Credit, Collections & Insolvency News
Hundreds of thousands of children in the UK from migrant families are affected by poverty and are being held back in life, wth nearly half of children in families with parents born outside of the UK are in poverty. The data from Public Policy Research (IPPR) has shown that 46 per cent of children of…
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New research by TotallyMoney has investigated overdraft charges and found that some high street banks are charging customers up to 49.90% interest on their borrowing. The research showed that one in five people (19%) are overdrawn by £709 each day, with total overdraft borrowing at £5 billion. with many high street banks charging daily interest…
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Young adults are facing significant financial struggles, with many battling debt and seeking help with budgeting, according to new figures released by Christians Against Poverty (CAP). Research carried out by Opinium for CAP found that 35% of young adults are struggling with deficit budgets – spending more than they earn – a far higher number…
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New research by StepChange Debt Charity reveals around 3% of UK adults, equivalent to 1.6 million people, have experienced coerced debt, a form of economic abuse where the perpetrator coerces a victim into debt, for example by making them take out credit against their wishes. This comes as the charity estimates that around one in…
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Research by Aqua has found that almost one in three people get their financial advice from TV programmes. The research also revealed that nearly one-third of people (30%) say that financial mistakes have caused increased stress, and that 41% of people feel negatively about their financial situation. With a challenging financial backdrop in the UK,…
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The Resolution Foundation is calling on the Government to change its child poverty strategy. In a new report, the Foundation has warned that the roll-out of £3 billion of previously announced benefit cuts will contribute to an increase in child poverty rates from a projected 31 per cent at the start of the Parliament (2024-25),…
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New figures released by the Finance & Leasing Association (FLA) show that econd charge mortgage new business volumes grew by 16% in December 2024. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures decreased by 3.4% in January 2025 to a total of 9,706 when compared to December 2024’s total of 10,045, and increased by 11.6% compared to January 2024’s figure of 8,698. Personal insolvencies consisted of 592 bankruptcies, 3,847 debt…
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Latest data from UK Finance has shown that there were 381.4 million credit card transactions in November, 1 per cent more than in November 2023. The total spend of £20.8 billion was 0.2 per cent higher than November 2023. Outstanding balances on credit card accounts have grown by 5.2 per cent over the twelve months…
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New research commissioned by Co-op Legal Services reveals millions of married people may want to file for divorce but feel that their current circumstances are preventing them from taking this step. Survey findings from the member-owned organisation show that almost three-fifths (59%) of married individuals who have considered divorce feel they can’t end their marriage…
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UK Finance has released its latest data on mortgage arrears and possessions for the final quarter of 2024 with the data showing a rise in housing possession and a slight fall in the total number of homeowner mortgages in arrears. Possession numbers have risen significantly in percentage terms since the artificially low numbers through the…
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New research by Hargreaves Lansdown has found that being in poor health means your household is less than half as likely to have enough emergency savings as someone who is well (28% compared to 70%). The data shows that households have less than a tenth of the cash left over at the end of the…
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Q4 mortgage data from Pepper Money has revealed that residential arrears increased as borrowing costs rise unexpectedly. The data found that the rate of arrears for residential mortgages grew by 2.4% on Q3, following two consecutive quarters of decline. The arrears rate for fixed rate mortgages grew 8.4%, marking the highest growth rate since Q1…
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