Credit, Collections & Insolvency News
New research from TopCashback has found that families are spending on average £6,192 per year on food – approximately £119 per week or £516 per month In the last three months, parents say the cost of their essential groceries has increased by 46%, considerably higher than the latest ONS statistics* showing food inflation at 13.6%…
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Consumers are feeling financially worse off than they were a year ago, especially those aged 35-54, according to research by Dye & Durham. Almost half of respondents (47%) said their finances are in a worse place than they were 12 months ago, with only 16 per cent of people suggesting their finances have improved. Those…
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Fourteen energy retail companies have announced their collective commitment to go above and beyond current licensing conditions to help households struggling with energy bill debt this winter. The Winter 2023 Voluntary Debt Commitment, developed with Energy UK, Ofgem and Citizens Advice, means that energy suppliers are going further than existing regulatory obligations to provide better support…
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A Bank of England survey of lenders shows that mortgage defaults have risen at their fastest pace since 2009. The Bank’s research through its Credit Conditions Survey shows that the net percentage balance of defaults on secured loans to households jumped from 30.9% to 43.3% over the previous quarter, indicating that defaults had increased sharply…
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Energy regulator, Ofgem has announced the launch of a consultation to assesss options to protect the energy market and consumers from the risk of spiralling debt. Figures obtained by the regulator this summer show that energy debt reached £2.6 billion, its highest ever level, due to a combination of the rise in wholesale energy prices,…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 15% in August 2023. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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EDF Energy has reported that the number of homes falling into debt on their energy bills has increased by 36% since the beginning of the year. The company also said standing charges on energy bills have increased by 55% since April 2021. The energy company has announced that it is boosting support for vulnerable customers…
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More than a quarter (26%) of UK consumers are spending more than they earn each month, according to early findings from the 2023 European Consumer Payment Report, conducted by credit management services provider Intrum. Of those overspending, the average amount was £190 a month – adding up to £2,280 a year. Another 53% said they…
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Here is an overview of The Money Charity’s latest statistics for September 2023 Personal debt in the UK People in the UK owed £1,843.8 billion at the end of July 2023. The average total debt per household, including mortgages, was £65,661 and per adult was £34,666, around 100.3% of average earnings. Net mortgage lending increased by…
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An estimated seven million households are struggling to keep up with their rent or mortgage payments, with millions more at risk of tipping into financial difficulty by the end of 2024 as they remortgage at higher rates according to analysis by Which?. A survey of 4,000 people found nearly half of households (46%) with mortgages…
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Debt resolution specialist, Ophelos has announced that it has entered into an agreement to be acquired by debt purchase and collection company Intrum. Intrum says the acquisition of Ophelos, will seek to advance the development of tech-enabled solutions in its offering by further strengthening its market position. Ophelos is a technology company that uses AI to…
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Housing costs are a source of concern to many, yet around two in five people would potentially feel reluctant to discuss their budget pressures with their landlord or mortgage lender, according to new research in a new poll of adults, conducted by YouGov on behalf of StepChange Debt Charity. The research found that two fifths…
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Household money worries have hit their highest level in 2023 as year-on-year spending continues to rise, according to Nationwide Building Society’s monthly Spending Report. A recent survey conducted by the society reveals that a growing number of people are worried about their personal finances and their ability to cover basic expenses. The survey found that…
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