Credit, Collections & Insolvency News
Credit Connect has published its first-ever annual Credit & Collections Industry Awards Review. The annual review highlights why the judges decided the winners at this year’s Industry Awards which were announced in July. The review provides background and context for the awards results recognising companies for the progression of industry standards and excellence. The review…
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UK inflation rose to 2.2% in July 2024 from 2.0% in June however core inflation fell to 3.3% from 3.5% according to the Office of National Statistics. Food inflation has increased for the first time since March 2023, with analysis from Kantar showing supermarket prices up 1.8% in the four weeks to 4 August, up…
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Latest research by Which has found that consumer sentiment rose in the week following the general election, with consumers feeling slightly more confident about their household finances and the future UK economy. Consumers’ confidence in their future household financial situation and the future UK economy rose in July, both reaching a net score of 0.…
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Debt advice specialist, Money Wellness has warned the cost-of-living crisis is far from over despite the topic falling down news agendas in recent months. The organisation reiterated the warned after referring more than 21,000 people to food banks during the first six months of the year – up from 10,622 in the last half of…
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Latest data from Hargreaves Lansdown has found that middle-earning households has the worst gaps in their finances are in long-term planning aith almost two thirds score ‘poor’ or ‘very poor’ when it comes to investment (62%), and around half get the same score for pension planning (48%). The analysis showed that middle earning households make…
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More than a quarter (27%) of consumers have fallen into troubling patterns with their finances, with many having engaged in risky financial behaviour over the last year, according to new research from Moneyhub. While the UK’s inflation rate has settled back down to the Bank of England’s 2% target, with Rachel Reeves announcing in her…
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Here is an overview of The Money Charity’s latest statistics for July 2024 Personal debt in the UK People in the UK owed £1,852.8 billion at the end of May 2024. The average total debt per household, including mortgages, was £65,239 and per adult was £34,537, around 96.0% of average earnings. Net mortgage lending increased by…
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Personal insolvency numbers (bankruptcies and protected trust deeds) in Scotland for Q1 2024-2025 decreased by 2.1% compared with Q1 2023-2024, to a total of 2,056 according to latest accountant in Bankrupcy figures. The number of personal insolvencies (bankruptcies and protected trust deeds) increased by 9% compared to the previous quarter’s total of 1,886 (January-March 2024).…
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More than half (54%) of UK retirees expect to work longer than they would like, on average by seven years, highlighting a worrying gap between people’s desired retirement age and the adequacy of pension savings. In addition to that, over a quarter (27%) of those who have made retirement plans don’t feel that they would…
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2.3 million parents are unable to afford any activities for their children during the upcoming summer holidays according to research from responsible lender Creditspring. One in seven (15%) parents say their finances won’t stretch to cover any summer activities this year whilst almost one in five (17%) admit they are more worried about their finances…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures increased by 11% in June 2024 with a total of 10,395 personal insolvencies registered when compared to last month. Personal insolvency data consisted of 651 bankruptcies, 4,383 debt relief orders (DROs) and 5,361 individual voluntary arrangements (IVAs). The…
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New research by Hargreaves Lansdown (HL) has found that real disposable income is still lower than before the pandemic, but with consumers cutting spending it has found thatoverall financial resilience has improved. The research shows that the average household has £235 at the end of the month, over twice the pre-pandemic level of £110, and…
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New research by StepChange Debt Charity ahead of the school summer holidays has revealed that almost one in three (29%), equivalent to around 15.5 million people, expect their household spending to increase over the next few months, including 31% of parents with children aged 18 and under. Of those saying their household spending will increase…
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