Credit, Collections & Insolvency News
New data from StepChange Scotland shows inflated prices for energy, food and other essentials are driving new clients to its service. Data from July to September 2022 shows one in five clients (21%) cited the cost of living as their main reason for debt, double the one in ten (10%) from January to March of…
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The Financial Conduct Authority (FCA) has found 7.8 million people are finding it a heavy burden to keep up with their bills, an increase of around 2.5 million people since 2020. The FCA has published a snapshot of the latest edition of its landmark Financial Lives survey, which was carried out between February and June…
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As many as 3.36 million more Britons may now be struggling with problem debt, according to new research from Ophelos. The company says that this brings the total number of people in the UK who cannot afford everyday expenses like rent or mortgages, council tax, or energy bills to an estimated 11.56 million. The new…
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New research by Aviva has suggested that feelings of anxiety are leading people, especially younger generations, to avoid looking at their finances at all, with 60% of Generation Z and millennials (aged 18-41) adopting this approach because they feel ‘they are often out of my control’. In times of heightened turmoil that is impacting households…
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Office for National Statistics (ONS) data shows that inflation has risen above 10% for the second time this year, with the consumer prices index rising to 10.1% in September from 9.9% in August. Soaring prices for food and drink were the biggest driver behind the latest cost of living increase, with an annual rise of…
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Debt-technology collections specialist Trustfolio and Birmingham City Council have been jointly awarded a ‘Highly Commended’ award at IRRV Performance Awards 2022. The awards was in the Excellence in Innovation (debt management) category. Commenting on the award Jonathan Woodward, Birmingham City Council said “We were delighted to have been awarded a ‘Highly Commended’ in this category…
Read moreOne in seven people in the UK are skipping meals or going without food, a new TUC poll has revealed today The poll carried out for the TUC by Opinium showed that 14% people across the UK are having to skip meals or go without food to make ends meet. However, in nearly 50 (47)…
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Ofwat and CCW have asked water company executives to set out how they will support households struggling with affordability, particularly as inflation hits customers who would not be eligible for social tariff or other financial support mechanisms. In a joint letter to water and wastewater company CEOs, David Black, Chief Executive of Ofwat and Emma…
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Nine in ten (93%) parents are cutting back on spending to get through the October half term, according to Comparethemarket’s latest Household Financial Confidence Tracker. The research also found that the cost of childcare during the holidays is causing stress for the majority of families in the UK. Almost two in three (62%) parents with children…
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As the Government’s £400 energy rebate hits people’s accounts this month, new research from Opinium finds that positively more than four in five (83%) think it will help them financially. However, the research suggests that, for a significant proportion, the rebate may not be quite enough to enable people to be comfortable this Winter as…
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Gambling treatment and support services need to dovetail better with debt advice, to ensure that recovery pathways for people affected by gambling harm are more likely to succeed, according to a new report by the University of Bristol in conjunction with StepChange Debt Charity, supported by the Gambling Commission. The report finds that gambling is…
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The EY Item Club estimates a 0.3% fall in GDP for the whole of next year, downgrading a previous forecast of 1% growth. It is predicted that GDP should return to growth in H2 2023. before expanding 2.4% in 2024 and 2.3% in 2025. It expects GDP to grow by 4.3% overall this year, with…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies increased by 4.5% to 10,013 in September 2022 compared to 9,584 in August, and were 0.5% higher than September 2021’s figure of 9,967. Personal insolvencies also decreased 18.5% from September 2019’s total of 12,280. There were 535 bankruptcies registered,…
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