Call for Government to improve debt collection practices

In a new report, the Credit Services Association (CSA), the UK trade body for the debt collection and debt purchase sector, has called on the Government to improve its methods for collecting debts to help service users more effectively and boost collections revenues. The report praises the accomplishments of the Government Debt Management Function and…

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Rising costs force households to ration energy use

Compare the Market’s latest research has found that 79% of people are concerned that cold weather will drive up energy costs this winter. The research showed that nearly two-thirds (63%) are also rationing their energy usage by limiting essentials such as heating, lighting, and even the duration of baths or showers. A significant regional disparity…

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Homeowner possessions rise but mortgage arrears fall

UK Finance has released its latest data on mortgage arrears and possessions for the final quarter of 2024 with the data showing a rise in housing possession and a slight fall in the total number of homeowner mortgages in arrears. Possession numbers have risen significantly in percentage terms since the artificially low numbers through the…

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Poor health impacting financial resilience

New research by Hargreaves Lansdown has found that being in poor health means your household is less than half as likely to have enough emergency savings as someone who is well (28% compared to 70%). The data shows that households have less than a tenth of the cash left over at the end of the…

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Mortgage arrears increase as borrowing costs rise unexpectedly

4th February 2025 Arrears and Recoveries | #arrears

Q4 mortgage data from Pepper Money has revealed that residential arrears increased as borrowing costs rise unexpectedly. The data found that the rate of arrears for residential mortgages grew by 2.4% on Q3, following two consecutive quarters of decline. The arrears rate for fixed rate mortgages grew 8.4%, marking the highest growth rate since Q1…

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Funeral costs causing financial difficulty for one in five families

New data from SunLife has shown that one in five (18%) families have struggled to find the money to pay for a loved ones’ funeral caused notable financial difficulties. This group have to find an average of £2,370 to cover the cost with a quarter of those with notable financial concern report struggling to pay…

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Households paying £216 per month on credit card and loan debt

Households with unsecured debts (like credit cards and loans) spend an average of £216 a month to repay them according to new research by Hargreaves Lansdown Savings & Resilience Barometer. The research showed that in debt hotspots, almost 20% of income is being spent on repaying unsecured debts. Excluding student loans and mortgages, borrowers owe…

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Water bills to rise by 26% from April

30th January 2025 Banking and Loans | #water bills

The average annual water bill in England and Wales will rise by 26% or £123 in the next financial year according figures analysed by Water UK. Water companies have committed extra money for investment in infrastructure, such as reservoirs, and more help for struggling customers. To fund these new levels of affordability support and investment,…

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Poverty challenge highlighted in new report

30th January 2025 Arrears and Recoveries | #poverty

A new report by the Joseph Rowntree Foundation (JRF) has found that more than 1 in 5 people in the UK (21%) were in poverty in 2022/23 – 14.3 million people. Of these, 8.1 million were working-age adults, 4.3 million were children and 1.9 million were pensioners. To put it another way, around 2 in…

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78% of parents voice concern for the economy

Parents with children below the age of 18 have expressed widespread concern about the country’s economic outlook and its impact on family finances according to new research by Confused.com Life Insurance. The findings shed light on parents’ financial priorities, worries, and hopes for their children’s futures with an overwhelming 78% expressing concern about the UK’s…

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Financial pressures pushing one in seven retirees back to work

One in seven retirees are returning to work or are considering doing so, with financial pressures, a lack of pension provision and desire for social connection driving this, according to new research from Standard Life. 7% of retirees aged over 55 have already gone back into work, with a further 2% actively looking for employment.…

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Private rent growth slows

28th January 2025 Consumer Collections | #rent growth

New research from Rightmove’s Rental Tracker has shown the slowest rate of growth in private rent prices since 2021. The data showed that rents are still 4.7% higher than this time last year. Average advertised rents outside London fell for the first time since pre-pandemic 2019 to £1,341 per calendar month (down 0.2% vs the…

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Two in five people expect their financial position to worsen this year

New Censuswide polling from StepChange Debt Charity finds that just over two in five (41%) GB adults – equivalent to 21.3 million people – expect their financial situation to worsen over the next 12 months. The findings show that meeting the cost of living and higher energy bills this month is a major factor driving…

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