Credit, Collections & Insolvency News
Ofwat and CCW have asked water company executives to set out how they will support households struggling with affordability, particularly as inflation hits customers who would not be eligible for social tariff or other financial support mechanisms. In a joint letter to water and wastewater company CEOs, David Black, Chief Executive of Ofwat and Emma…
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People borrowed 20% more from pawnbrokers in the past year as part of the cost of living impact, according to research by Mazars. The research showed that 341,000 people now owe money to pawnbrokers, up from 317,000 from last year. The value of loans taken out from pawnbrokers has jumped 20% in the past year,…
Read moreLatest research by The Bank of England’s Credit Conditions Survey suggests more households and businesses will default on loans in the coming months, with lenders expecting the availability of mortgages and consumer and corporate credit to decline. The Bank of England says that this is likely to see default rates on mortgages, credit cards and…
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New figures released by the Finance & Leasing Association (FLA) show that second charge new mortgage business increased by 37% in August. 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 “The second…
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Six in ten households (63%) who are not confident they will be able to pay their bills in the coming weeks have taken no steps to strengthen their finances according to Comparethemarket’s new Money Action Index. The research shows that almost two-thirds (64%) of households worried about the cost of living have found it difficult to pay…
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A new survey by YouGov for StepChange Debt Charity finds that 45% of all British adults, equivalent to 23 million people, have found it difficult to keep up with household bills and credit commitments in the last few months, up from 30% in October 2021 and 15% in March 2020. The figures mean the number…
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New research from Lowell has found that more than a quarter (27%) of Brits don’t have the ability to save money due to their financial situation and over one in five (22%) revealed that they have mental health difficulties directly caused by money. Over the past 90 days, in the UK search terms for ‘I…
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Latest data from the Bank of England show that spending on credit cards rose by £700 million in August as households borrowed heavily to cope with the cost of living crisis. The increase pushed the annual growth rate in spending on credit cards to 12.9%, its joint highest level since 2005. Maintaining a high level…
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Almost half a million (450,000 people) could be made to pay their energy bills with a prepayment meter by the end of 2022 because they’ve fallen into debt according to new analysis from Citizens Advice. The charity analysed Ofgem data on the number of customers moved to prepayment meters due to their existing debt to…
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Here is an overview of The Money Charity’s latest statistics for September 2022 Personal debt in the UK People in the UK owed £1,810.7 billion at the end of July 2022. The average total debt per household, including mortgages, was £65,151 and per adult was £34,235, around 107.5% of average earnings. Net mortgage lending rose by…
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Over half (56%) of UK households are not confident that measures outlined in the Government’s ‘mini-budget’ will help them cope better with rising living costs, according to Comparethemarket’s latest Household Financial Confidence Tracker. The findings come at a time when two in five (42%) households say they already struggled to pay bills in the last…
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Ofcom is urging telecoms firms to do more to support their customers through the cost-of-living crisis, as new research reveals record numbers of households are struggling to afford their communications services Ofcom’s annual affordability study finds that nearly a third (29%) of customers, around 8 million households, are having problems paying for their phone, broadband, pay-TV…
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The cost of living increase has forced households to dip into their savings with rainy-day funds now depleted by over half since the start of the year, according to research by KPMG. The cost of essential goods such as food, energy and mortgage repayments has risen by £145.50 a month this year for the average…
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