Credit, Collections & Insolvency News
A new report by Christians Against Poverty (CAP) report has revealed a sharp rise in unsustainable budgets with the average person £242 short each month The research found that there has been a rise in the proportion of CAP client budgets that are unsustainable each year over the past five years, apart from 2020 when…
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Latest UK Finance data has reported a 50% increase in home repossessions in Quarter 1 (Q1) 2023, with over 1,000 homes taken into repossession due to homeowners struggling to keep up with mortgage repayments. In addition to the 750 mortgaged properties repossessed, 50 per cent greater than in the previous quarter. 410 buy-to-let mortgaged properties…
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New data from Experian finds that the average adult will wait until they have debt totalling £7,835 before seeking help, with one fifth of the nation (20%) saying they wouldn’t look for any support at all if they owed money. To support people who are finding money conversations difficult, Experian is partnering with Citizens Advice…
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New data from HyperJar, has found that one in ten adults admit to failing to budget sufficiently for their first holiday and fell into debt as a result. Cost of living costs rises hasn’t deterred holidaymakers from planning getaways this summer. EasyJet has reported that planned flights are up 8% on pre-pandemic levels. In light…
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Latest data from the Ministry of Justice (MoJ) has indicated that mortgage repossession claims increased by 40 per cent over the past year, as higher interest rates and rising living costs impact borrowers’ ability to service their home loans. The figures show that there were 4,035 mortgage possession claims lodged in the first quarter of…
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Data from UK Finance shows that the number of households falling into arrears increased in Quarter 1 of 2023. The figures showed that were 76,630 homeowner mortgages in arrears of 2.5% or more of the outstanding balance in the first quarter of 2023 2% greater than in the previous quarter. The figures also showed that…
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80% of consumers getting debt help say their mental health has affected their finances, according to a survey carried out by Money Wellness, Money Wellness surveyed their existing customers to find out how being in debt had affected their mental wellbeing and find out more about the link between mental health problems and money worries.…
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Around one in five adults are struggling with bills and credit repayments, according to the Financial Conduct Authority (FCA). The analysis shows that the number of people burdened by these financial challenges has increased from around 7.8m (15%) in May 2022 to 10.9m (21%) in January 2023. The number of adults who missed bills or…
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The Resolution Foundation says the Bank of England’s decision to hike rates to 4.5% will mostly impact young families. The Foundation notes that the Bank of England’s decision to combat high inflation by raising interest rates for the twelfth consecutive time to 4.5 per cent last Thursday – a rise of over four percentage points…
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An estimated 700,000 households missed a housing payment in the last month, new Which? research suggests, as the consumer champion calls on essential businesses to do more to support people through the cost of living crisis. Missed housing payments were particularly high among renters – with one in 20 (5.2%) renters surveyed missing a payment…
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New research from National Debtline, the free debt advice service run by the Money Advice Trust, has revealed that the average level of priority debt – including council tax, energy and rent arrears – held by callers has risen 54 percent since 2018, from £2,642 to £4,080. The findings, based on a survey of National…
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Research from Cornwall Insight has found that price cap projections have shifted just £38 since March, with a typical household now predicted to pay approximately £2,060 per year from July. The stabilisation of the forecasts reflects the decreased volatility in the wholesale energy market, with the relatively mild winter, higher than-predicted European storage levels and…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 10% in March 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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