Credit, Collections & Insolvency News
Everyday People Financial, a Canadian-based financial services company, has announced that its subsidiary, BPO Collections has signed a purchase agreement to acquire Arvato Financial Solutions UK (AFS). Arvato Financial Solutions is a provider of accounts receivable management services primarily focusing on providing financial and collection management services in the regulated environment. Arvato’s main creditors operate…
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New research by StepChange Debt Charity has revealed women are more likely to have energy debt, pay more on household essentials and have been disproportionately impacted by the cost of living crisis. The charity’s new report Bearing the burden, looks at how the gendered picture of debt differs, exploring why women are more vulnerable to…
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Despite best efforts by utility providers, 25% of people report to be receiving more than 10 incorrect utility bills when moving home. This is causing a knock-on effect in the industry as one in five customers would consider leaving their utility provider if they were billed incorrectly, and more than one in 10 people have…
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Almost half of people approaching retirement (49%) are rethinking their plans as the high cost of living bites into their everyday finances. Research carried out by LiveMore among people aged 50-79 found that 26% have been forced to postpone their retirement while 23% are seriously considering delaying it. In addition, 7% have taken on more…
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More than 16 million people have missed payments on key household bills this year and over two million did so for the first time, according to new research for Talk Money Week 2023. A survey of 3,016 UK adults, commissioned by the Money and Pensions Service (MaPS), shows that a third of people (30%) have…
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New research by TotallyMoney has found that one in two people are paying banks interest on a total of £31 billion of credit card debt every month with the average outstanding monthly balance they’re paying interest on is £2,748. Each year, on the average balance, those with a poor credit score could be paying £1,371…
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Gobal credit intelligence company, Pepper Advantage has reported a 23.3% annual increase in the arrears rate in the third quarter of 2023 to reach a new post-Financial Crisis high. The growth in the arrears rate follows successive increases in the percentage of mortgages that experienced a Direct Debit Rejection (DDR), where a direct debit instruction…
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Here is an overview of The Money Charity’s latest statistics for October 2023 Personal debt in the UK People in the UK owed £1,846.5 billion at the end of August 2023. The average total debt per household, including mortgages, was £65,756 and per adult was £34,716, around 100.4% of average earnings. Net mortgage lending increased by…
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Soaring rent prices are increasingly pushing young people into debt, according to new research from Creditfix. New data from the personal insolvency provider has shown a significant rise in the number of renters under the age of 45 seeking support for unmanageable levels of debt. Individuals under the age of 45 now account for almost three quarters…
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Almost half (46%) of all adults have identified energy bills as their biggest financial concern heading into this winter according to research by Finder.com. Single-person households were the most apprehensive, with more than half (53%) of those living alone saying that energy bills are one of their biggest financial concerns heading into winter. This was…
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New quarterly data released by StepChange Debt Charity Scotland reveals the continued impact of the wider cost of living pressures as almost two fifths of new clients (37%) responsible for paying council tax bills were in arrears between July and September, up from 31% in the previous quarter. The charity has also reported an uptick…
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Singles are forced to spend around a third more on housing per person than their couple counterparts – despite living in cheaper accommodation. They also spend more per person on fixed costs like food and communications according to research by Hargreaves Lansdown. The research found that individuals have to cut costs wherever they can, so…
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Mortgage holders are repaying record amounts of mortgage debt in the higher interest rate environment, according to the Equity Release Council’s Autumn 2023 Market Report. The report says high levels of debt and a lack of pension savings make it increasingly likely that homeowners will need to borrow against the value of their properties in…
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