Credit, Collections & Insolvency News
The Chancellor of Duchy of Lancaster The Rt Hon Pat McFadden has announced that the Government will consult on council tax debt collection practices. This announcement comes as new StepChange polling revealed today finds that over eight in ten (84%) UK adults oppose households having to pay their annual council tax bill in full if…
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New research Deloitte by has found that early half (49%) of Gen Zs and 43% of Millennials in the UK say they feel stressed or anxious all or most of the time, up slightly from last year’s figures of 47% and 41% respectively. Of those who feel this way, 41% of UK Gen Zs and…
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New research by Saltus has found that one in eight (12%) are financially supporting both generations, often at the expense of their own financial goals. The data found that seven in ten (73%) high net worth parents are financially supporting adult children, while more than two thirds (68%) are helping their ageing parents or grandparents…
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Latest Bank of England data has shown that net borrowing of mortgage debt by individuals increased sharply by £9.7 billion to £13 billion in March, following a decrease in net borrowing of £1.0 billion to £3.3 billion in February. The annual growth rate for net mortgage lending rose from 1.9% to 2.7% in March, the…
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Household bill arrears among StepChange Scotland clients have surged to an average of £5,193, according to the charity’s newly published 2024 Scotland in the Red report, marking a staggering 65% increase from £3,147 in 2023. Nearly seven in ten (68%) of those seeking help from StepChange Scotland are now behind on essential household bills. The…
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New research by Lowell and Opinium has found that household finances are now in a worst state since pandemic. The research shows after years of high inflation, traditionally affluent areas populated by middle-income families have seen the biggest erosion of their financial security. The data shows that six in ten households lack sufficient savings…
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New figures released by the Finance & Leasing Association (FLA) show that second-charge mortgage new business volumes grew by 9% in February 2025. 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 charge…
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The average household spends £216 on monthly debt repayments, excluding the mortgage, according to research by Hargreaves Lansdown. Among the top 5% of earners, this rises to £384 and £1,065. The data also showed that those with mortgages spend an average of £748 on top of this. Almost one in ten households (8%) are in…
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The UK’s ongoing cost-of-living crisis remains significant, with new figures revealing a sharp rise in housing costs and debt levels, according to research by Money Wellness. The data, which tracks household finances from the fiscal year 2023/24 to the first quarter of 2024/25 (prior to April’s price increases), shows that ,ortgage payments have surged by…
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Credit Connect has announced the shortlist of companies and partnerships for this year’s second annual Credit & Collections Industry Awards. The finalists for this year’s awards consist of 97 entrants (whittled down from over 100 entries) from 73 companies within the shortlist, there are 23 partnerships in the running to win across the 20 categories.…
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As consumers brace themselves for the higher prices kicking in from today (1st April) across bills including energy, water and broadband, those on the lowest incomes are running out of options, Citizens Advice warns. Households in the lowest 10% for income already spend around two-fifths (41%) of their earnings, after housing – on water, energy,…
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Nine million households need to read their meter by 1st April to avoid the risk of overpaying on their energy bills by a collective £34 million, according to research by Uswitch.com, the comparison and switching service. To avoid the higher price cap, which comes into effect on 1st April, households on standard variable tariffs (SVTs)…
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A new Public Accounts Committee (PAC) report has warned that bill payers remain exposed to another energy crisis while facing ‘worryingly high’ energy debts and some of the highest electricity costs in the world. The public accounts committee (PAC) said that the Government has more to do to convince Parliament of the security of UK…
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