Credit, Collections & Insolvency News
Latest research from the Financial Conduct Authority (FCA) has found almost half of UK adults (47%) feel pressured to spend above their means during Christmas to provide for loved ones, rising to almost two-thirds (64%) for those with children under 18. Two in five (40%) UK adults, and over half of those (52%) with children…
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One in five (18%) adults, the equivalent to 9.7 million people, have missed a payment in the last 12 months according to research from Bluestone Mortgages. The missed payment includes utility bills or credit cards (both 7%), tax bills or loan repayment (both 5%). Additionally, 7% of those with a mortgage have missed a payment. Seven…
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Credit Connect hosted its third in-person Credit & Collections Technology Think Tank in mid-November in Manchester which saw credit and collections strategies and the impact of the cost of living discussed by sixteen professionals from a variety of industry sectors at the Midland Hotel in Manchester. The themes of cost of living impacting customer engagement,…
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New research by abrdn Financial Fairness Trust has found that 65% of UK households (18.4 million) have consumer debt and there are signs that credit stress may be worsening, with two-in-ten (16%) owing money due to missing at least one repayment on a credit commitment, up from 11% in May 2023. Over four-in-ten households (12.5…
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Here is an overview of The Money Charity’s latest statistics for November 2023 Personal debt in the UK People in the UK owed £1,845.6 billion at the end of September 2023. The average total debt per household, including mortgages, was £65,724 and per adult was £34,700, around 100.7% of average earnings. Net mortgage lending decreased by…
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UK outsourcing specialist Sigma Connected has announced its expansion into the United States as it secures its first two new clients in the country. The company which offers ‘white label’ customer contact centre and debt collection services across the financial services, telecommunications, energy and retail sectors, has launched Sigma Connected US LLC. Services will be…
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New YouGov polling commissioned by StepChange Debt Charity, which explores people’s finances and borrowing habits, reveals that one in four people will struggle to afford Christmas this year, rising to more than one in three (34%) households with children. The survey also found that. one in twelve (8%), around 4 million people, will be relying…
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A run of 14 consecutive interest rate rises has brought worry and financial pain for mortgage holders according to the research by the Office for Budget Responsibility (OBR), The OBR says that the benefit of better returns on savings has outstripped the hit of higher mortgage rates. Our real household disposable income – put simply,…
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Households with children at home are struggling with their monthly credit card repayments according to Compare the Market’s latest Money Action Index. The research reveals that households with children at home have been finding it difficult to manage their finances in the past six months as most have seen their regular bills increase. More than eight…
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A new report by the Centre for Economics and Business (CEBR) on behalf of Aegon has found that the proportion of both full-time and part-time private sector workers missing work due to financial concerns has risen to 12%, – up from 10% in 2021. On average, employees lost 4.7 workdays per year, leading to over…
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UK Finance has released its latest mortgage arrears and possessions for Quarter 3 (Q3) with figures indicating that residential mortgage arrears have increased by 18% and buy-to-let mortgages in arrears also rising by 29%. The latest data shows that there were 87,930 homeowner mortgages in arrears in Q3 2023, seven per cent more than the…
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New research from Standard Life has found that almost one third of parents (30%) with children under 18 are finding their financial situation difficult, which compares to 22% of people without children. This comes during a second full year of high inflation, with the cost of essentials like food and household bills still outpacing income…
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New research conducted by StepChange Debt Charity has revealed that its clients who are women face an average budget shortfall of £30 per month, which is £70 less than men’s average monthly surplus of £40. The charity’s new report, Bearing the burden, which has been published during Talk Money Week, looks at how debt differs between…
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