Credit, Collections & Insolvency News
Over a third of adults (35 per cent) say that doing maths makes them feel anxious, while one in five (20 per cent) are so fearful it even makes them feel physically sick, according to new research from KPMG UK and the charity National Numeracy. The study of 3,000 UK adults found that numeracy gives…
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Latest data from the Ministry of Justice (MoJ) has indicated that mortgage repossession claims increased by 40 per cent over the past year, as higher interest rates and rising living costs impact borrowers’ ability to service their home loans. The figures show that there were 4,035 mortgage possession claims lodged in the first quarter of…
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Consumer confidence has risen for the fourth month in a row to its highest in 15 months as households take a more positive view about the economy and their finances, despite inflation still in double digits in May. GfK’s headline confidence index showed a rise to -27 in May from -30 in April, moving further…
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Data from UK Finance shows that the number of households falling into arrears increased in Quarter 1 of 2023. The figures showed that were 76,630 homeowner mortgages in arrears of 2.5% or more of the outstanding balance in the first quarter of 2023 2% greater than in the previous quarter. The figures also showed that…
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The Government has announced new private rented sector reforms. The Renters’ (Reform) Bill, introduced to Parliament will abolish section 21 ‘no fault’ evictions which will empower renters to challenge poor landlords without fear of losing their home. The new Bill also protects over two million landlords, making it easier for them to recover properties when…
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Six in ten Independent Financial Advisers (IFAs) are concerned 100% mortgages could create a repayment crisis according to research by Opinium. The insights agency revealed that nearly two-thirds of IFAs (66%) who receive mortgage requests are concerned about the risks associated with 100% mortgages. Over three fifths of IFAs (63%) worry about 100% mortgages because…
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As many as one million people cut off their broadband in the last year as the cost-of-living crisis left them unable to afford internet access, according to new research from Citizens Advice. People receiving Universal Credit were badly affected. The research found them to be six times more likely to have stopped spending on broadband…
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Three energy suppliers have been made to pay compensation totalling £8 million for failing to supply a final bill on time to more than 100,000 households that had switched provider. Apasrt of the measures energy customers who have been overcharged are to receive a combined total of £2.7 million from two suppliers – Good Energy…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers decreased by 21.4% in April 2023 to a total of 8,996 compared to March’s total of 11,447, and decreased by 8.1% compared to April 2022’s figure of 9,790. Personal insolvencies also decreased by 8.9% when compared to April…
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80% of consumers getting debt help say their mental health has affected their finances, according to a survey carried out by Money Wellness, Money Wellness surveyed their existing customers to find out how being in debt had affected their mental wellbeing and find out more about the link between mental health problems and money worries.…
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The average monthly rent outside London has now risen to more than £1,000 per calendar month (pcm) according to research by Hamptons with tenants typically paying 25% on top of what they were paying at start of pandemic. The research found that April 2023 marked a significant milestone in the rental market, as the average…
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Around one in five adults are struggling with bills and credit repayments, according to the Financial Conduct Authority (FCA). The analysis shows that the number of people burdened by these financial challenges has increased from around 7.8m (15%) in May 2022 to 10.9m (21%) in January 2023. The number of adults who missed bills or…
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Figures from the National Residential Landlords Association (NRLA) have indicated that about 35% of landlords are planning to sell a property this year, with many forced out of the market by rising mortgage costs, higher taxes and increased regulation. There are about 2.75m landlords in the UK, down 3.5% in the past year, research shows.…
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