Credit, Collections & Insolvency News
Real household disposable incomes are on course to fall by 10 per cent over this year and next – the deepest living standards squeeze in a century, while the number of people living in absolute poverty is set to rise by three million. The report incorporates the Bank of England’s latest economic forecasts, as well…
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Employees will pay an extra £131 a month in energy costs to work from home this autumn, meaning that those who spend less than £30 on their weekly commute could save money by going to their workplace according to new analysis from Uswitch.com. A typical household will run up a £363 monthly bill for gas…
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A new report from the Resolution Foundation has examined the impact of rising energy bills on low, middle and high-income households this winter, with the price cap forecast to hit £3,600 in October and top £4,500 in January. The report notes typical energy bills will cost around £2,000 more this year than last year –…
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New research from Aegon shows that, for the rest of 2022, adults’ top financial priorities will be meeting the rising cost-of-living (41%) and ‘just getting by’ (31%) as they grapple with the soaring cost of household staples. These findings are in stark contrast to the outset of the year when the mood of the nation…
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Here is an overview of The Money Charity’s latest statistics for August 2022 Personal debt in the UK People in the UK owed £1,805.7 billion at the end of June 2022. The average total debt per household, including mortgages, was £64,970 and per adult was £34,140, around 108.4% of average earnings. Net mortgage lending rose by…
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MoneyPlus Advice, a Manchester-based debt advice firm offering help to people struggling with unmanageable debt says they are seeing startling data for just how much cost of living is influencing debt enquires. Between 2020 and 2022, customers citing ‘cost of living’ as their reason for seeking debt advice, increased by 450%. A sharp increase of…
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According to comparethemarket.com’s latest Household Financial Confidence Tracker, more than a third (38%) of households with children at home are having to take on additional debt or borrowing specifically over the summer holidays to afford everyday bills and childcare. The research found that to try and save on childcare costs, almost one in two parents (46%) are relying…
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New analysis from Citizens Advice has indicated that one in four (24%) people won’t be able to afford to pay their energy bills in October based on current forecasts. This is double the number already in the red ahead of the price cap rise. The figure could jump to one in three(34%) people in January…
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People who say they ‘live for today’ are less likely to have enough cash left over at the end of the month (42%) according to research from Hargreaves Lansdown Savings & Resilience Barometer, produced with Oxford Economics in July 2022. The research has found that they will be hit harder by the cost-of-living crisis too,…
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New analysis published by the TUC has shown that energy bills are now expected to cost more than two months of average take-home pay in 2023 – without government intervention. Average take-home pay (after tax) will be £2,054 per month in 2023 based on Bank of England forecasts, so at £4,108, two months’ pay will…
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New Aegon research tracking adults’ relationship with their finances since the start of the Covid-19 pandemic has found that financial worries are already significantly worse since the beginning of the cost-of-living crisis than experienced during the pandemic. The latest research* shows nearly two thirds of adults (63%) said they are worried about their finances during…
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Latest figures from the Ministry of Justice have shown that mortgage and landlord possession statistics (April to June 2022) have indicated that repossessions by county court bailiffs increased from 45 to 770 (1,611%). Mortgage claims, orders, warrants and repossessions have also increased significantly when compared to the same quarter in 2021. Compared to the same…
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The total number of customers in arrears with their mortgages continued to fall in the second quarter of 2022 according to latest UK Finance data. In absolute terms there were 530 more possessions in Q2 2022 compared with the same period last year, however the total for this quarter is approximately half the number seen…
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