Credit, Collections & Insolvency News
Research released by Topcashback which examines how adults spend money has revealed more than five million adults (10%) are spending beyond their means for at least half of the year (seven months or more). The ‘How Britain Spends’ report, the first in a new series developed by leading cashback site TopCashback, highlights the impact the…
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A new study from Nationwide Building Society has found that three in five households are now worried about their finances. The research also found that more than six in ten (62%) are currently worried about their personal finances and ability to cover essential costs, marking the first time it has risen since May. This was up…
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Almost a quarter of people feel anxious most (or all) of the time, and the levels of anxiety are growing – particularly among younger people. In many cases, it’s inextricably linked to financial problems according to analysis by Hargreaves Lansdown (HL). The most recent edition of the HL Savings & Resilience Barometer found that people…
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One in five families couldn’t cope financially without grandparents providing their services for free according to research by SunLife. The research showed that more than half of grandparents provide childcare for their grandchildren during the working week, giving up more than four hours a day on average Not only are grandparents not being paid to…
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Here is an overview of The Money Charity’s latest statistics for August 2023 Personal debt in the UK People in the UK owed £1,842.6 billion at the end of June 2023. The average total debt per household, including mortgages, was £65,619 and per adult was £34,644, around 103.5% of average earnings. Net mortgage lending increased by £256…
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Research carried out by Opinium on behalf of Hargreaves Lansdown has found that only 61% of people said they thought it was a realistic prospect they could cover their bills in retirement. Less than a third (29%) thought they would not need to worry about money and less than half (45%) thought it was a…
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Latest analysis of Bank of England data has found that around 3.1 million households owe £2.7 billion in buy now, pay later (BNPL) borrowing. Research by Bank economists Gerry Gunner and James Waddell looked at a survey from March 2023 and found that 11% of UK households reported owing money on BNPL. The average balance…
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Latest research by Citizens Advice has found that 7.8 million people borrowed to pay their energy bills in first six months of 2023. A total of 46,431 people with energy debts contacted the charity for advice in the first six months of 2023, a 17% increase on the same period last year. Citizens Advice says…
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Nearly one in three homeowners approaching the end of their fixed mortgage deals are taking extra work to boost their savings ahead of repayment rises, new data released by Indeed Flex. The company says with 800,000 fixed-rate mortgage deals set to expire in the latter half of 2023 — along with 1.6 million in 2024—…
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Two-fifths (38%) of adults under 35 years of age say that they don’t plan to work beyond age 60 according to new research by Royal London. Royal London says that despite many workers starting to save earlier as a result of auto-enrolment, future generations have a mismatch between expectations and reality as far as the…
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Research from credit management company Lowell, has discovered that over three-quarters of students (77%) develop personal debt problems while at university. But, are students educated on the potential consequences of short-term borrowing? The average annual percentage rate (APR) on a payday loan (a short-term loan) could be up to 1,500% – compared to a typical…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers increased slightly by 1.7% in July 2023 when compared to June. The personal insolvencies figures totalled 8,268 compared to June’s total of 8,131, and decreased by 10.1% compared to July 2022’s figure of 9,202. Personal insolvencies decreased by…
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New analysis by the Financial Conduct Authority (FCA) has found that one in ten interest-only mortgage holders might be ‘overly optimistic’ about repaying their debt when the time comes. The number of interest-only (750,000) and part-interest-only (245,000) mortgages has halved since 2015, new Financial Conduct Authority analysis has found. The fall is a result of…
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