Credit, Collections & Insolvency News
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
Latest Bank of England data has highlighted that mortgage defaults and missed payments on credit cards and loans both surged at the end of the year, and are expected to keep rising. Missed credit card and loan payments, as a percentage of balances, are higher than they have been for at least five years with…
Read more
Two years of the cost of living crisis has caused a 50% rise in the number of people who are pessimistic about their financial future, according to new figures released today by StepChange Debt Charity. The research indicates a difficult year ahead for people’s finances, as more than two in five adults (43%), around 22…
Read more
The UK’s poorest people now owe twice as much to energy suppliers as they did during the 2022 energy crisis, according to figures from management consultancy Baringa. Barings says that an energy bill price spiral where customers increasingly default on debts, leads to costs being passed onto others in the form of higher bills, further…
Read more
According to a new survey from Nationwide, 84% of people expect this January to be the toughest yet financially due to Christmas spending added to debt from the cost of living crisis. More than half (52%) believe January is the time of year that causes the most financial stress. While 51% blamed Christmas spending for…
Read more
New research by Hargreaves Lansdown has found that the financial resilience gap has widened as with the debt crisis impacting low earners. The debt position of the lowest fifth of earners has deteriorated since the onset of the pandemic, but improved for everyone else. Since the onset of the pandemic, there has been a rise…
Read more
Fuel Bank Foundation says it has been ‘forced to take action’ by doubling the support it provides to vulnerable consumers due to the government not providing any additional energy bill help this winter. The chroty which provides emergency fuel vouchers for struggling households with prepayment meters (PPMs), has increased the amount of financial support it…
Read more
New research by Lowell has found that over a quarter (28%) more people think they will have any Christmas debt paid off by the end of February when compared to last year. The research also found that 14% more consumers were able to rely on their disposable income for Christmas 2023, compared to the previous…
Read more