Credit, Collections & Insolvency News
Research by the Money and Mental Health Policy Institute found that one in eight people (13%) who are behind on at least one payment say they have attempted to take their own life as a result of the cost of living crisis, as a result, the Government is being urged to adopt US-style rules to…
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Students will be hit harder by the cost-of-living crisis than previously thought with the poorest students being more than £1,000 worse off than in 2020–21 according to new research by the Institute of Fiscal Studies (IFS). For university students domiciled in England, government support for living costs takes the form of so-called maintenance loans. Each…
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New research by Credit Karma has found that nearly one in three (30%) have no money set aside for increased energy costs this winter. The cost of living crisis threatens the Christmases of 11 million people as concerns over energy prices prompt them to cancel or abandon plans. The total gas and electricity used for…
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Here is an overview of The Money Charity’s latest statistics for November 2022 Personal debt in the UK People in the UK owed £1,823.6 billion at the end of September 2022. The average total debt per household, including mortgages, was £65,618 and per adult was £34,480, around 107.2% of average earnings. Net mortgage lending rose by…
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Four in five employees across the UK are concerned about ongoing increases to the cost of living (79%), according to new research from Aviva which shows the over-45s are collectively the most affected. The research found that among lower income employees – those earning less than £30,000 – nearly a third (30%) report that their…
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Credit management services company Intrum has agreed to a £36.5 million deal to buy the Capquest and Mars UK servicing platforms from European fund manager Arrow Global, along with a £121.25 million investment for 50% of Arrow’s UK back book consumer portfolios. The purchase includes outsourcing contracts with major financial institutions as well as the…
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The Social Market Foundation (SMF), a cross-party think-tank, says restricting energy bill support to just those in the benefits and pension systems could exclude over ten million people in fuel poverty. The SMF calculated that 4.5 million households who face spending more than 10% of their income (after housing costs) on energy bills will miss…
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1.7 million people across the UK are borrowing from high-cost lenders in order to pay off existing debts, according to research by Creditspring. The research found that a quarter of people (24%) who borrowed from high-cost lenders sought credit so they could repay other debts. The same proportion (24%) who borrowed from high-cost lenders admitted…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies increased by 4.9% to 10,514 in October 2022 compared to 10,023 in September, The figures were 8.6% higher than October 2021’s figure of 9,682 and were also 4.6% higher than October 2019’s total of 10,056. There were 531 bankruptcies were…
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Intrum’s annual European Consumer Payment Report has shown that inflation is a major concern for consumers. Consumer confidence has plummeted, and more than a third are struggling to make ends meet. Surging inflation has created a wave of financial anxiety as households struggle to meet their commitments. Two out of every five believe they will…
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Over a quarter of consumers want a more affordable approach to debt repayment from banks and credit lenders according to new research from Sopra Steria. The research found that over one in four (27%) UK respondents said they’d like creditors and banks to take a more flexible approach to debt management, allowing repayments to vary…
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New research by Lowell has found that 69% of people in debt don’t talk about it with a majority saying it’s because they are embarrassed. The company’s latest Financial Vulnerability Index has shown that borrowing has risen dramatically since the beginning of the year with over one in five consumers have mental health difficulties caused…
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New figures released by the Finance & Leasing Association (FLA) have indicated that the value of new second charge business secured in September increased by 42% compared to the same period last year. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and…
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