Credit, Collections & Insolvency News
One in five (22%) homeowners planning to remortgage this year are borrowing more money to consolidate their debts according to research by Uswitch. The research found that well over a third (39%) of people are planning to borrow more money when they remortgage. The over 55s are the most likely to borrow more money when…
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New YouGov polling by StepChange Debt Charity has revealed the state of household finances over a year into the cost of living crisis, with people imminently facing higher council tax, less support with energy bills and increased rent or mortgage payments. StepCange says that the survey examines the toll that the cost of living crisis…
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The Budget has succeeded in boosting employment but has left household incomes stagnant according to the Resolution Foundation. The Chancellor announced an impressively broad suite of policies to encourage more people into work, but Britain’s economy remains stuck in a deep funk – with people supported into work but getting poorer, and paying more tax…
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New data from the Student Loans Company (SLC) has found that 52,000 students overpaid by £20.35 million with overpayments, surging by a fifth. In 2021/22, the total overpaid in student loans was up 19% to £20,354,089 with the number of graduates overpaying their student loans surging 15% to 52,187. The average overpayment rose to £390.…
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Chancellor Jeremy Hunt has announced the Spring budget for 2023. Commenting on budget, Credit Services Association (CSA) Chief Executive Chris Leslie said: “For the collections sector, Jeremy Hunt’s Spring Budget has greatest relevance in its impact on the surplus money people have at their disposal and the cost-of-living squeeze that may affect an individual’s ability…
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Experian has announced its plans to work with the Nottingham University Hospitals (NUH) NHS Trust to help Trust employees manage their finances through the current cost-of-living crunch. Two pilot Money Clinics will take place this week, in partnership with the Staff Wellbeing Team, Advice Nottingham, a consortium of local consumer advice centres and money expert…
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Millions of households will get more support with high energy bills to help ease the cost of living, the Chancellor has announced ahead of the Spring Budget. The Energy Price Guarantee (EPG) will be kept at £2,500 for an additional three months from April to June, saving a typical household £160. Energy prices are 50%…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers increased by 20% in February 2023 from February 2021’s total of 6,839 and decreased by 4.4% from February 2020’s total of 8,590. Personal insolvencies also increased by 5.9% in February 2023 to a total of 8,210 when compared…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies personal insolvency fell. In February 2023 there were nine business insolvencies registered in Northern Ireland, 50% lower than February 2022 and 67% lower than February 2020. The insolvencies comprised of six CVLs, one compulsory liquidation and two CVAs. There were no administrations…
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With a typical household’s bills set to rise by nearly £1,300 a year from April, a study by Money Wellness, a wellbeing platform specialising in free debt advice and ongoing support, has revealed that 91% of British people are worried about covering these increases. Furthermore, only 59% of the people Money Wellness spoke to said…
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As households grapple with the rising cost of living, the latest update to Lowell’s Financial Vulnerability Index (FVI), a tool used to measure and track financial resilience across the UK based on anonymised data from over 9.5 million Lowell customer accounts and other publicly available data, has shown that households are continuing to borrow and…
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Second charge mortgage new business volumes grew by 8% in January 2023 according to the latest Finance & Leasing Association (FLA) data. Commenting on the latest new business figures for the second charge mortgage market, Geraldine Kilkelly, Director of Research and Chief Economist at the Finance & Leasing Association (FLA), said “The second charge mortgage…
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The Financial Conduct Authority (FCA) has confirmed final mortgage guidance, setting out the ways mortgage lenders can help customers worried about or already struggling with their mortgage payments because of the rising cost of living. The regulator has also published new data and analysis on the mortgage market. This shows that, in addition to the…
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