Credit, Collections & Insolvency News
The poorest households could see their cost of living jump by as much as 10% by this autumn, the Resolution Foundation think-tank has warned. The Foundation says that rising food and energy prices risk driving a second inflation spike this autumn that could reach over ten per cent for poorer households – significantly higher than…
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One in twelve people turned to Buy Now Pay Later (BNPL) to cover basic costs such as food and toiletries in the last six months research by Citizens Advice has found. The charity discovered young people, those in debt and those claiming Universal Credit, are at least twice as likely to have used BNPL for…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grow by 57% in January 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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£426m worth of property has been repossessed over the last year according to research by HBB Solutions. The company analysed government data on the level of homes to have been repossessed over the last 12 months, as well as the price they achieve as a result of this repossession and how this compares to their…
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A hike in the energy price cap of £693 is set to push two in five families into debt, according to the latest Household Financial Confidence Tracker from comparethemarket.com. The price cap was announced in February and will come into effect in April. 42% of families with children at home believe they will need to take on…
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New ONS data has indicated that one in three people (35%) were spending more than we made, even before the pandemic, so the cost-of-living squeeze is set to cause enormous problems. More than half (57%) of single people of working age overspent before the pandemic: a higher percentage than any other household type with 43%…
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DataTrace UK, a tracing and contact agency has recently been acquired by The Broadriver Group. Established in 1991, DataTrace UK provides specialist global tracing and information services to local authorities, enforcement agents, educational institutions, utilities companies and those working in the financial sector. The acquisition will further strengthen The Broadriver Group’s portfolio, which includes Controlaccount…
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Research by KIS Finance has revealed that as a direct result of the rising cost of living, 57% of people in the UK are either already struggling financially, or expect to do so in the very near future. With no solution to the war in Ukraine in sight, the situation is set to get much worse, as…
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Latest ONS statistics highlighting the social impacts of Coronavirus have indicated that one in seven people borrow to pay bills. The research also showed that 81% of people said their cost of living has risen over the past month. When asked how this was affecting them, 22% of people said they were spending their savings.…
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Over 1.8 million adults in Scotland have seen their finances get worse during the Covid pandemic, according to new analysis from Citizens Advice Scotland (CAS). Polling for the charity by YouGov found 41 per cent of Scottish adults found their financial position got worse during the pandemic, with 15 per cent saying their position has…
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The End Fuel Poverty Coalition (EFPC) has issued a warning that the energy crisis could leave 8.5 million households unable to heat and power their homes. The group, which represents almost 50 organisations, claims that cold homes cost lives and that more frail and older people could die next winter without further action from the…
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The largest student loan reform since 2012 will reduce the cost of loans for high-earning borrowers but increase it for lower earners with graduates face paying extra £28,000 towards their loan over their lifetime according to new analysis by the Institute of Fiscal Studies (IFS) Starting with the 2023 university entry cohort, graduates will pay…
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January saw the usual seasonal increase in people looking for debt advice, according to the latest client insights report from StepChange. The debt charity’s website was visited by 358,000 users in January, a 34% rise on December 2021. Between December and January, there was also a 7% increase in visits to the ‘emergency funding’ page…
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