Credit, Collections & Insolvency News
Over 11.5 million, or four in ten (39%), financially vulnerable people, have no option but to turn to credit to afford everyday expenses, over double the UK average (15%) according to research by analytics firm Fuse. Three in ten (28%) also say that they are reliant on credit to pay for their mortgage or rent…
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New research from Citizens Advice has found that five million people are in a negative budget, with the charity warns a living standards catastrophe is becoming the new normal ahead of the general election. The charity’s new analysis shows that the number of people in the red has jumped from 3.25 million since the start…
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New research by Pepper Advantage showed a 29.5% annual jump in arrears across it’s 100,000+ residential mortgage portfolio in the fourth quarter (Q4) of 2023, the figures were 5.7% higher than the previous quarter, to reach a new post-financial crisis high. The growth in the arrears rate follows successive increases in the percentage of mortgages…
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Annual figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell by 13% The number of personal insolvencies registered in 2023 was 103,454, lower than the 118,766 in 2022. The number of personal insolvencies was the lowest annual number since 2017. However 2023 saw the lowest annual number of…
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Research from Nationwide shows how costs have soared for the typical British family since 2021 – from mortgage or rent payments to food, energy and fuel – with more than one in five households having less than £100 spare each month. Continued high costs have led to more than two-thirds (69%) of family households feeling…
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The demand for online money help has surged by 34% in the first week of 2024, the Money and Pensions Service (MaPS) has confirmed. Total visits to MoneyHelper’s Money Troubles pages hit 10,187 in the first week of January this year, rising from 7,625 during the week up to Christmas Eve. January 1-7 also…
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One in eight (12%), around six million people, have borrowed money to make ends meet in the last 12 months according to research by StepChange. The debt charity is urging the government to reassess its cost of living support for households ahead of the Spring Budget as new polling finds that two in five (40%),…
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Almost one in six renters missed an essential payment in a single month, Which?’s latest Consumer Insight Tracker. Overall, an estimated 2.4 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in the month to 12 January. This is on a par with the levels of missed payments…
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Here is an overview of The Money Charity’s latest statistics for January 2024 Personal debt in the UK People in the UK owed £1,847.6 billion at the end of November 2023. The average total debt per household, including mortgages, was £65,795 and per adult was £34,737, around 100.5% of average earnings. Net mortgage lending decreased by…
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Latest research by Money and Mental Health Policy has found that homeowners with mental health problems are more likely to have cut back on food, energy and other essentials to keep up with mortgage payments, and are also at greater risk of falling behind on mortgage bills compared to other homeowners. While many mortgage holders…
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Latest research from Lowell has found that a quarter of people (25%) feel anxious, stressed or ashamed when talking about money. With January being a tough month financially, from gaps between paychecks to the aftermath of festive spending 47% of people admitted they are heading into 2024 feeling worried about money. The nationwide survey revealed…
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The number of consumers living in households that are in debt to their energy supplier has exceeded 5.3 million households, Citizens Advice has revealed. The survey also revealed that more than two million people across will self-disconnect this winter because they cannot afford to top up their prepayment meter (PPM). Citizens Advice is warning that…
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One third of adults in the UK will run out of money by the end of January, a new survey by Credit Karma has found. The research said that by 20th January, 56% of adults will have spent their entire monthly income, due to higher winter bills and financial strain from Christmas expenses. As a…
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