Credit, Collections & Insolvency News
Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers fell 27% in September 2023 when compared to August last year. The total number of insolvencies in September 2023 was 7,271, 27% lower than in the same month in the previous year (10,024 in September 2022). Personal insolvencies…
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Consumers are feeling financially worse off than they were a year ago, especially those aged 35-54, according to research by Dye & Durham. Almost half of respondents (47%) said their finances are in a worse place than they were 12 months ago, with only 16 per cent of people suggesting their finances have improved. Those…
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A Bank of England survey of lenders shows that mortgage defaults have risen at their fastest pace since 2009. The Bank’s research through its Credit Conditions Survey shows that the net percentage balance of defaults on secured loans to households jumped from 30.9% to 43.3% over the previous quarter, indicating that defaults had increased sharply…
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New research from Vitality reveals more than 2 in 3 adults are worried about money. As many as 69% of respondents are worried about their finances, with 35% not feeling resilient when it comes to supporting themselves or their family. This maybe be due to the fact that 3 in 5 people reported an increase…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 15% in August 2023. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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EDF Energy has reported that the number of homes falling into debt on their energy bills has increased by 36% since the beginning of the year. The company also said standing charges on energy bills have increased by 55% since April 2021. The energy company has announced that it is boosting support for vulnerable customers…
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Despite inflation easing, new research from the Living Wage Foundation shows that the cost-of-living crisis is far from over for Britain’s 3.5m low paid workers. Polling of over 2,000 workers earning less than the real Living Wage, by Survation, found that levels of financial hardship amongst low paid workers remained high and well above pre-cost-of-living-crisis figures. The…
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More than a quarter (26%) of UK consumers are spending more than they earn each month, according to early findings from the 2023 European Consumer Payment Report, conducted by credit management services provider Intrum. Of those overspending, the average amount was £190 a month – adding up to £2,280 a year. Another 53% said they…
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Here is an overview of The Money Charity’s latest statistics for September 2023 Personal debt in the UK People in the UK owed £1,843.8 billion at the end of July 2023. The average total debt per household, including mortgages, was £65,661 and per adult was £34,666, around 100.3% of average earnings. Net mortgage lending increased by…
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Mortgage holders are taking new steps to manage their finances to cope with higher monthly payments and adapting their spending due to inflation, new KPMG research has found. Faced with either the immediate reality or prospect of higher mortgage rates, 1096 mortgage holders were asked whether they have either already taken, or are considering taking,…
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An estimated seven million households are struggling to keep up with their rent or mortgage payments, with millions more at risk of tipping into financial difficulty by the end of 2024 as they remortgage at higher rates according to analysis by Which?. A survey of 4,000 people found nearly half of households (46%) with mortgages…
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Housing costs are a source of concern to many, yet around two in five people would potentially feel reluctant to discuss their budget pressures with their landlord or mortgage lender, according to new research in a new poll of adults, conducted by YouGov on behalf of StepChange Debt Charity. The research found that two fifths…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers fell 11% in August 2023 when compared to August last year. The personal insolvency figures totalled 8,536 compared to the same month in the previous year (9,584 in August 2022). Personal insolvency figures consisted of 648 bankruptcies, 2,714…
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