Credit, Collections & Insolvency News
Latest data from UK Finance indicated that third quarter (Quarter 3) figures saw 1% fewer homeowner mortgages in arrears than in Quarter 2. In total, there were 74,440 homeowner mortgages in arrears of at least 2.5%. Pf these, 28,910 were in ‘significant’ arrears – defined as being 10% or more of the outstanding balance. However,…
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More than 11 million people across the UK have looked for money help in the past three months alone, new research from the Money and Pensions Service (MaPS) suggests. The survey of 3,000 adults, carried out for Talk Money Week has shown that the rising cost of living has led to one in five (21%)…
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New analysis published today by the Money Advice Trust (the charity which runs the National Debtline service) and data company, Experian, has revealed new insights about the pressures being experienced by UK consumers. The analysis shows that three in 10 (29%) UK adults are worrying about their finances every day, while one in seven (15%)…
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The Joseph Rowntree Foundation (JRF) has reported that an extra 120,000 households in the UK, the equivalent of 400,000 people, will fall into poverty when their current mortgage deal ends. The analysis assumes homeowners will be forced to borrow at an interest rate of 5.5%. With a current norm of 2% this change would mean…
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The Resolution Foundation think-tank has warned that the UK faces the tightest squeeze on real incomes since the second World War due to soaring inflation. With the Bank of England forecasting that Britain is set to see its longest recession since records began in the 1920s, the Foundation has cautioned that the average household will…
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Financial education charity, The Centre for Financial Capability, is calling on the Government to intervene in the growing cost of living crisis, as households across the North of England in particular struggle to make council payments. New research published by The Centre has found that over the last five years, the number of households struggling…
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Uswitch is calling on the Government to ensure that prepayment meter customers at risk of self-disconnection are considered the highest priority for additional support beyond April 2023. Uswitch says that the energy crisis has reversed a long-term trend for falling numbers of prepayment meters, putting thousands more households at risk of self-disconnection. From the middle of…
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New data from StepChange Scotland shows inflated prices for energy, food and other essentials are driving new clients to its service. Data from July to September 2022 shows one in five clients (21%) cited the cost of living as their main reason for debt, double the one in ten (10%) from January to March of…
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The Financial Conduct Authority (FCA) has found 7.8 million people are finding it a heavy burden to keep up with their bills, an increase of around 2.5 million people since 2020. The FCA has published a snapshot of the latest edition of its landmark Financial Lives survey, which was carried out between February and June…
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As many as 3.36 million more Britons may now be struggling with problem debt, according to new research from Ophelos. The company says that this brings the total number of people in the UK who cannot afford everyday expenses like rent or mortgages, council tax, or energy bills to an estimated 11.56 million. The new…
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New research by Aviva has suggested that feelings of anxiety are leading people, especially younger generations, to avoid looking at their finances at all, with 60% of Generation Z and millennials (aged 18-41) adopting this approach because they feel ‘they are often out of my control’. In times of heightened turmoil that is impacting households…
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Office for National Statistics (ONS) data shows that inflation has risen above 10% for the second time this year, with the consumer prices index rising to 10.1% in September from 9.9% in August. Soaring prices for food and drink were the biggest driver behind the latest cost of living increase, with an annual rise of…
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One in seven people in the UK are skipping meals or going without food, a new TUC poll has revealed today The poll carried out for the TUC by Opinium showed that 14% people across the UK are having to skip meals or go without food to make ends meet. However, in nearly 50 (47)…
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