Credit, Collections & Insolvency News
New figures from Rightmove has shown that average rents are set to increase next year as demand outstrips supply in the private rental sector. The rental market study finds that the average number of enquiries sent to agents about each available property is still nearly double the level it was in pre-pandemic 2019, with an…
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Ofwat has announced that water bills are set to rise by an average of £31 per year (36%) over the next five years from April. The water regulator has said the increase was enough for water companies in England and Wales to pay for upgrades and reduce sewage discharges. The increase is higher than the…
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Almost one in two (48%) university students have been struggling to repay their credit card balance within three months according to research by Compare the MArket, with the main reasons being the rising cost of everyday expenses (33%), increased university costs (31%), and having to prioritise other household bills such as energy or rent (23%).…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures increased by 12.2% in November 2024 to a total of 10,012 compared to October’s total of 8,924, and increased by 25.5% compared to November 2023’s figure of 7,978. The personal insolvencies consisted of 589 bankruptcies, 3,693 debt relief orders…
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New YouGov polling by StepChange Debt Charity has revealed that more than one in four people (28%), equivalent to around 14.5 million, will struggle to afford Christmas this year – which is a rise of 1.6 million people since last Christmas (25%). The new survey also shows that among people with children at home, over…
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A new survey by credit management company, Lowell has found that almost three-quarters (74%) of households rely on credit products like Buy-Now-Pay-Later schemes and credit cards to manage Christmas expenses, with repayments stretching into mid-April. The average family is set to allocate over half (53.6%) of their monthly salary—approximately £1,546 based on the national average…
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A third (34%) of single parents have missed paying a household bill to cover the cost of Christmas according to research debt counselling service Money Wellness, More than 50% of single parents with three or more children said being alone made it harder for them to afford the festive period. One in ten said they…
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A poll by Skipton Building Society has found that 85 per cent worry they will give their children bad financial advice. The data also found that many aren’t confident to give advice when it comes to investing (29 per cent) budgeting (25 per cent) and credit scores (23 per cent). While 21 per cent have…
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Here is an overview of The Money Charity’s latest statistics for November 2024 Personal debt in the UK People in the UK owed £1,868.1 billion at the end of September 2024. The average total debt per household, including mortgages, was £65,777 and per adult was £34,594, around 95.3% of average earnings. Net mortgage lending increased by…
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Recent research by Aqua revealed that nearly one-third of consumers (30%) say that financial mistakes have caused increased stress and that 41% of consumers feel negatively about their financial situation. With a challenging financial backdrop in the UK, it’s more important than ever to ensure that people receive financial information from trusted sources. The data…
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New research by StepChange Debt Charity has found that low pay, unemployment and high housing costs are driving debt problems among its clients aged 18-24. A new from the charity shows incomes are 28% lower among its clients aged 18-24 compared to all StepChange clients, equating to £490 less per month. With rent taking up…
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One in three are unhappy with their finances and 35% fear they won’t be able to afford the retirement they want according to research by Oxford Risk. The data showed that over-55s are struggling in the run-up to retirement with just two out of five (38%) clear on how much money they will need when…
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Two-thirds of consumers have used or plan to use retail credit during the Christmas season according to research by Moneyhub. The report has revealed that retail credit users spend an average of £1,012.55 over the holidays, with £759.71 with nearly three-quarters financed through retail credit. The data showed that 64% of people are struggling to…
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