Credit, Collections & Insolvency News
Latest Office of National Statistics (ONS) data has shown that private rentals have continued to rise at a faster rate than inflation, with tenants seeing housing costs rises by 9.2% in the 12 months to March 2024. This is an increase on the 9% annual increase recorded the previous month. The figures show that the…
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Universal Credit (UC) is on track to be fully rolled-out to seven million families by the end of the next parliament, with working renters the main winners and those with disabilities the main losers from the reform as it faces up to new challenges like rising long-term sickness, according to new Resolution Foundation research. With…
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The Bank of England’s latest credit conditions survey for the first quarter of 2024 has revealed a rise in default rates on credit cards and other loans, with overall demand for unsecured lending increased. The data shows that demand for unsecured borrowing rose in early 2024 – driven by credit cards – and is expected…
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Young people are three times more likely than older generations to have their mental health impacted by money worries, research from responsible lender,Creditspring reveals. Four in ten (39%) people aged 18-34 say theirmental health has significantly worsened as a direct result of the cost of living crisis, compared to just 13% of over 55s. Three in…
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Customer research published by Ofwat and consumer watchdog CCW has revealed that the vast majority of people do not trust water companies to do what’s right for the environment. Less than a quarter (23%) of respondents said they trust their water provider to do what is right for the environment down from 31% in 2021.…
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New analysis by Lowell shows the widening gulf between generation rent and homeowners. The new data shows tenants in private rental hotspots, like Bristol West, are struggling with loan defaults and resorting to benefits to say afloat, exposing the full, significant impact of rent rises and high housing costs on personal finances. Conversely, areas of…
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New research from the Financial Conduct Authority (FCA) has found that while many are struggling to meet financial commitments with 7.4 million people were struggling to pay bills and credit repayments in January 2024, down from 10.9 million in January 2023. This is still higher than the 5.8 million recorded in February 2020, before the…
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The number of households seeking help to deal with court action over their unpaid energy bills has doubled in the last year, according to Citizens Advice. Citizens Advice said while the numbers affected are small at the moment, the number of people it helped who received a county court judgement (CCJ) from their energy supplier…
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Latest figures from UK Finance have shown that there was a substantial jump in the number of Buy-to-let (BTL) mortgages in arrears of 2.5 per cent or more of the outstanding balance – this was 123.9% higher year on year to 13,570 in Quarter 4 (Q4) 2023. However, UK Finance points out that only 0.68%…
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The annual cost of household bills is predicted to drop by £350 on average year-on-year in April 2024, according to new research by Compare the Market. The research analyses the cost of energy, water, home insurance, motor insurance, and council tax. It reveals that the combined cost of these household bills is set to decline…
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The UK’s largest specialist mortgage lenders are accounting for a 22% increase in Expected Credit Loss (ECL) provision as mortgage defaults spike, according to a new report from AI powered transaction analytics firm, Fuse. Analysis of the most recent financial statements of ten of the UK’s largest specialist mortgage lenders indicate that lenders are accounting…
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New research by CreditSpring has found that 6.7 million young people (aged 18-34) across the UK don’t know that using buy now, pay later (BNPL) can lead to debt. The research showed that mearly half (46%) of young people remain unaware BNPL can lead to debt, much higher than the 35% UK average. BNPL is…
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Here is an overview of The Money Charity’s latest statistics for March 2024 Personal debt in the UK People in the UK owed £1,838.7 billion at the end of January 2024. The average total debt per household, including mortgages, was £65,479 and per adult was £34,570, around 99.1% of average earnings. Net mortgage lending increased by…
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