Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for May 2023 Personal debt in the UK People in the UK owed £1,839.7 billion at the end of March 2023. The average total debt per household, including mortgages, was £65,513 and per adult was £34,589, around 105.3% of average earnings. Net mortgage lending shrunk by…
Read more
Temporary measures forcing lenders to offer greater support to borrowers in financial difficulties could become permanent, under new proposals announced by the Financial Conduct Authority (FCA). The FCA also announced that 17 lenders will pay up to £47 million in redress to financially-distressed borrowers, after failing to offer appropriate support. The payments will be made…
Read more
New research by National Energy Action has found that the number of households in fuel poverty is approximately 6.6 million. Energy bills are still approximately almost double the level of October 2021. Just 21 months ago, the typical household paid £1,271 a year, and even with the new price, 2 million extra UK households are in…
Read more
With inflation falling back to its lowest level since March 2022 surging food prices will be very worrying for families according to the Resolution Foundation. CPI inflation fell back to 8.7 per cent in April – its lowest level since March 2022 (7 per cent) – driven by last year’s initial energy price shock falling…
Read more
Figures released by the Office for National Statistics on Wednesday show that UK inflation, as measured by the consumer prices index (CPI), came in at 8.7% for April, down from March’s 10.1% but far above the 8.4% hoped for by the Bank of England. The news sent expectations of further interest rate rises soaring and…
Read more
Energy regulator Ofgem has announced its quarterly update to the energy price cap for the period 1st July – 30th September 2023. From 1st July, the energy price cap will be set at an annual level of £2,074 for a dual fuel household paying by direct debit based on typical consumption, which reflects recent falls…
Read more
A new report by Christians Against Poverty (CAP) report has revealed a sharp rise in unsustainable budgets with the average person £242 short each month The research found that there has been a rise in the proportion of CAP client budgets that are unsustainable each year over the past five years, apart from 2020 when…
Read more
Latest UK Finance data has reported a 50% increase in home repossessions in Quarter 1 (Q1) 2023, with over 1,000 homes taken into repossession due to homeowners struggling to keep up with mortgage repayments. In addition to the 750 mortgaged properties repossessed, 50 per cent greater than in the previous quarter. 410 buy-to-let mortgaged properties…
Read more
New data from Experian finds that the average adult will wait until they have debt totalling £7,835 before seeking help, with one fifth of the nation (20%) saying they wouldn’t look for any support at all if they owed money. To support people who are finding money conversations difficult, Experian is partnering with Citizens Advice…
Read more
New data from HyperJar, has found that one in ten adults admit to failing to budget sufficiently for their first holiday and fell into debt as a result. Cost of living costs rises hasn’t deterred holidaymakers from planning getaways this summer. EasyJet has reported that planned flights are up 8% on pre-pandemic levels. In light…
Read more
A quarter of adults aged over 55s lack confidence in their current financial position and nearly half have experienced a reduction in their disposable income, Paragon Bank research has revealed. The survey of over 3,000 people aged 55 or over found that 25% felt unconfident in their current financial position, compared to 44% who felt…
Read more
A new report from StepChange Debt Charity has revealed that the private rental market is unable to meet the needs of financially vulnerable tenants, with one in six private renters (1.2m people) relying on credit to make ends meet. The charity welcomed last week’s Renters (Reform) Bill, but says it does not go far enough…
Read more
The rising cost of food will overtake the price of energy as the driving force behind inflation over the summer, hitting poorer households the hardest, according to a forecast by the Resolution Foundation. The Foundation says that the cost of living crisis is often thought of as a cost of energy crisis. That is an…
Read more