Credit, Collections & Insolvency News
New research from the Post Office has found that four-fifths of students (82%) feel that non-academic responsibilities interfere with their ability to attend lectures or complete assignments. Nearly half of students (49%) will handle their life admin for the first time when starting university with many finding that managing finances is the most challenging part…
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New research commissioned through YouGov by StepChange Debt Charity of UK adults (of whom 185 live in Scotland) has revealed two in five (41%) Scots have found it difficult to keep up with bills and credit commitments in the last few months. This is up by twelve percentage points year-on-year, from three in ten (29%)…
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An organisation providing free debt help has warned it is seeing a concerning change in how buy now, pay later (BNPL) is being used. Money Wellness says it has seen a threefold increase in the number of people seeking debt help with BNPL debts over the past 12 months. But the most significant change is…
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New Bank of England data shows that the value of outstanding mortgages in arrears hit £21.9 billion in the second quarter of this year. This marks a 32% increase on Q2 2023 and is the highest total since 2014. On a quarterly basis, the value of outstanding mortgage balances with arrears increased by 2.9% compared…
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Analysis of figures from councils across England by responsible lender, Creditspring, have revealed that over £57 million remains unclaimed from the Household Support Fund with just a month to go before applications to the scheme close. The Household Support Fund was first launched on 6th October 2021 and has been extended several times – with…
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Credit Connect is pleased to announce the companies, individuals, partnerships, teams and initiatives that have been shortlisted in this year’s seventh Credit & Collections Technology Awards 2024. The Credit & Collections Technology Awards is the UK’s celebration of tech innovators in credit and collections. The technology-focused award scheme seeks to champion innovation and best customer…
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New research by Aviva has found that almost three-quarters of employees (73%) said the cost-of-living crisis has made them feel more anxious about their finances. The analysis also found that 56% of employers think their employees are worried about their financial wellbeing. This might be because people are not talking about it, with half of…
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Here is an overview of The Money Charity’s latest statistics for August 2024 Personal debt in the UK People in the UK owed £1,856.8 billion at the end of June 2024. The average total debt per household, including mortgages, was £65,380 and per adult was £34,612, around 96.3% of average earnings. Net mortgage lending increased by…
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A new forecast has predicted that median household incomes are projected to grow by 3 per cent this year. However on current economic forecasts and policy assumptions, this recovery is set to peter out, with incomes forecast to grow by just 2 per cent in total over the next five years, highlighting why the Government…
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Latest ONS data as measured by the Household Costs Index (HCI), has found that household costs rose 2.5% in the year to June 2024, slowing from the annual rate of 4.5% in March 2024. Over the past three years, the all-households inflation rate has followed the fifth income decile most closely; costs for these households…
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Latest analysis of ONS data has found that the average weekly household expenditure was £567.70 in the financial year ending (FYE) 2023, a nominal increase of £38.90 from the previous year (7%); however, after accounting for inflation this was a real-terms decrease of £21.10 (4%). The greatest real-terms reduction in expenditure was in food and…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures in July 2024 remained at similar levels to June 2024, but were 24% higher than in July last year at 10,524. The personal insolvencies consisted of 634 bankruptcies, 4,163 debt relief orders (DROs) and 5,727 individual voluntary arrangements (IVAs).…
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Latest ONS data on the cost of living shows that despite the easing in inflation, many people remain concerned over their credit commitments. In the latest period, just over 4 in 10 (44%) adults who are currently making rent or mortgage payments reported that these payments had gone up in the last six months, with…
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