Credit, Collections & Insolvency News
Credit Connect has published its first-ever annual Credit & Collections Industry Awards Review. The annual review highlights why the judges decided the winners at this year’s Industry Awards which were announced in July. The review provides background and context for the awards results recognising companies for the progression of industry standards and excellence. The review…
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Latest Ministry of Justice (MoJ) data has shown that mortgage and landlord possession volumes between April and June increased when compared to the same period last year. The data shows that mortgage possession claims went up by 34% from 3,991 to 5,343, mortgage orders for possession also went up 34% from 2,529 to 3,395, warrants…
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The number of home repossessions has increased to the highest level in five years, data from UK Finance shows. The analysis shows that mortgage possession claims increased by 34% year-on-year in Q2, climbing from 3,991 to 5,343. These involve a lender taking homeowners to court before repossessing their home as the owners have fallen behind…
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More than 1.3 million households in the UK are no longer paying council tax, resulting in local authorities failing to collect a record £6bn annually, according to a report by the Centre for Social Justice (CSJ) think tank. The report highlights that council tax debt has doubled in the past six years, with the debt…
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Debt advice specialist, Money Wellness has warned the cost-of-living crisis is far from over despite the topic falling down news agendas in recent months. The organisation reiterated the warned after referring more than 21,000 people to food banks during the first six months of the year – up from 10,622 in the last half of…
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More than 2.7 million debts were referred to bailiffs by local authorities in England and Wales during the 2022/23 financial year, according to new research conducted by the Money Advice Trust, the charity that runs National Debtline, and the Centre for Social Justice think-tank. The findings, based on Freedom of Information requests to local authorities,…
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New analysis by Policy in Practice has shown that one million households will miss out due to the changes announced to the Winter Fuel Payment. The data also showed that over 850,000 older people are eligible for but not claiming Pension Credit whilst another estimated 130,000 older people miss out because they are just £500…
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More than a quarter (27%) of consumers have fallen into troubling patterns with their finances, with many having engaged in risky financial behaviour over the last year, according to new research from Moneyhub. While the UK’s inflation rate has settled back down to the Bank of England’s 2% target, with Rachel Reeves announcing in her…
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StepChange Debt Charity Scotland’s latest quarterly client data has revealed the ongoing pressure that council tax is having on households, as average council tax arrears per client in Scotland have risen by 11% year on year. The average council tax arrears amount among Scottish clients stands at £2,075 during the second quarter of 2024, up…
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Winter fuel payments will be scrapped for most pensioners in a move expected to save the Treasury £1.5 billion per year, Chancellor Rachel Reeves has announced Those in receipt of Pension Credit, Universal Credit, Income Support, income-based Jobseeker’s Allowance and income-related Employment and Support Allowance will continue to receive winter fuel payments. Responding to the…
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Here is an overview of The Money Charity’s latest statistics for July 2024 Personal debt in the UK People in the UK owed £1,852.8 billion at the end of May 2024. The average total debt per household, including mortgages, was £65,239 and per adult was £34,537, around 96.0% of average earnings. Net mortgage lending increased by…
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Research by STAMMA and Money Wellness has found that online debt advice has emerged as the preferred method for those with vulnerabilities, accessibility issues, and addictions, particularly among those under 55. The study found that 53% of people under 55 would prefer to seek debt advice online. This is especially true for Gen Zs (18-24-year-olds),…
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The new Government’s Bills and priorities have been announced as part of the King’s Speech. The speech announced new legislation to improve rights for people renting privately, alongside commitments to improving living standards, job security and wages across the UK. Commenting on the speech Richard Lane, Chief Client Officer at StepChange, said “It’s encouraging to…
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