Credit, Collections & Insolvency News
Almost one in six renters missed an essential payment in a single month, Which?’s latest Consumer Insight Tracker. Overall, an estimated 2.4 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in the month to 12 January. This is on a par with the levels of missed payments…
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Here is an overview of The Money Charity’s latest statistics for January 2024 Personal debt in the UK People in the UK owed £1,847.6 billion at the end of November 2023. The average total debt per household, including mortgages, was £65,795 and per adult was £34,737, around 100.5% of average earnings. Net mortgage lending decreased by…
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Latest research by Money and Mental Health Policy has found that homeowners with mental health problems are more likely to have cut back on food, energy and other essentials to keep up with mortgage payments, and are also at greater risk of falling behind on mortgage bills compared to other homeowners. While many mortgage holders…
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Latest research from Lowell has found that a quarter of people (25%) feel anxious, stressed or ashamed when talking about money. With January being a tough month financially, from gaps between paychecks to the aftermath of festive spending 47% of people admitted they are heading into 2024 feeling worried about money. The nationwide survey revealed…
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The number of consumers living in households that are in debt to their energy supplier has exceeded 5.3 million households, Citizens Advice has revealed. The survey also revealed that more than two million people across will self-disconnect this winter because they cannot afford to top up their prepayment meter (PPM). Citizens Advice is warning that…
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A new survey for StepChange Debt Charity, carried out by YouGov, has found that one in two people in Scotland (47%), equivalent to 2 million people, are worried about their financial situation. The research also found that two in five (42%) people in Scotland, around 1.8 million, think their household financial situation will get worse…
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New analysis in the Joseph Rowntree Foundation (JRF) flagship UK Poverty report quantifies for the first time how many thousands of pounds are needed by families to escape poverty. The poverty gap, or the amount of money needed to bring the incomes of people in poverty to the poverty line, has grown wider. Six million…
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Bereavement service Settld has announced that it is working with Octopus Energy to unlock a new service streamlining account administration for those handling the affairs of an Octopus Energy customer who has died. Octopus Energy, already noted for its excellent customer service during the bereavement process will now be able to notify all other relevant service providers nationwide of a death,…
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Latest Bank of England data has highlighted that mortgage defaults and missed payments on credit cards and loans both surged at the end of the year, and are expected to keep rising. Missed credit card and loan payments, as a percentage of balances, are higher than they have been for at least five years with…
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British Gas came bottom in Which?’s annual energy firm survey, as the consumer champion calls on providers to improve unsatisfactory customer service and ensure they are providing value for money. Energy prices have stayed punishingly high this winter – with the price cap currently at £1,928 a year for a typical household. Cornwall Insight predicts…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 6% in November 2023. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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Two years of the cost of living crisis has caused a 50% rise in the number of people who are pessimistic about their financial future, according to new figures released today by StepChange Debt Charity. The research indicates a difficult year ahead for people’s finances, as more than two in five adults (43%), around 22…
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The UK’s poorest people now owe twice as much to energy suppliers as they did during the 2022 energy crisis, according to figures from management consultancy Baringa. Barings says that an energy bill price spiral where customers increasingly default on debts, leads to costs being passed onto others in the form of higher bills, further…
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