Credit, Collections & Insolvency News
New research commissioned through YouGov by StepChange Debt Charity of UK adults (of whom 186 live in Scotland) shows that one in four adults (24%) in Scotland have used a form of credit to pay for essentials (groceries, utilities, housing) in the past three months, while one in five (19%) adults in Scotland have borrowed…
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Unsecured household debt is set to rise by over £1,600 this year as families continue to struggle with the cost of living crisis, according to new TUC analysis. The analysis shows that unsecured debt (loans, credit cards, purchase hire agreements) is on course to increase by 9.4% (£1,660) in real terms, on average, per household…
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Latest data published by the Department for Levelling Up, Housing and Communities (DLUHC) show outstanding council tax arrears have reached a total of £6 billion as of 31stMarch 2024, a 9% year-on-year rise and an 71% increase since before the pandemic – the total outstanding arrears stood at £3.5 billion in 2019 to 2020. Over…
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With rent prices rising 9% over the last 12 months, three in ten (28%) renters across the UK have been forced to turn to benefits due to rising costs, reveals research from responsible lender Creditspring. ONS figures show that average rents increased by 8.9% over the last 12 months, with tenants paying over £100 more…
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Credit Connect has announced the shortlist of companies and partnerships for this year’s first-ever annual Credit & Collections Industry Awards. The shortlist for the inaugural awards consists of 64 entrants with over 50 companies in the running to win the first-ever awards. Credit Connect’s panel of judges has now compiled the shortlist for the fourteen…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 36% in April 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), said…
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New research from Moneyboat has found that six in ten (60%) of adults are worried about the effects an unexpected cost would have on their savings, with 23% of adults stating that they aren’t confident that they currently have enough saved to pay for one should it arise. The research also showed that nearly a quarter…
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New analysis from the Joseph Rowntree Foundation (JRF) has found that millions of people are already in poverty, and millions more are ‘teetering on the edge.’ The research found that 3.2 million people in the UK are only £40 a week from poverty, equivalent to the entire population of Wales. This includes 700,000 children, 1.5…
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New research by Compare the Market’s latest Household Financial Confidence Tracker has found that almost half of people (45%) admit they need to dip into their savings around three times per month to afford everyday living costs, despite optimism about their household finances. Over half (61%) feel more optimistic about their finances compared to this time…
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A sharp rise in debt repayments was recorded in April as cost-of-living pressures continue to bite according to research by Nationwide. The data showed that customers repaid unsecured debts of £735 million in April – a 25 per cent year-on-year rise, while the number of transactions to debt repayment increased by 14 per cent. Many…
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A new report published today by Royal London, shows significant increases across housing, energy and food bills, and childcare, since February 2023 meaning the average family with young children have seen their expenses rise by over £1,000 a month, leaving almost a fifth (18%) of parents with no money for unexpected bills or emergencies. The…
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Here is an overview of The Money Charity’s latest statistics for May 2024 Personal debt in the UK People in the UK owed £1,843.9 billion at the end of March 2024. The average total debt per household, including mortgages, was £64,296 and per adult was £34,372, around 97.4% of average earnings. Net mortgage lending increased by…
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Energy regulator Ofgem has confirmed the energy price cap will fall by 7% from 1 July to 30 September 2024, compared to the previous quarter. For an average household paying by direct debit for dual fuel, this equates to £1,568, a drop of £122 over a year. The average household paying by prepayment meter for…
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