Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for February 2024 Personal debt in the UK People in the UK owed £1,836.4 billion at the end of December 2023. The average total debt per household, including mortgages, was £65,395 and per adult was £34,526, around 99.9% of average earnings. Net mortgage lending decreased by…
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Ongoing financial strain is taking an increasing toll on the health and wellbeing of the nation, with almost half of UK adults saying their mental and physical health has suffered because of their financial situation in the last year, according to new research from St. James’s Place (SJP). As the UK slips into recession, around…
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Resolution Foundation analysis of Ofgem’s Price Cap for April-June 2024, and Cornwall Insight forecasts for the price cap in the second half of the year, show that household energy bills are on track to fall by 24 per cent (or £545) in real terms in 2024, compared to last year. The latest Ofgem price cap…
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Energy regulator Ofgem has announced a significant reduction of the energy price cap for the second quarter of 2024. The price cap changes mean that the average annual energy bill will fall £238 a year from April, this is its lowest level for two years. The change means that the maximum rate per unit that…
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Financial worries and stresses are impacting a large proportion of people in the UK (45%) according to research from Yorkshire Building Society and food redistribution charity, FareShare. Despite interest rates decreasing, and wages increasing, things are set to become even more challenging for households in the poorest quarter of the working-age population, as their ‘real’…
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The Trussell Trust has published new research which it says that highlights the inadequacy of Universal Credit across the UK. The anti-poverty charity is urging the Chancellor to take urgent action to increase long-term support for people struggling to get by on Universal Credit and commit to extending the Household Support Fund as soon as…
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Renters are less financially resilient than recent remortgagers according to reseach by Hargreaves Lansdown’s HL Savings & Resilience Barometer . The research found that over two-thirds have poor financial resilience, compared to a quarter of remortgagers whilst only 43% of renters have enough emergency savings, compared to 71% of mortgagees and 87% of those who…
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One in five (20%) people only managed to make the minimum repayment on their most recent bill according to research from Compare the Market. The research shows that less than half of borrowers (48%) are regularly paying off their credit card balance in full each month. This suggests that outstanding balances on cards are increasing…
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The number of young people needing help with managing money has doubled since 2019, Citizens Advice has reported. The charity, which supported 66,000 under 25s last year alone, says one in five (20%) young adults seeking its advice need help with debt. Citizens Advice warns many young people are feeling particularly squeezed by the cost-of-living…
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A third of households (34%) are not confident in being able to afford their energy bills over the next twelve months, after wholesale energy cost pressures caused the energy price cap to increase on 1st January 2024 according to research by Compare the Market. The energy price cap increased by £94 for a typical household…
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Over six million children in Britain have parents who are worried they won’t be able to afford their next energy bill. And almost half of parents said they would cut back on their food shopping to pay for other household bills according to research by Citizens Advice. Citizens Advice and Citizens Advice Scotland are also…
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Latest statistics from the Ministry of Justice (MoJ) have shown that mortgage and landlord possession actions continued to grow steadily in 2023. The figures showed that mortgage possession claims now sit around 65% of what it was in 2019. The quarterly figures show that mortgage possession actions have continued their gradual upward trend with mortgage…
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Latest UK Finance data has indicated that homeowner mortgages in arrears rose by 7 per cent (93,680) in the final quarter of 2023 compared to the previous quarter. Buy-to-let mortgages in arrears also increased 18 per cent to 13,570 compared to the previous quarter. 540 homeowner mortgaged properties were taken into possession in Q4, down…
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