Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for August 2022 Personal debt in the UK People in the UK owed £1,805.7 billion at the end of June 2022. The average total debt per household, including mortgages, was £64,970 and per adult was £34,140, around 108.4% of average earnings. Net mortgage lending rose by…
Read more
Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies decreased by 12.7% to 9,190 in July 2022 compared to 10,527 in June, and were 1.1% higher than July 2021’s figure of 9,090. There were 531 bankruptcies registered, which was 16% lower than in July 2021 and 64% lower than…
Read more
Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies increased. The figures showed that in July 2022 showed that there were 160 individual insolvencies in Northern Ireland, 13% higher than in July 2021, but 19% lower than July 2019. The personal insolvencies consisted of 142 IVAs, 12 DROs and six bankruptcies. Business insolvency…
Read more
New data from the Office for National Statistics (ONS) shows that the Consumer Price Index (CPI) rose to 10.1% in the twelve months to July, up from 9.4% in June. With the October energy price cap rise fast approaching and real wages failing to keep pace with inflation. With the real value of wages falling…
Read more
Equity release is helping to fund one in every £90 spent by retired people within the UK currently, according to a new report by Legal & General. The report, found that people are increasingly making the most of property wealth. It also forecasted that the equity release market will surpass £12 billion in 2030, with…
Read more
New Aegon research tracking adults’ relationship with their finances since the start of the Covid-19 pandemic has found that financial worries are already significantly worse since the beginning of the cost-of-living crisis than experienced during the pandemic. The latest research* shows nearly two thirds of adults (63%) said they are worried about their finances during…
Read more
Latest figures from the Ministry of Justice have shown that mortgage and landlord possession statistics (April to June 2022) have indicated that repossessions by county court bailiffs increased from 45 to 770 (1,611%). Mortgage claims, orders, warrants and repossessions have also increased significantly when compared to the same quarter in 2021. Compared to the same…
Read more
Ahead of the autumn bill hikes, household energy debt is already standing at an all-time high of £1.3 billion – nearly three times higher than it was in September last year according to new research from Uswitch.com, the comparison and switching service. Six million homes – almost a quarter of households (23%) – owe an average of…
Read more
New research by the Post Office indicates that people are turning back to cash to help them keep tighter control on their spending as living costs soar. Latest figures show that Post Offices handled £801 million in personal cash withdrawals in July, the most since records began five years ago, an increase of almost 8%…
Read more
Nearly six million households are struggling to afford essential telecoms services according to a new analysis by Which?, as it calls on the government to cut the amount of VAT paid on mobile, broadband and telephone services. The consumer champion found that millions of households reported issues affording essential telecoms services such as mobile phone…
Read more
The Resolution Foundation has warned that inflation could hit more than seven times the Bank of England’s 2% target, with the think-tank saying it could pass the 15% mark in early 2023. Inflation currently stands at 9.4% and the Bank’s Monetary Policy Committee is expected to increase interest rates further as it looks to tackle…
Read more
New research from the University of Edinburgh’s Smart Data Foundry, supported and funded by abrdn Financial Fairness Trust has found that as revealed that the over-50s are being hit hardest by the current financial crisis and could face a lifetime of financial insecurity. According to the report, economic inactivity rates have risen a third amongst…
Read more
Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies saw a quarterly decrease, but rose by 6.5% from the same time last year. Analysis of the figures showed that there were 28,946 seasonally adjusted personal insolvencies in Q2 2022, a decrease of 10.1% compared to Q1 2021’s figures…
Read more