Credit, Collections & Insolvency News
A third of people over-50s have concerns about being able to put enough food on their tables if the UK slips into the recession new data from Livemore has found. The data also shows more than half of 50-90 year olds fear that they will not be able to heat their homes or pay other…
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New ONS data on debt and wellbeing has found that more than a fifth of adults in the UK (22%, equal to around 11.5 million people) reported borrowing more money or using more credit than the previous year because of the increased cost of living. Nearly a third (31%) said they would be unable to…
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Households with energy prepayment meters in their homes are nearly twice as likely to dip into debt due to the cost of living crisis than others, according to new data. The Office for National Statistics (ONS) found that 26% of adults who pay for their gas or electricity up front, reported using credit because of…
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Latest research by FICO has shown that there was a significant rise in cardholders missing one credit card payment in December 2022. The research showed that accounts missing one payment jumped month-on-month by 19%. The percentage of accounts with two missed payments was 19% higher than in December 2021 and 20% higher for three missed…
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Latest data from UK Finance found that credit card balances grew in November 2022. The data found that there were there was 355.1 million credit card transactions in November, 0.3 per cent more than in November 2021. The total spend of £19.6 billion was 5.3 per cent higher than November 2021. Outstanding balances on credit…
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Struggling households borrowed £11 billion to cope with the cost of living crisis in 2022 and are cutting back on essentials to keep up with the repayments, according to new polling from StepChange Debt Charity. The polling, conducted by YouGov, reveals that more than two in five UK adults (43%) are taking action such as…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers decrease by 7.4% in January 2023. The personal insolvency figures of 8,344 were 8.9% lower than January 2022’s figure of 8,485. There were 612 bankruptcies were registered, which were 5% higher than in January 2022, but 60% lower…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies fell and personal insolvency increased. In January 2023 there were 14 business insolvencies registered in Northern Ireland, 22% lower than January 2022 and 46% lower than January 2020. The business insolvencies comprised of nine CVLs, one compulsory liquidation and four CVAs.…
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A quarter (26%) of couples argue about money at least once a week; around 5% say they argue about finances every day according to research by Aviva. The research also found that while more than two thirds of couples (67%) have a joint current account and half (51%) have joint savings accounts, 38% of people…
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Households expect to need more than £200 extra per month to cover the increase in bills set to take place in April, according to Comparethemarket.com’s latest Money Action Index. The index tracks the proportion of households who are concerned about the rising cost of living and are taking action to get their finances under control. The latest index…
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Some 10 million households will demonstrate financial resilience this year, with spending power concentrated in London, the South-East and city locations throughout the UK according to new analysis from Experian. The research reveals more than a third (35%) of households are equipped to recover from temporary financial issues in 2023 despite the wider economic landscape.…
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More than 25 million consumers are only just managing to scrape by financially, fearing their income soon won’t cover their essential spending according to research by Tink. The research found that almost half (47%) of people in the UK are ‘only just managing’, where they expect their income not to cover their essential spending in…
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Annual from the Insolvency Service for England & Wales have shown that there were 118,851 seasonally adjusted personal insolvencies in 2022, an increase of 8% on 2021’s figure of 110,044, rise of 6.5% on 2020’s figure (111,571) and a fall of 2.2% compared to pre-pandemic levels in 2019 (122,148) One in 399 adults (at a…
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