Credit, Collections & Insolvency News
StepChange Debt Charity’s latest client data report for February has shown a rise in the proportion of people seeking advice who say that cost of living pressure is a reason for their debt. The cost of living was the fourth most common reason last month, cited by around one in nine clients. The Bank of…
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A report from EY Item Club has revealed that the fifth of households on the lowest incomes will be hit the hardest by rising inflation – suffering a 9.6% rise in living costs compared with an average of 8.6% for the richest fifth of households. EY Item Club economists say inflation will peak next month…
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Here is an overview of The Money Charity’s latest statistics for March 2022 Personal debt in the UK People in the UK owed £1,767.1 billion at the end of January 2022. The average total debt per household, including mortgages, was £63,582 and per adult was £33,410, around 107.5% of average earnings. Net mortgage lending rose by…
Read moreAs new data shows gambling participation is back to pre-pandemic levels, the charity GambleAware has warned that an estimated 1.4 million people are experiencing harms from their gambling. The figures come as GambleAware launches a campaign to raise awareness of treatment and support available through the National Gambling Treatment Service (NGTS). Working in partnership with…
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The Office For National Statistics (ONS) has today revealed its estimates of household incomes and inequality in the UK for the financial year ending 2021. For the financial year 2021, median income of the poorest fifth of people fell by an average of 2%, while the richest fifth of people fell by 1%. Whilst disposable income inequality…
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New polling commissioned by the anti-poverty group Jubilee Debt Campaign has revealed that three million people fear they will be pushed into debt over the next six months. This week’s rises in National Insurance contributions as well as the increase in the energy price cap and council tax are set to push even more people…
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A new survey by the Credit Services Association (CSA), the UK trade body for debt collection and debt purchase, found that firms expect to either explore or adopt new communications technologies in the coming years, which will afford customers a broader range of options to engage and discuss their debt. Despite this move toward digital…
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Variious news outlets have reported that open banking specialist, Credit Kudos has been acquired by Apple as it increases its drive into the payments space. Reports suggest that Apple closed the deal with Credit Kudos this week, marking its first move into the UK open banking space, It is predicted that the acquisition could related to a…
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New analysis from Age UK has indicated that one-in-five (21 per cent) older households are living in poverty or just above the poverty line and/ or are in receipt of income-related benefits. The Charity is warning that these older households, which include some of the poorest and most vulnerable older people in England, will miss…
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The Chancellor delivered a Spring Statement which will reduce fuel duty on petrol and diesel by 5p per litre for the next year and announces a £5 billion income tax cut from 2024. The National Insurance starting thresholds will rise to £12,570 from July. The Government says that the tax cut, worth over £6 billion,…
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The Chancellor’s failure to support families through the cost of living crisis will mean that absolute poverty is expected to rise by 1.3 million people next year according to the Resolution Foundation’s analysis of Spring Statement 2022. Inflation Nation shows that faced with an unprecedented squeeze on family’s household finances and a significant boost to…
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JPMorgan Chase announced a £1.2 million philanthropic commitment to help low-income and underserved communities across the UK access affordable loans and build financial resilience. This new commitment will help Fair4All Finance expand its No Interest Loan Scheme (NILS) pilot to a sixth region in the UK. The scheme, the first of its scale in the…
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Energy providers could receive up to £2.4 billion for taking on the customers of firms that have collapsed since 2021 according to written evidence given to the Business, Energy and Industrial Strategy Committee by industry regulator Ofgem. The Committee published the figures as part of its inquiry into energy pricing and the future of the…
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