Credit, Collections & Insolvency News
New research by Hargreaves Lansdown has found that the financial resilience gap has widened as with the debt crisis impacting low earners. The debt position of the lowest fifth of earners has deteriorated since the onset of the pandemic, but improved for everyone else. Since the onset of the pandemic, there has been a rise…
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Data released by leading legal provider, Co-op Legal Services has revealed that due to financial reasons, many are now considering waiting until later in the year to start divorce proceedings, with nearly a quarter of people (21%) admitting to delaying divorce proceedings due to the impact it would have on their finances. However, nearly two-thirds…
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The UK is suffering the worst decline in living standards of any G7 country – according to new TUC analysis. The analysis shows the UK is only G7 economy where real household disposable income per head hasn’t recovered to its pre-pandemic levels. Real household disposable incomes in the UK were 1.2% lower in the second…
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New research by Lowell has found that over a quarter (28%) more people think they will have any Christmas debt paid off by the end of February when compared to last year. The research also found that 14% more consumers were able to rely on their disposable income for Christmas 2023, compared to the previous…
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Four in ten (41% consumers are heading into 2024 saying they feel less financially secure than when 2023 began, according to new research from KPMG UK. Assessing confidence for 2024, KPMG’s latest Consumer Pulse survey of 3000 UK consumers shows those feeling worse about their financial security outnumber those feeling more secure by almost two…
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Research by the Trades Union Congress (TUC) has warned that households face a ‘debt timebomb’ with analysis showing that borrowing is set to increase by £1,400 on average in 2024. The TUC analysis shows that unsecured debt – which includes personal loans, credit cards, and overdrafts – is set to rise from £13,361 to £14,792…
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Household bills have surged by £326 on average in the past 12 months according to research by Compare the Market. The research analyses the cost of energy, water, home insurance, motor insurance, and council tax. It reveals that the combined cost of these household bills has increased by up to 6% in the past year.…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers decreased by 16.6% in November 2023 to a total of 8,243 compared to October’s total of 9,887, and decreased by 21.3% compared to November 2022’s figure of 10,478. he lower number of personal insolvencies compared to November 2022…
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The growing gap between the ‘haves and have-nots’ is growing according to a report by the Centre for Social Justice (CSJ). The analysis that that the UK is in danger of sliding back into the ‘Two Nations; of the Victorian era marked by a widening gulf between mainstream society and a depressed and poverty-stricken underclass,…
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A new report titled, ‘Getting the Message’ by StepChange Debt Charity has found that people’s ability to access and then act on debt advice hinges on the language, tone and presentation of communications. The debt charity also argues that firms across the financial services landscape need to continually test and learn with how they interact with…
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Financially vulnerable people are twice as likely to end up in debt each time they take out a new credit product, according to new research from AI powered transaction analytics firm, Fuse. More than four in ten (44%) people in this group say they’ve ended up in debt after taking out a credit product in…
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Latest research from the Financial Conduct Authority (FCA) has found almost half of UK adults (47%) feel pressured to spend above their means during Christmas to provide for loved ones, rising to almost two-thirds (64%) for those with children under 18. Two in five (40%) UK adults, and over half of those (52%) with children…
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6.5 million people in the UK (14 percent) will struggle to heat their homes as much as they need this Christmas due to the impact of the cost of living, according to findings from National Debtline. The findings show 2.7 million people (5 percent) are having to choose between buying food or presents and four…
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