Credit, Collections & Insolvency News
Women are suffering the most in the financial squeeze, according to the latest figures from credit management group Intrum. A survey of 20,000 consumers across Europe shows that people are spending more of their income on essentials than they did in the past. Banks recommend following the 50-30-20 rule, suggesting an allocation of half income…
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New research by Lowell has found that nearly a third (30%) of adults in the UK don’t know how much debt they owe. The research showed that currently, the average total debt per UK household stands at £57,910 and searches for ‘how to become debt free’ have increased by 140% in the last month alone.…
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Nationwide has become the first building society to achieve ‘Mental Health Accessible’ accreditation, after improving support for vulnerable customersby The Money and Mental Health Policy Institute. Money and Mental Health’s Mental Health Accessible programme works with essential services firms to help them understand the difficulties customers with mental health problems can face using their services,…
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Here is an overview of The Money Charity’s latest statistics for February 2024 Personal debt in the UK People in the UK owed £1,836.4 billion at the end of December 2023. The average total debt per household, including mortgages, was £65,395 and per adult was £34,526, around 99.9% of average earnings. Net mortgage lending decreased by…
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Ongoing financial strain is taking an increasing toll on the health and wellbeing of the nation, with almost half of UK adults saying their mental and physical health has suffered because of their financial situation in the last year, according to new research from St. James’s Place (SJP). As the UK slips into recession, around…
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Resolution Foundation analysis of Ofgem’s Price Cap for April-June 2024, and Cornwall Insight forecasts for the price cap in the second half of the year, show that household energy bills are on track to fall by 24 per cent (or £545) in real terms in 2024, compared to last year. The latest Ofgem price cap…
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Energy regulator Ofgem has announced a significant reduction of the energy price cap for the second quarter of 2024. The price cap changes mean that the average annual energy bill will fall £238 a year from April, this is its lowest level for two years. The change means that the maximum rate per unit that…
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Households in England and Wales received an estimated £29,550,000 in Cold Weather Payments from 1st November 2023 to 9th February 2024, according to Compare the Market’s analysis of data from the Department of Work and Pensions (DWP). The fall is £108,050,000 wh compared to the £137,600,000 reported between 1st November 2022 and 10th February 2023.…
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Financial worries and stresses are impacting a large proportion of people in the UK (45%) according to research from Yorkshire Building Society and food redistribution charity, FareShare. Despite interest rates decreasing, and wages increasing, things are set to become even more challenging for households in the poorest quarter of the working-age population, as their ‘real’…
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The Trussell Trust has published new research which it says that highlights the inadequacy of Universal Credit across the UK. The anti-poverty charity is urging the Chancellor to take urgent action to increase long-term support for people struggling to get by on Universal Credit and commit to extending the Household Support Fund as soon as…
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Renters are less financially resilient than recent remortgagers according to reseach by Hargreaves Lansdown’s HL Savings & Resilience Barometer . The research found that over two-thirds have poor financial resilience, compared to a quarter of remortgagers whilst only 43% of renters have enough emergency savings, compared to 71% of mortgagees and 87% of those who…
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The majority of customers don’t even realise they are vulnerable according to research by AI customer service technology provider NICE. The study has found that only 17% of UK consumers self-identify as vulnerable, despite 67% being deemed as potentially vulnerable when assessed against the Financial Conduct Authority (FCA) criteria. This gap in awareness could have…
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A new Citizens Advice Scotland (CAS) report has found that over 660,000 people cite debt as impacting their mental health.Analysis of polling from research company YouGov suggests around 665,148 of people in Scotland have seen their mental health and wellbeing affected by debt. CAS Financial Health spokesperson Sarah Jayne Dunn said “There is a clear…
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