Credit, Collections & Insolvency News
A new survey of homeowners who pay a mortgage, conducted by independent market research firm Danebury Research on behalf of global technology specialist Dye & Durham, fas found that the ongoing cost of living crisis is affecting the mental health of more than half (56%) of UK mortgage holders who have genuine concerns over their…
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Credit Connect’s hosted its sixth Online Collections Technology Think Tank 4.1 last week which saw collections strategies and the impact of cost of living economic stresses discussed by thirteen collections professionals from a variety of industry sectors. The themes of collections risk, customer engagement, affordability and the future of collections were discussed by panelists and…
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Here is an overview of The Money Charity’s latest statistics for February 2023 Personal debt in the UK People in the UK owed £1,832.8 billion at the end of December 2022. The average total debt per household, including mortgages, was £65,946 and per adult was £34,653, around 105.7% of average earnings. Net mortgage lending rose by…
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Poorer households are hit harder than wealthy households when it comes to rising energy costs according to new research by Interactive Investor. When factored into the other key areas of household expenditure, including food, housing costs (rent or mortgage) and transport, the research calculated that the poorest 10% of households face spending 26% of their…
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More than half of the UK population are either haggling on their regular bills or intend to do so, according to new research from Go.Compare, as the cost of living crisis continues to impact households. After interviewing more than 2,000 UK adults, the comparison site found that a third (33%) of people have already started…
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New ONS data on debt and wellbeing has found that more than a fifth of adults in the UK (22%, equal to around 11.5 million people) reported borrowing more money or using more credit than the previous year because of the increased cost of living. Nearly a third (31%) said they would be unable to…
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Households with energy prepayment meters in their homes are nearly twice as likely to dip into debt due to the cost of living crisis than others, according to new data. The Office for National Statistics (ONS) found that 26% of adults who pay for their gas or electricity up front, reported using credit because of…
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Latest research by FICO has shown that there was a significant rise in cardholders missing one credit card payment in December 2022. The research showed that accounts missing one payment jumped month-on-month by 19%. The percentage of accounts with two missed payments was 19% higher than in December 2021 and 20% higher for three missed…
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Latest data from UK Finance found that credit card balances grew in November 2022. The data found that there were there was 355.1 million credit card transactions in November, 0.3 per cent more than in November 2021. The total spend of £19.6 billion was 5.3 per cent higher than November 2021. Outstanding balances on credit…
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Research by StepChange Debt Charity, has revealed that 43% of the UK population, including 48% of Scottish adults, more than 2 million people have found it difficult to keep up with household bills and credit commitments in the last few months. One in ten (10%) say they have found it very difficult. With the rising…
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Struggling households borrowed £11 billion to cope with the cost of living crisis in 2022 and are cutting back on essentials to keep up with the repayments, according to new polling from StepChange Debt Charity. The polling, conducted by YouGov, reveals that more than two in five UK adults (43%) are taking action such as…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers decrease by 7.4% in January 2023. The personal insolvency figures of 8,344 were 8.9% lower than January 2022’s figure of 8,485. There were 612 bankruptcies were registered, which were 5% higher than in January 2022, but 60% lower…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies fell and personal insolvency increased. In January 2023 there were 14 business insolvencies registered in Northern Ireland, 22% lower than January 2022 and 46% lower than January 2020. The business insolvencies comprised of nine CVLs, one compulsory liquidation and four CVAs.…
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