Credit, Collections & Insolvency News
New analysis by UK Finance has indicated that unsecured debt levels have increased in line with spending, but customers continue to pay off their card bills on time each month. The analysis also indicated that mortgage arrears ticked down overall but heavier arrears continued to rise. Possessions increased slowly but a substantial backlog of cases…
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Two thirds of people (65%) say the cost of living has risen in the past month according to new ONS figures. 87% say the price of food has risen, 77% that the cost of energy bills is up, and 76% that fuel prices are higher. The older people are, the more likely they are to…
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New analysis by the Centre for Economics and Business Research (CEBR) suggests a typical UK family will spend £1,700 more per year on household costs in 2022. The forecast for the BBC’s Panorama says a family of two adults and two children is set to spend £33.60 more per week compared with December 2020 due…
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New research has revealed that over half (55%) of consumers are feeling positive about their personal financial future. The research by Encore Capital Group asked 2,600 people in Encore’s largest markets, the United States (US) and UK their feelings about personal finances and the economy, and explored the impact of the COVID-19 pandemic. With Encore’s…
Read moreThe Financial Conduct Authority (FCA) has urged banks and building societies to consider changing lending criteria to help an estimated 47,000 borrowers who could benefit from a cheaper mortgage but are currently unable to move. The regulator’s review of mortgage prisoners found that about 195,000 households have had debts sold on to inactive lenders, with…
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Consumers are failing to measure up when it comes to understanding their finances, according to a survey of 24,000 European consumers by credit management group Intrum. While 58 per cent say they want to ensure they are in a stronger financial position before another global crisis, more than a quarter have less visibility of their…
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Credit Connect has announced its annual Credit & Collections Technology company power list for 2021. The third edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies. The…
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Latest Bank of England data has shown that October saw a surge in credit card borrowing. Consumers borrowed a net additional £706 million last month, with new credit card borrowing accounting for £637 million of the credit, the largest amount of card borrowing since July last year. Between the start of the pandemic and April…
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Here is an overview of The Money Charity’s latest statistics for November 2021 Personal debt in the UK People in the UK owed £1,749.2 billion at the end of September 2021. The average total debt per household, including mortgages, was £62,938 and per adult was £33,072, around 108.6% of average earnings. Net mortgage lending rose by…
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New research on the cost of living crunch by Citizens Advice has revealed that one in ten families, equivalent to 3.2 million households, are facing a financial crisis this winter. The charity analysed average income data against household spending on essentials like rent, bills and food to establish how many families can meet their living…
Read moreNew research has found that the number of people with debt has increased by ten percentage points in just six months (64% to 74%), with variable workers, which includes gig workers and freelancers likely to be acutely impacted, alongside young people aged between 18 and 34, according to the latest findings from Credit Kudos’ Borrowing…
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Bulb Energy, which has 1.7 million customers, has announced that the firm will be put into administration. The energy firm has confirmed it will enter the special administration regime (SAR), becoming the first energy supplier to do so. The decision to place a company into a Special Administration Regime is made by the court upon…
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Rising costs will make it harder for families to put food on the table, according to results from PayPlan’s Autumn Income Shock Survey, commissioned to understand the growing impact of inflation on people in financially vulnerable situations. The research found that rising energy prices will affect 30% of people’s ability to put food on the…
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