Credit, Collections & Insolvency News
Desperate families are finding themselves forced to borrow from illegal loan sharks as a consequence of getting into severe debt due to the high costs of paying for the funerals of loved ones, according to research by Funeralexperts.com. The data revealed that around 32,400 people (3%) of the 1.08 million people who were forced to…
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The Government has announced that around six million low-income households will continue to receive £150 off their winter energy bills with the Warm Home Discount scheme extended by five more years. The Government’s expansion of the Warm Home Discount last year added 2.7 million families to the scheme, bringing the total number of eligible households…
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New data from Water UK has indicated that water bills in household water bills in England and Wales will rise by an average of 5.4% – around £33 a year, or approximately £2.70 per month – from April, reflecting significant investment in upgrading water infrastructure. The rise is two percentage points above December’s official inflation…
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New research by Moneybox has found that half (50%) of respondents said rising costs of everyday expenses (e.g. bills, food, transport) were triggering feelings of anxiety or stress when it comes to their money. A further third (34%) said unexpected expenses or emergencies (e.g. car/home repairs, family emergencies) and a fifth (22%) mentioned a general…
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The number of people living in “very deep poverty” in the UK is at the highest level in more than 30 years, according to new research by Joseph Rowntree Foundation (JRF). Very deep poverty is defined by the Joseph Rowntree Foundation as earning below 40% of the median household income. According to its latest report,…
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Dubbed ‘divorce month’, January has famously been cited as the time of the year when family lawyers see a surge in those looking to end their marriages. According to current data from Google, searches for ‘divorce’ in the week beginning 11th January are at their highest in 12 months in the UK. Family lawyers also…
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New analysis from debt management firm Lowell has found that 61% of households (17 million) don’t have sufficient emergency savings to cover these unexpected costs without turning to credit. At the time of reporting, the cheapest fridge/freezer available at Argos would set someone back £160, a washing machine £189 and a dishwasher £189. Replacing a…
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Latest data from the Insolvency Service for England & Wales has shown that personal insolvencies increased by 7% in 2025 when compared to 2024, rising to 126,240 from 117,958 in 2042 The annual number of IVAs in 2025 was 7% higher than in 2024, but remained lower than the record high annual numbers between 2019…
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Research from Thinkmoney shows that while the festive season may feel like a distant memory, the financial consequences are only just beginning for a significant number of people. Credit card statements, Buy Now Pay Later reminders, overdraft balances and household bills are all landing at once, creating pressure at the start of the year. The…
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The Enforcement Conduct Board (ECB) has published its first Insight Report, which presents new data on enforcement (bailiff) industry practices, drawing on evidence from its complaints handling service and oversight work. The data showed that the enforcement industry is handling over 7 million cases a year, impacting millions of people, with the industry sector collecting…
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The Money Advice Liaison Group (MALG) has announced ithas secured funding from Money & Pensions Service for a new research initiative exploring what safeguards are needed to ensure Generative AI is used safely for debt advice. The research project, entitled ‘Exploring Safe & Effective Self‑Serve in Regulated Debt Advice in the Generative AI Era’, is…
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Age UK has warned that there is no room for complacency when it comes to reducing poverty among our growing older population and calls on the Government to do more to address it. Around one in six, equivalent to 1.9 million, pensioners already live in poverty and the Charity is worried that unless something changes,…
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Latest data from Hargreaves Lansdown has found that households with unsecured debts (like credit cards and loans) spend an average of £259 a month on them. Bank of England showed that the annual growth rate for all consumer credit was 8.1% and for credit cards it was 12.1% – the highest since January 2024. In…
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