Credit, Collections & Insolvency News
Debt charity StepChange has warned that a £360 million wall of rent debt built up during the pandemic combined with cuts to Universal Credit threatens to leave hundreds of thousands of tenants facing long-term housing insecurity and problem debt. Since March 2020, StepChange’s research has revealed a tale of two pandemics, with renters one of…
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The Covid-19 pandemic has sparked a surge in people over 50 seeking professional financial advice, according to new research from Scottish Widows. Almost half (46%) of Independent Financial Advisors (IFAs) in the UK have reported an increase in the number of over 50s reaching out to them for help over the last 18 months. Some…
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Almost a third of families with children at home (32%) are struggling to pay down debt which has accrued since the first UK lockdown began in March 2020, compared to just 16% of households without children, according to the latest Household Financial Confidence Tracker from comparethemarket.com. Excluding mortgage repayments, UK households say that their debt…
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A new Credit & Technology Think Tank has been launched by Credit Connect Media. The event will examine credit and collections technology strategies to increase effectiveness and efficiency as we emerge from the worst impact of the pandemic. The inaugural Credit & Collections Technology Think Tank powered by Credit Connect will take place on Thursday…
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The Online Collections Technology Think Tank 2.1 has confirmed its agenda and speaker line-up ahead of the event next Thursday (16th September). The third Collections Technology Think Tank has been created as an online event platform so that collections professionals can specifically discuss the role of the technology as we potentially emerge from the pandemic,…
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Job creation looks set to continue at a strong rate after the furlough scheme ends, but a fresh rise in unemployment is still likely according to analysis by the Resolution Foundation. The Foundation has warned that about 900,000 people are still expected to be on the scheme when it finishes on 30th September. As a…
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Hairdressers, shelf stackers and carers will be among those working families facing the biggest overall drop in their benefits income since 2010 when the cut to Universal Credit goes ahead next month, according to new research¹ by leading UK children’s charity Action for Children. The charity commissioned research from the Child Poverty Action Group which…
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Specialist equity release and lifetime mortgage brokers, KIS Finance says that it has seen enquiries for equity release increase by 110% when comparing the first half of 2019 to the first half of 2021. The company’s analysis indicated that the number of enquiries for equity release and lifetime mortgages was steady throughout 2019, then increased quickly during…
Read moreHere is an overview of The Money Charity’s latest statistics for August 2021 Personal debt in the UK People in the UK owed £1,742.7 billion at the end of June 2021. The average total debt per household, including mortgages, was £62,705 and per adult was £32,950, around 109.7% of average earnings. Net mortgage lending rose by…
Read moreHigher prices for food, petrol and other everyday goods are leaving households struggling to meet these rising costs according to the latest Household Financial Confidence Tracker from comparethemarket.com. The research says that as coronavirus restrictions lift, the vaccine roll-out continues and the economy recovers, resulting inflationary pressures are leaving many families with children worried about affording day…
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Latest monthly figures from the Insolvency Service have indicated that personal insolvency numbers across England & Wales fell by 7.8% to 9,079 in July 2021 compared to June’s figure of 9,848, and were 23.8% higher than July 2020’s figure of 7,335. There 620 bankruptcies were registered, which was 34% lower than July 2020 and 58%…
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The Government is been warned about the impact of benefit cuts and their knock-on impact on renters. Bodies such as Nationwide, the Mortgage Works, Crisis, the Big Issue, the NRLA and StepChange, have urged the Government to reverse the decision to freeze local housing allowance and cut the temporary £20-a-week rise to universal credit. The…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies numbers decreased in July. In July 2021 there were 142 personal insolvencies in Northern Ireland, the figures were 11% lower than July 2020 and 28% lower than July 2019. The insolvencies consisted of 121 IVAs, 14 DROs and seven bankruptcies. There were…
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