volumes between April and June increased when compared to the same period last year. The data shows that mortgage possession claims went up by 34% from 3,991 to 5,343, mortgage orders for possession also went up 34% from 2,529 to 3,395, warrants…
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The number of home repossessions has increased to the highest level in five years, data from UK Finance shows. The analysis shows that mortgage possession claims increased by 34% year-on-year in Q2, climbing from 3,991 to 5,343. These involve a lender taking homeowners to court before repossessing their home as the owners have fallen behind…
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More than a quarter (27%) of consumers have fallen into troubling patterns with their finances, with many having engaged in risky financial behaviour over the last year, according to new research from Moneyhub. While the UK’s inflation rate has settled back down to the Bank of England’s 2% target, with Rachel Reeves announcing in her…
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New data from Pepper Advantage, has shown that the overall rate of mortgage arrears growth has dropped to only 1.1% in Quarter 2 (Q2) 2024. This marks the third consecutive quarterly decrease in the arrears growth rate across the company’s UK portfolio, which fell from 5.7% in Q4 2023 to 3.9% in Q1 2024. The…
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Here is an overview of The Money Charity’s latest statistics for July 2024 Personal debt in the UK People in the UK owed £1,852.8 billion at the end of May 2024. The average total debt per household, including mortgages, was £65,239 and per adult was £34,537, around 96.0% of average earnings. Net mortgage lending increased by…
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New research from the Money Advice Trust, the charity that runs National Debtline and Business Debtline, shows 6.8 million (13 percent) UK adults are struggling to pay for their essential costs, such as rent and council tax. Despite inflation falling to 2 percent, an estimated 11.4 million (21 percent) people say their financial situation is…
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