Credit, Collections & Insolvency News
Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell by 4% in May 2024 with a total of 9,266 personal insolvencies registered when compared to last month. Personal insolvencies decreased by 7.2% when compared May 2022’s total of 9,986 and decreased by 15.7% compared to pre-pandemic…
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With rent prices rising 9% over the last 12 months, three in ten (28%) renters across the UK have been forced to turn to benefits due to rising costs, reveals research from responsible lender Creditspring. ONS figures show that average rents increased by 8.9% over the last 12 months, with tenants paying over £100 more…
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Credit Connect has announced the shortlist of companies and partnerships for this year’s first-ever annual Credit & Collections Industry Awards. The shortlist for the inaugural awards consists of 64 entrants with over 50 companies in the running to win the first-ever awards. Credit Connect’s panel of judges has now compiled the shortlist for the fourteen…
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Half (49%) of people over 50 say they want to be able to leave their loved ones some inheritance when they’re gone and are prepared to sacrifice their own financial stability to do so. according to data from SunLife. The research over found that 6.9 million (51%) women and 5.8 million (47%) of men want…
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New research from Moneyboat has found that six in ten (60%) of adults are worried about the effects an unexpected cost would have on their savings, with 23% of adults stating that they aren’t confident that they currently have enough saved to pay for one should it arise. The research also showed that nearly a quarter…
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New analysis from the Joseph Rowntree Foundation (JRF) has found that millions of people are already in poverty, and millions more are ‘teetering on the edge.’ The research found that 3.2 million people in the UK are only £40 a week from poverty, equivalent to the entire population of Wales. This includes 700,000 children, 1.5…
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The Institute for Fiscal Studies (IFS) has revealed that the average Briton would be almost £5,000 richer if living standards had grown at the rate recorded in the years prior to the Conservatives coming to power in 2010. The IFS report says that weak income growth, widespread for richer and poorer people, older and younger…
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New research by Compare the Market’s latest Household Financial Confidence Tracker has found that almost half of people (45%) admit they need to dip into their savings around three times per month to afford everyday living costs, despite optimism about their household finances. Over half (61%) feel more optimistic about their finances compared to this time…
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A sharp rise in debt repayments was recorded in April as cost-of-living pressures continue to bite according to research by Nationwide. The data showed that customers repaid unsecured debts of £735 million in April – a 25 per cent year-on-year rise, while the number of transactions to debt repayment increased by 14 per cent. Many…
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A new report published today by Royal London, shows significant increases across housing, energy and food bills, and childcare, since February 2023 meaning the average family with young children have seen their expenses rise by over £1,000 a month, leaving almost a fifth (18%) of parents with no money for unexpected bills or emergencies. The…
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Here is an overview of The Money Charity’s latest statistics for May 2024 Personal debt in the UK People in the UK owed £1,843.9 billion at the end of March 2024. The average total debt per household, including mortgages, was £64,296 and per adult was £34,372, around 97.4% of average earnings. Net mortgage lending increased by…
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Energy regulator Ofgem has confirmed the energy price cap will fall by 7% from 1 July to 30 September 2024, compared to the previous quarter. For an average household paying by direct debit for dual fuel, this equates to £1,568, a drop of £122 over a year. The average household paying by prepayment meter for…
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Despite over half of British homes now having a smart meter, new research from Citizens Advice suggests millions of households are being let down by meter problems suppliers are failing to fix. The charity says new rules are needed to ensure energy suppliers identify and fix problems as quickly as possible. Citizens Advice is particularly…
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