Credit, Collections & Insolvency News
A new repor from charity Mental Health Innovations, has revealed the extent that the cost-of-living crisis is having on the mental health of the nation. A third of those who are struggling with financial difficulties also tell us they have suicidal thoughts. The report analysed data from two million text conversations over five years, taken…
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New polling by Debt Justice indicated that a record 6.7 million people in Britain are now in financial difficulty. The polling conducted for Debt Awareness Week indicates that 13% of people have missed three or more credit or bill payments over the past six months. Debt Justice’s ,anifesto calls on all political parties to make a…
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The Insolvency Service has published its latest monthly Insolvency Statistics, showing personal insolvencies were up by 23% compared to February 2023 at 10,136. The rise was driven by a 44% increase in Debt Relief Orders (DRO) applications compared to February 2023. In the Spring Budget, the Chancellor announced an end to fees for DRO’s from…
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As the cost of living crisis continues to escalate, a personal insolvency specialist has issued a warning about a concerning trend of mounting debt among the hospitality workforce. According to Creditfix, hospitality workers are grappling with unprecedented financial burdens, with an alarming average debt level of £13,151 with the industry faces a dual challenge as operating…
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Latest Bank of England figures show that the proportion of mortgages in arrears increased to its highest level since 2016 in the last three months of 2023. The share of outstanding mortgage balances in arrears rose to 1.23% in Q4 2023 from 1.12% in Q3. The value of these balances in arrears stood at £20.3…
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Energy regulator Ofgem has announced a call for input to examine issues around affordability and debt in the energy market. The regulator says that its first responsibility is to protect consumers, and we remain very concerned that struggling households have a limited ability to cope with future price shocks. At the same time, the cost…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 2% in January 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 Citizens Advice has found that over 13 million people (26% of UK adults) have accidentally taken out a subscription in the last 12 months. These subscriptions cover services from fitness apps to food delivery services, and repeat pet food to magazine subscriptions. The charity is warning that the problem of subscription traps…
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The Treasury has announced that it expects to raise £240 million in the first year after launching a new tax collection policy. Private sector debt collectors will be enlisted to collect up to £4.3 billion in unpaid taxes, as part of a budget crackdown spearheaded by HMRC. The plan involves increasing HMRC’s capacity to follow…
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Women are suffering the most in the financial squeeze, according to the latest figures from credit management group Intrum. A survey of 20,000 consumers across Europe shows that people are spending more of their income on essentials than they did in the past. Banks recommend following the 50-30-20 rule, suggesting an allocation of half income…
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New research by Lowell has found that nearly a third (30%) of adults in the UK don’t know how much debt they owe. The research showed that currently, the average total debt per UK household stands at £57,910 and searches for ‘how to become debt free’ have increased by 140% in the last month alone.…
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Credit Connect hosted its Online Collections Technology Think Tank last week which saw collections strategies and the impact of cost of living economic stresses discussed by eight collections professionals from a variety of industry sectors. In the eighth edition of the Collections Technology Think Tank series, hosted by Credit Connect Media, industry professionals gathered to…
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Almost half (41%) of people aged 50 and over who are not yet fully retired are concerned about living in economic hardship after they stop working, according to new research by the older people’s financial hardship charity Independent Age. According to latest figures, 18% of people aged 60-64 are living in deep poverty. If governments…
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