Credit, Collections & Insolvency News
Economists lexpect the UK to enter a recession this year, with new research from the EY Item Club showing that the recession could be deeper than expected. The forecast reflected findings that showed the rate of economic inactivity had not fallen as quickly as expected, with the number of inactive people rising by half a…
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New research by Fair4All Finance has found that the unprecedented support from banks and the regulator significantly helped customers during Covid-19, with no detrimental impact on bottom lines. The research conducted with Lloyds Banking Group, NatWest Group and Yorkshire Building Society looked at the response of major banks and building societies during Covid-19. The aim was to understand…
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Millions of broadband and mobile phone customers look set to face rises of more than 14% in their monthly bills from April. BT, TalkTalk, Three and Vodafone are among the big telecoms suppliers that are contractually allowed to increase their bills in line with the previous year’s inflation rate, as measured by the consumer prices…
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Octopus Energy has come top in Which?’s annual customer survey as the consumer champion calls on energy firms to do more to support consumers during the cost of living crisis. Over the last two years, the energy market has changed completely – gas prices have soared, millions of consumers have been transferred to a new…
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Latest insight into the rental sector has revealed that the average tenant is paying 23.5% of their net earnings on the cost of renting, climbing as high as 42.8% in the nation’s least affordable pockets of the rental market according to research by Ocasa. The research shows that the average household earns £4,030 after tax…
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The Credit Services Association (CSA) has announced it has launched a new standalone website to specifically promote its training and apprenticeship services. The CSA says that the new learning website aims to educate visitors on how working with CSA can help you to “reduce churn, unlock capability and build capacity” through its training products and…
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Almost two in five over-55s (39%) said that their outgoings exceeded their income during parts of 2022, new data from more2life and economics consultancy Cebr has found, with a growing number turning to unsecured borrowing to cover shortfalls. The research also revealed that the number of people whose spending exceeded their income every month has more than doubled to 8% (2022) from…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies decreased by 20.4% to 8,339 in December 2022 compared to 10,473 in November. They were 1.3% lower than December 2021’s figure of 8,453, and 0.8% lower than December 2019 (8,406). There were 397 bankruptcies were registered, which was 13%…
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A third of people have poor or very poor debt resilience according to new analysis by HL Savings & Resilience Barometer. The research also found that higher earners are more likely to score poorly for debt resilience than lower earners. 38% of those in the fourth quintile (who earn more than three fifths of the…
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Two thirds (63%) of households resorted to credit cards, loans and overdrafts to cover Christmas costs in 2022 according to new research by Credit Karma. A total post-Christmas balance of £9.8 billion has prompted concern around managing repayments, as rising levels of borrowing coincide with higher household expenses for necessities, from groceries to heating and…
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Surprise economic growth in November means that the UK is unlikely to have fallen into recession last year. But this will be of cold comfort for many families who are still in the midst of a deep living standards downturn according to the Resolution Foundation. With latest ONS GDP data showing a surprising growth of…
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More than one in twenty are behind on their energy bills, which grows to around one in ten of those aged 16-49 and women according to latest Office for National Statistics (ONS) data. The figures also showed that 46% of people find it very or somewhat difficult to pay their energy bills – rising to…
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Latets figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes grew by 9% in November 2022 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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