Credit, Collections & Insolvency News
The Money and Pensions Service (MaPS) has announced a call for evidence on debt advice clients with deficit budgets. MaPS says that the purpose of this call for evidence is to understand what help can, or could, be offered where a client presents with a deficit budget, as well as what MaPS can do to enable…
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New Government figures have shown that around 90% of eligible households have received the government’s £150 council tax rebate to help with the cost of living. Figures published today show 16.6 million households in England, 86% of those eligible, were handed payments by the end of July – meaning the actual number of those who have…
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Seven in ten (70%) young drivers between the ages of 17-24 say they have relied on financial support from their parents towards their motoring costs in the past 12 months – receiving an average of £781 – according to new research from Comparethemarket. The research highlights just how dependent young drivers are on their parents…
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Real household disposable incomes are on course to fall by 10 per cent over this year and next – the deepest living standards squeeze in a century, while the number of people living in absolute poverty is set to rise by three million. The report incorporates the Bank of England’s latest economic forecasts, as well…
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Prices in shops rose by 5.1% in August according to latest analysis by the British Retail Consortium. The analysis showed that shop Price annual inflation accelerated to 5.1% in August, up from 4.4% in July. This is above the 3-month average rate of 4.1%. This marks a new record for shop price inflation since this…
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Employees will pay an extra £131 a month in energy costs to work from home this autumn, meaning that those who spend less than £30 on their weekly commute could save money by going to their workplace according to new analysis from Uswitch.com. A typical household will run up a £363 monthly bill for gas…
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Latest data from the Bank of England has indicated that credit card borrowing grew by £730 million in the 12 months to July. The 13% rise on borrowing on cards is the fastest rise since October 2005. The annual growth rate for all consumer credit, which also includes overdrafts, personal loans and car finance, increased…
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The Government has announced new proposals to cap rents on social housing to support tenants with the cost of living. Under the proposals, a cap on social housing rent increases would be put in place for the coming financial year, with options at 3%, 5% and 7% being considered. The move would prevent rents for…
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A majority of consumers aren’t confident in managing their money due to the cost of living crisis, according to research by Hodge Bank. The research from the specialist lender has found that four out of five (80%) respondents aren’t confident in managing their money at the moment – with mortgage, energy and recreational costs all…
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New StepChange clients are increasingly citing the cost of living as their main reason for debt. In July, 20% of clients who completed full debt advice said the cost of living was their primary reason for contacting StepChange, up from 18% in June. Meanwhile, for the first time in several months, the proportion of new…
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More than two-fifths of 55 to 64-year-olds are ‘struggling financially’ or are ‘up to their neck in debt’ against an average of 35% of people surveyed in the 55+ age group according to research by insurer Aviva. The research also found that while more than a third of all over-55s said they are having difficulties with…
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IE Hub has announced it has partnered with The Cumberland Building Society. The partnership will enable the Society to send a link to the IE Hub online platform to support customers who are struggling financially. Once on the platform, customers will be able to share their income and expenditure information easily, without the need for…
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A new report from the Resolution Foundation has examined the impact of rising energy bills on low, middle and high-income households this winter, with the price cap forecast to hit £3,600 in October and top £4,500 in January. The report notes typical energy bills will cost around £2,000 more this year than last year –…
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