Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for July 2021 Personal debt in the UK People in the UK owed £1,721.3 billion at the end of May 2021. The average total debt per household, including mortgages, was £61,933 and per adult was £32,544, around 108.7% of average earnings. Net mortgage lending rose by…
Read moreNew research by LifeSearch has indicated that consumers’ wealth continues to recover as £14.1 billion of debts repaid and £34.6 billion saved in the past 6 months. The research has found that 14% of consumers have repaid debts in the last six months, rising to 20% of Generation Y (aged 25-39); an average of £319…
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A new report from the Centre for Social Justice has unveiled a partnership between bailiff firms and debt advice charities to help people in ‘severe’ debt, which is a third higher than before the pandemic began, The bold plans to strengthen protections for households facing a post-pandemic tidal wave of debt have been brokered by…
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Over seven million people (14%) are worried that they will not be able to afford their council tax bills over the next year, according to new research from the Money Advice Trust. Findings from the charity’s ‘Council Tax After Covid’ report have highlighted that some vulnerable groups are most at risk of falling behind on…
Read moreNew research from Yolt has revealed that 8.7 million consumers (17%) are ‘financially stretched’ following the pandemic. Whilst one in ten (10%) expect to financially struggle in the next 12 months, despite signs of economic recovery, as many households continue to feel the financial impact of the pandemic. Yolt’s research has found that there are many experiences…
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Latest figures from the Insolvency Service have indicated that personal insolvency numbers across England & Wales increased by 15.8% in June 2021. Personal insolvencies rose by 9,836 in June 2021 compared to May’s figure of 8,497, and were 18.8% higher than June 2020’s figure of 8,282. The figures show that there were 735 bankruptcies and…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies numbers decreased in June. In June 2021 there were 163 personal insolvencies in which was 40% lower than June 2020 and 15% lower than June 2019. The figures consisted of 130 IVAs, 19 DROs and 14 bankruptcies. There were 11 business insolvencies…
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New research by the TUC (produced by Landman Economics) has revealed that over a million children of key workers are currently living in poverty. The research, which used the government definition for key workers, found that in some regions more than a quarter of children in key worker households are living in poverty. Key worker…
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Young adults well protected from increased hardship through the pandemic but a risk that many will bear scars of the recession for years to come according to new research by the Institute for Fiscal Studies, funded by the Joseph Rowntree Foundation. The report says that the careers of young adults have been heavily disrupted by…
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Here is an overview of The Money Charity’s latest statistics for June 2021 Personal debt in the UK People in the UK owed £1,714.4 billion at the end of April 2021. The average total debt per household, including mortgages, was £61,509 and per adult was £32,355, around 108.7% of average earnings. Net mortgage lending rose by…
Read moreLatest Bank of England (BoE) figures show that consumer borrowing rose in May, outpacing the amount repaid for the first time since August 2020. Net borrowing rose by £280 million during the month, up from a net repayment of £228 million in April. The report shows that borrowing on credit cards fell but there was…
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New research has found that the ending of the furlough scheme could spell financial disaster for younger workers. From 1st July 2021, the Government will reduce the level of support given to employers under the Coronavirus Job Retention Scheme. Currently, the Government pays 80% of an employee’s wages for any hours not worked. From Thursday,…
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New research from leading equity release lender, more2life, has revealed that over three-quarters (78%) of advisers think more of their customers will look to equity release to support basic retirement needs over the next year. More than half (59%) of advisers also think a greater number of their clients will enquire about equity release as a…
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