Credit, Collections & Insolvency News
Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell by 4% in May 2024 with a total of 9,266 personal insolvencies registered when compared to last month. Personal insolvencies decreased by 7.2% when compared May 2022’s total of 9,986 and decreased by 15.7% compared to pre-pandemic…
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With rent prices rising 9% over the last 12 months, three in ten (28%) renters across the UK have been forced to turn to benefits due to rising costs, reveals research from responsible lender Creditspring. ONS figures show that average rents increased by 8.9% over the last 12 months, with tenants paying over £100 more…
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New research from Moneyboat has found that six in ten (60%) of adults are worried about the effects an unexpected cost would have on their savings, with 23% of adults stating that they aren’t confident that they currently have enough saved to pay for one should it arise. The research also showed that nearly a quarter…
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New analysis from the Joseph Rowntree Foundation (JRF) has found that millions of people are already in poverty, and millions more are ‘teetering on the edge.’ The research found that 3.2 million people in the UK are only £40 a week from poverty, equivalent to the entire population of Wales. This includes 700,000 children, 1.5…
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57% of couples say they manage short-term money matters together and 58% say they manage the long-term together too according to research by by Opinium for Hargreaves Lansdown. The research also. found that 29% of people in a couple say they plan long-term money matters on their own, with no input at all from anyone…
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The Institute for Fiscal Studies (IFS) has revealed that the average Briton would be almost £5,000 richer if living standards had grown at the rate recorded in the years prior to the Conservatives coming to power in 2010. The IFS report says that weak income growth, widespread for richer and poorer people, older and younger…
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New research from the Joseph Rowntree Foundation (JRF) shows the relentless reality of years-long hardship for low-income families, with almost 5 million households finding themselves having to cut back on showers. Those on the lowest incomes, over 5 million households, have continued to go hungry, skip meals and cut back on food. Carried out immediately…
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New research by Compare the Market’s latest Household Financial Confidence Tracker has found that almost half of people (45%) admit they need to dip into their savings around three times per month to afford everyday living costs, despite optimism about their household finances. Over half (61%) feel more optimistic about their finances compared to this time…
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A sharp rise in debt repayments was recorded in April as cost-of-living pressures continue to bite according to research by Nationwide. The data showed that customers repaid unsecured debts of £735 million in April – a 25 per cent year-on-year rise, while the number of transactions to debt repayment increased by 14 per cent. Many…
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A new report published today by Royal London, shows significant increases across housing, energy and food bills, and childcare, since February 2023 meaning the average family with young children have seen their expenses rise by over £1,000 a month, leaving almost a fifth (18%) of parents with no money for unexpected bills or emergencies. The…
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New research by KPMG and charity National Numeracy, has found that one in five adults feel that their fear of numbers is hindering their financial progress, with one in five (19%) stating that the cost of living crisis has highlighted their weakness. The study of 3,000 people revealed that 20 per cent of the UK…
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New research by Hodge has found that more people are borrowing into their retirement to help out with debt consolidation and meet day to day living costs. The research found that over two thirds of brokers say lending up to and into retirement in the UK is changing, with greater numbers borrowing into their retirement…
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Latest ONS figures out have revealed that average UK private rents increased by 8.9% in the 12 months to April 2024. StepChange Debt Charity says this will create more worry among private renters as the Renters (Reform) Bill, currently making its way through the House of Lords, does not address rising affordability concerns. The ONS…
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