Credit, Collections & Insolvency News
The Trussell Trust has published new research that reveals the true and devastating consequences of the inadequacy of Universal Credit, with millions of families across the country struggling to make ends meet – including working households and disabled people. The research found that a third of working families (32%) receiving the benefit report struggling to…
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Debt purchase and credit management company, Lantern has announced that it is making changes to its senior leadership team. Effective 1st November 2023, Denise Crossley will move into a new role of Non-Executive Chairwoman of the Group with Paul Mason taking on the role of Chief Executive Officer (CEO). Crossley has lead the over the…
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Fintech Ceverine, which offers AI-driven digital collection services, and debt collection specialist Capital Resolve have announced an agreement to merge businesses. In a joint statement, the company said that the strategic combination brings together complementary strengths of both companies. Ceverine’s expertise in machine-learning, automation and digital collections with Capital Resolve’s established history, credentials and proven…
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One in four people in the UK (27%) are currently behind on at least one bill with Citizens Advice warning the situation only looks set to deteriorate in the coming months. The research estimates household debt, covering things like essential bills and benefit repayments sits at £22 billion. But the charity warns the true figure…
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Close to half (45%) of adults are concerned about the financial decision-making of their more vulnerable relatives as they get older, with one in ten (10%) saying their relatives have made poor financial decisions in the past two years resulting in some form of financial loss, according to data from a recent report by AKG,…
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Latest Bank of England figures have indicated that the value of mortgage arrears jumped by almost a third (29%) in April-June compared with the same period in 2022, with the total value of outstanding mortgage debt at £16.9 billion, the highest total since 2016. New arrears cases equated to 16% of the total outstanding mortgage…
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Resarch from lender Creditspring has found that 30% of people say their mental health has deteriorated since the start of the cost-of-living crisis, with the rate rising to almost half (48%) among 25 to 34-year-olds. The research shows that financial woes are directly contributing to this widespread decline in mental health, with a quarter (23%)…
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Latest figures from the Finance & Leasing Association (FLA) show that second charge mortgage lending fell by 14% in July. 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 “The second charge mortgage…
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The data suggests that the Midlands is the region of the UK hit hardest by the rising cost-of-living according to research by Lowell. Lowell’s latest Financial Vulnerability Index shows 41% of all areas that became financially worse off this year are in the Midlands region, with areas in Birmingham, Leicester and Coventry became financially worse…
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Latest research Hargreaves Lansdown has found that the average renting household has just £180 left at the end of the month, while a household with a mortgage has £337. Renters are less likely to have enough emergency savings to cover three months of essential spending. Only 45% cross the threshold, compared to 72% of those…
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Worries about housing costs have hit the highest levels ever recorded by Which?’s Consumer Insight Tracker, as interest rates are widely expected to rise further. The Insight Tracker recorded highest levels of concern around housing costs – with four in five mortgage owners (79%) and 4 in 5 renters (81%) saying that they were worried…
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As interest rates rise, mortgages in London postcodes are at the highest risk of default, according to a new analysis by Mazars. The analysis found that 19 out of the top 20 postcodes with the most risky mortgages, defined as loans at least 4.5 times the borrower’s earnings, were in London. South West London dominated…
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Ovo Energy is calling on the government to remove standing charges for the most vulnerable customers this winter and has confirmed it will be retaining the current standing charge level after the 1st October as the price cap comes into effect. The company has also renewed its calls on the government to introduce a social…
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