Credit, Collections & Insolvency News
Research by EY shows that consumers are cutting back their spending as inflation hits household budgets. Over a third (37%) of low and middle-income consumers are now only buying essential items, with this an increase of 11% compared to February, while 32% have switched to cheaper brands to try and save money. While almost half…
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Credit Connect’s hosted its fifth Online Collections Technology Think Tank 3.2 last week which saw collections strategies and the impact of cost of living economic stresses discussed by twelve collections professionals from a variety of industry sectors. The themes of collections risk, customer engagement, affordability and the future of collections were discussed by panellists and…
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Britain’s toxic combination of low growth and high inequality has left it trailing behind the comparable economies of Australia, Canada, France, Germany and the Netherlands, with disastrous consequences for low- and middle-income households according to a new report from the Resolution Foundation. The report notes that the country is approaching a decisive decade of economic…
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New forecasts from Cornwall Insight are predicting that typical gas and electricity bills in England, Wales and Scotland could reach £3,363 in the new year. The figures have increased significantly from the £3,003 figure forecasted two weeks ago. Predictions for the Q4 2022 (Oct-Dec) Cap, have also seen a steep increase, and now sit at…
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While the majority of older households own their home outright, a quarter still have either rent or mortgage payments, according to the Department for Levelling Up, Housing and Communities’ latest survey. The research found that the majority of older households own their home outright, but a quarter still have either rent or mortgage payments. In…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes grew by 43% in May 2022. 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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The Financial Conduct Authority (FCA) and MoneyHelper are urging consumers to get help as soon as possible if they are struggling financially because of the rising cost of living. Millions of people get help with their finances every year. However, new research suggests many borrowers are missing out on available support. The research reveals some…
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The Government has launched a call for evidence seeking stakeholders’ views and evidence on the personal insolvency framework and whether it serves the needs of debtors and creditors in the 21st century. The last fundamental review of personal insolvency was carried out 40 years ago. The government is seeking views and evidence on the overall purpose…
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As the Monetary Policy Committee (MPC) meets to decide whether to impose a further rise in interest rates, the majority of Britons are already cutting back on their spending.W ith inflation at a 40-year high, the Bank of England’s efforts to cool it down by raising interest rates three times since December last year, has…
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Almost one-fifth of UK credit card users (19%) have missed a credit card repayment within the past six months due to the rising cost-of-living, according to new research by comparethemarket.com. The research is published as the Office for National Statistics revealed that prices across the economy are rising by 9.1% a year, squeezing household budgets.…
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Here is an overview of The Money Charity’s latest statistics for June 2022 Personal debt in the UK People in the UK owed £1,786.6 billion at the end of April 2022. The average total debt per household, including mortgages, was £64,286 and per adult was £33,780, around 105.3% of average earnings Net mortgage lending rose by…
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Latest figures from the British Retail Consortium have shown that shop price annual inflation accelerated to 3.1% in June, up from 2.8% in May. The rise is above the 12- and 6-month average price increases of 1.0% and 2.3%, respectively. This marks the highest rate of inflation since September 2008. Food inflation strongly accelerated to…
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Seven million households are living through a ‘frightening year of financial fear’, going without food, heating, toiletries and even showering as they try to cope with the cost of living crisis new research by Joseph Rowntree Foundation has found. The research found that low-income families have fallen behind on payments by an average of £1,600.…
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