Credit, Collections & Insolvency News
Energy bills for a typical household could hit £4,266 next year, according to new predictions by Cornwall Insight. The higher estimate means the average household would be paying £355 a month, instead of £164 a month currently. Cornwall Insights says that the increase in forecasts since last month reflects both the increase in the wholesale…
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Ahead of the autumn bill hikes, household energy debt is already standing at an all-time high of £1.3 billion – nearly three times higher than it was in September last year according to new research from Uswitch.com, the comparison and switching service. Six million homes – almost a quarter of households (23%) – owe an average of…
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New research by the Post Office indicates that people are turning back to cash to help them keep tighter control on their spending as living costs soar. Latest figures show that Post Offices handled £801 million in personal cash withdrawals in July, the most since records began five years ago, an increase of almost 8%…
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Nearly six million households are struggling to afford essential telecoms services according to a new analysis by Which?, as it calls on the government to cut the amount of VAT paid on mobile, broadband and telephone services. The consumer champion found that millions of households reported issues affording essential telecoms services such as mobile phone…
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New figures released by the Finance & Leasing Association (FLA) have indicated that second-charge mortgage new business volumes grew by 24% in June 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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The Resolution Foundation has warned that inflation could hit more than seven times the Bank of England’s 2% target, with the think-tank saying it could pass the 15% mark in early 2023. Inflation currently stands at 9.4% and the Bank’s Monetary Policy Committee is expected to increase interest rates further as it looks to tackle…
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New research from the University of Edinburgh’s Smart Data Foundry, supported and funded by abrdn Financial Fairness Trust has found that as revealed that the over-50s are being hit hardest by the current financial crisis and could face a lifetime of financial insecurity. According to the report, economic inactivity rates have risen a third amongst…
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Latest figures fromcomparethemarket.com’s Household Financial Confidence Tracker, has found that nearly half (46%) of households with children at home, the equivalent of 3.8 million families, struggled to pay their bills over the last month, reflecting the worsening conditions for millions of families across the UK as the cost-of-living crisis deepens. Financial anxiety is highest amongst…
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Latest figures from the Registry Trust has shown a significant increase in the number and value of monetary judgments (including CCJs) registered against consumers and business in England & Wales compared to the same period last year. The total number of monetary judgments registered in England & Wales rose from 207,976 in Q2 2021 to…
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New figures from the Registry Trust have revealed that the number of judgments registered in Northern Ireland saw the number of judgments and the value of debt increase in Q2 2022 when compared to the same period last year. The number of judgments rose from 823 in Q2 2021 to 1,113 in Q2 2022, an…
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Latest Bank of England data has shown that people borrowed an extra £1.8 billion in June, up from £900 million in May showing that consumer credit growth rose 6.5 percent in June 2022. The annual growth rate of credit card borrowing was 12.5 percent with outstanding balances for consumer credit now standing at £203.9 billion.…
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The Government should immediately update its package of support to help households with soaring energy bills before the cost-of-living crisis grips even harder following October’s energy price cap increase, according to a new report by the Business, Energy and Industrial Strategy Committee (BEIS). The report comes as people are feeling the squeeze of 40-year high…
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Consumer spending and the number of transactions made by households fell in June, according to Nationwide Building Society’s Spending Report. The latest data is the first real indication of how the cost-of-living crisis is pushing households to cut back on costs while they can. The latest spending data comes as Nationwide prepares to launch support…
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