Credit, Collections & Insolvency News
Households with unsecured debts (like credit cards and loans) spend an average of £216 a month to repay them according to new research by Hargreaves Lansdown Savings & Resilience Barometer. The research showed that in debt hotspots, almost 20% of income is being spent on repaying unsecured debts. Excluding student loans and mortgages, borrowers owe…
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Latest Bank of England’s Money and Credit data has found that net borrowing of mortgage debt by individuals increased by £1 billion to £3.6 billion in December, bouncing back from a decrease in net borrowing of £0.9 billion in November. The annual growth rate for net mortgage lending rose to 1.5%, from 1.3% in November,…
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A new report by the Joseph Rowntree Foundation (JRF) has found that more than 1 in 5 people in the UK (21%) were in poverty in 2022/23 – 14.3 million people. Of these, 8.1 million were working-age adults, 4.3 million were children and 1.9 million were pensioners. To put it another way, around 2 in…
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One in seven retirees are returning to work or are considering doing so, with financial pressures, a lack of pension provision and desire for social connection driving this, according to new research from Standard Life. 7% of retirees aged over 55 have already gone back into work, with a further 2% actively looking for employment.…
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New Censuswide polling from StepChange Debt Charity finds that just over two in five (41%) GB adults – equivalent to 21.3 million people – expect their financial situation to worsen over the next 12 months. The findings show that meeting the cost of living and higher energy bills this month is a major factor driving…
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Latest data from Accountant in Bankruptcy has found that personal insolvency numbers (bankruptcies and protected trust deeds) in Scotland for Quarter 3 (Q3) 2024-2025 decreased by 11.4% compared with the same quarter in 2023-2024, which totalled at 1,784. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland also decreased by 6% when…
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Annual figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures increased by 14% in 2024 to a total of 117,947 when compared to 2023’s total of 103,434. The number of DROs in 2024 was the highest annual number on record. This followed the removal of the £90 administration fee to obtain a DRO from 6…
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StepChange Scotland has revealed a rise in the proportion of people struggling to keep up with their energy bills, council tax and mortgage at the outset of 2025. New data from the charity for the final quarter of 2024 shows over one in five (21%) clients with a responsibility for paying a mortgage are in…
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New figures have revealed that the overwhelming majority (91%) of people are still grappling with money struggles as a result of the cost of living crisis. This is equal to around 63.1 million people feeling the impact of the ongoing financial squeeze, highlighting its continuing toll on UK households, and that many are in need…
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Research by Aegon reveals a growing optimism regarding personal finances for 2025, with three-fifths of people (60%) of respondents feeling positive, up from 52% in 2024. However, women (54%) and individuals aged 50 to 59 (47%) are less optimistic compared to the overall population. The survey showed that 60% are feeling positive overall about their finances…
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Research by Compare the Market has found that half of university students struggle to repay their credit card balance within three months. The data found that almost one in two (48%) university students have been struggling to repay their credit card balance within three months, with the main reasons being the rising cost of everyday…
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New research commissioned by Co-op Legal Services reveals that almost three-fifths (59%) of married people who want to divorce shared that they felt they couldn’t due to their personal finance situations whilst a similar number (60%) feel the same due to having children. Approximately nine in ten(88%) married people believe that unhappily married couples who…
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According to a free money advisory service, nearly 4,000 people searched for debt help over Christmas. Data from the Money Wellness website showed that 3,994 people visited the website on Christmas Eve, Christmas Day, and Boxing Day seeking advice on dealing with unmanageable debt. Almost 2,000 (1,835) people in London searched for support, followed by…
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