One in three households will struggle to afford Christmas

28th November 2023 Arrears and Recoveries | #featured main

New YouGov polling commissioned by StepChange Debt Charity, which explores people’s finances and borrowing habits, reveals that one in four people will struggle to afford Christmas this year, rising to more than one in three (34%) households with children. The survey also found that. one in twelve (8%), around 4 million people, will be relying…

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Ofgem announces 5% energy price cap increase

Energy regulator Ofgem has announced that the energy price cap will increase by 5% on the previous quarter from 1st January to 31st March 2024. The cost for an average household paying by direct debit for dual fuel equates to £1,928, a rise of £94 over the course of a year – around £7.83 a…

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Financial stress in workforce costs businesses £10.3bn every year

A new report by the Centre for Economics and Business (CEBR) on behalf of Aegon has found that the proportion of both full-time and part-time private sector workers missing work due to financial concerns has risen to 12%, – up from 10% in 2021. On average, employees lost 4.7 workdays per year, leading to over…

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Landlords and homeowners mortgage arrears rises

UK Finance has released its latest mortgage arrears and possessions for Quarter 3 (Q3) with figures indicating that residential mortgage arrears have increased by 18% and buy-to-let mortgages in arrears also rising by 29%.  The latest data shows that there were 87,930 homeowner mortgages in arrears in Q3 2023, seven per cent more than the…

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No fault evictions hit seven-year high

10th November 2023 Arrears and Recoveries | #enforcement

New Ministry of Justice data, has found between July and September 8,399 landlords in England started Section 21 no-fault eviction court proceedings against their tenants, the highest number for seven years. With the number of court proceedings resulting from no-fault evictions climbing by 38% in a year, Shelter is urging the government not to further…

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Surge in women seeking debt advice who do not have enough to live on

9th November 2023 Arrears and Recoveries |

New research conducted by StepChange Debt Charity has revealed that its clients who are women face an average budget shortfall of £30 per month, which is £70 less than men’s average monthly surplus of £40. The charity’s new report, Bearing the burden, which has been published during Talk Money Week, looks at how debt differs between…

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Injustice in pensioner poverty not tackled – Kings speech consumer credit industry reaction

8th November 2023 Consumer Collections |

Several proposed reforms were announced by King Charles as he laid out the government’s priorities for the year ahead at the State Opening of Parliament. Joanna Elson CBE, Chief Executive of Independent Age said “With more than two million older people living in poverty and at least another million living on the edge, systemic change…

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Energy price cap forecasted to remain above current level until end of 2024

Forecasts for the 2024 Default Tariff Cap (price cap) have risen in response to growing volatility in the global wholesale energy market according to Cornwall Insights. Latest predictions, place a typical1 dual fuel consumer’s January energy bill at £1,923 per year, with a small rise to £1,929 in April 2024. While already predicted to increase in…

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One in three have missed vital bill payments this year 

More than 16 million people have missed payments on key household bills this year and over two million did so for the first time, according to new research for Talk Money Week 2023.  A survey of 3,016 UK adults, commissioned by the Money and Pensions Service (MaPS), shows that a third of people (30%) have…

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Mortgage arrears increase by 23.3% hitting post-financial crisis high

Gobal credit intelligence company, Pepper Advantage has reported a 23.3% annual increase in the arrears rate in the third quarter of 2023 to reach a new post-Financial Crisis high. The growth in the arrears rate follows successive increases in the percentage of mortgages that experienced a Direct Debit Rejection (DDR), where a direct debit instruction…

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Consumers plan to spend less this Christmas

Almost three in ten consumers plan to spend less in the festive period this year than last year, reflecting the impact of the ongoing cost-of-living crisis according to research by Deloitte. The data also shows a rise in the number of UK consumers who intend to spend more in the last three months of 2023,…

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Money Statistics: October 2023

Here is an overview of The Money Charity’s latest statistics for October 2023 Personal debt in the UK People in the UK owed £1,846.5 billion at the end of August 2023. The average total debt per household, including mortgages, was £65,756 and per adult was £34,716, around 100.4% of average earnings. Net mortgage lending increased by…

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Increase in rent driving young people into debt

Soaring rent prices are increasingly pushing young people into debt, according to new research from Creditfix.  New data from the personal insolvency provider has shown a significant rise in the number of renters under the age of 45 seeking support for unmanageable levels of debt. Individuals under the age of 45 now account for almost three quarters…

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