Credit, Collections & Insolvency News
Credit Connect hosted its Online Collections Technology Think Tank last week which saw collections strategies and the impact of cost of living economic stresses discussed by eight collections professionals from a variety of industry sectors. In the eighth edition of the Collections Technology Think Tank series, hosted by Credit Connect Media, industry professionals gathered to…
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Almost half (41%) of people aged 50 and over who are not yet fully retired are concerned about living in economic hardship after they stop working, according to new research by the older people’s financial hardship charity Independent Age. According to latest figures, 18% of people aged 60-64 are living in deep poverty. If governments…
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Research by Rathbones Group has found that nearly one in three (30%) saw their personal wealth fall as a result of their break-up in the past 10 years, while more than a quarter (26%) became wealthier after divorce. The independent study found a third (33%) of men who got divorced in the past decade emerged…
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Here is an overview of The Money Charity’s latest statistics for February 2024 Personal debt in the UK People in the UK owed £1,836.4 billion at the end of December 2023. The average total debt per household, including mortgages, was £65,395 and per adult was £34,526, around 99.9% of average earnings. Net mortgage lending decreased by…
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Ongoing financial strain is taking an increasing toll on the health and wellbeing of the nation, with almost half of UK adults saying their mental and physical health has suffered because of their financial situation in the last year, according to new research from St. James’s Place (SJP). As the UK slips into recession, around…
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The average household spends £406 on monthly debt repayments, excluding the mortgage according to HL Savings & Resilience Barometer. The research showed that those with mortgages spend an average of £814 on top of this with almost one in ten households (9%) in arrears. Among the lowest fifth of earners this rises to 27%. The…
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While recent high inflation, the cost-of-living crisis and economic volatility have put real pressure on many people’s finances, research from NextWealth’s Managing Lifetime Wealth report, sponsored by Aegon, has found a deeper concern among retirement clients: the fear of outliving their savings. The research, found that 71% of advisers reported the number one retirement worry amongst clients is…
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Financial worries and stresses are impacting a large proportion of people in the UK (45%) according to research from Yorkshire Building Society and food redistribution charity, FareShare. Despite interest rates decreasing, and wages increasing, things are set to become even more challenging for households in the poorest quarter of the working-age population, as their ‘real’…
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The Trussell Trust has published new research which it says that highlights the inadequacy of Universal Credit across the UK. The anti-poverty charity is urging the Chancellor to take urgent action to increase long-term support for people struggling to get by on Universal Credit and commit to extending the Household Support Fund as soon as…
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Renters are less financially resilient than recent remortgagers according to reseach by Hargreaves Lansdown’s HL Savings & Resilience Barometer . The research found that over two-thirds have poor financial resilience, compared to a quarter of remortgagers whilst only 43% of renters have enough emergency savings, compared to 71% of mortgagees and 87% of those who…
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One in five (20%) people only managed to make the minimum repayment on their most recent bill according to research from Compare the Market. The research shows that less than half of borrowers (48%) are regularly paying off their credit card balance in full each month. This suggests that outstanding balances on cards are increasing…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures increased by 22.8% in January 2024 to a total of 8,089 compared to December 2023’s total of 6,585, and increased by 4.3% compared to January 2023’s figure of 7,756. There were 8,089 insolvencies in January 2024, 4% higher…
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Latest GDP figures has indicated that the UK ended 2023 in recession. The figures showed that GDP fell 0.1% in December, following a 0.2% rise in November. GDP was down 0.3% over the three months to the end of December, a second consecutive quarter of negative growth, pushing the UK into a technical recession. The fall reflects…
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