Credit, Collections & Insolvency News
A sharp rise in tax payments and cuts to energy subsidies in the UK were to blame for a steep fall in household incomes during the first three months of the year, according to the Organisation for Economic Cooperation and Development (OECD). In a review of its 38 member states, the OECD said the UK…
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Latest data from UK Finance for Quarter 2 (Q2) has found that arrears and possessions data shows that there were 81,900 homeowners in arrears of 2.5 per cent or more of their outstanding balance. Mortgages in arrears accounted for 0.93 per cent of all homeowner mortgages outstanding. UK Finance predicts that this figure will remain…
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Latest figures from the Finance & Leasing Association (FLA) show. that second charge mortgage lending returned to growth in June. However, quarterly lending fell by 9% by volume and 10% by value compared to the same quarter in 2022. The number of new agreements stood at 32,575 over the past year, an increase of 5%…
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The Government has published a summary of responses to a call for evidence to inform its review of the personal insolvency framework in England and Wales. The responses cover a review of the underlying purpose of the personal insolvency framework and where the balance should fall between providing debtors with a fresh start and providing…
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New research from Mind has found that almost a third (29 per cent) of people (almost 14 million) in England and Wales have been affected by hearing about or experiencing increasing mortgage costs over the last year. One in ten (10 per cent) said that it had affected their mental health a lot. The figures come…
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Almost four in ten (39%) households with children at home are not confident that they will be able to afford their energy bills over the next six months, according to Compare the Market’s latest Household Financial Confidence Tracker. This compares with just below one fifth (18%) of those households without children at home. Concern over…
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Plans to ban cold calls for financial products such as sham cryptocurrency schemes, mortgages and insurance have been set out with the launch of a consultation, marking the next step in delivering the Government’s Fraud Strategy. The eight-week consultation will cover proposals to ban cold calls offering any financial products to clamp down on fraudsters…
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More than a third of people (36%) admit that the cost-of-living crisis has put a strain on their friendships, new research TopCashback has revealed. The survey found that respondents most commonly blamed this strain on friends having higher wages or being more time-poor due to increased work commitments. More than two thirds (67%) say the…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency has dropped to 11%. its lowest quarterly level since Quarter 3 (Q3) 2020, heavily fuelled by a reduction in IVA registrations in the quarter. The figures showed that there were 26,390 individuals entering either bankruptcy (1,826) a debt relief order…
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Parents are raiding their kids’ savings to help cover the cost of rising household bills and to pay down debts, according to research by leading financial mutual, Scottish Friendly. A survey of 1,000 UK parents found more than one in five (22%) have withdrawn money from their children’s savings. The majority of those (64%) have…
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Here is an overview of The Money Charity’s latest statistics for July 2023 Personal debt in the UK People in the UK owed £1,840.1 billion at the end of May 2023. The average total debt per household, including mortgages, was £65,529 and per adult was £34,597, around 103.3% of average earnings. Net mortgage lending increased by…
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Lates figures from Accountant in Bankruptcy (AiB) have indicated that personal insolvency numbers in Scotland rose by nearly 2.9%, to a total of 2,098. The personal insolvency numbers in Scotland decreased by 40.5% when compared to pre-pandemic levels in 2019. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland for Q1 2023-2024…
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A new Financial Lives survey from the Financial Conduct Authority (FCA) has found that 7.4 million people unsuccessfully attempted to contact one or more of their financial services providers in the 12 months before May 2022, while less than half of adults said they had confidence in the UK financial services industry in general. With…
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