Credit, Collections & Insolvency News
Several proposed reforms were announced by King Charles as he laid out the government’s priorities for the year ahead at the State Opening of Parliament. Joanna Elson CBE, Chief Executive of Independent Age said “With more than two million older people living in poverty and at least another million living on the edge, systemic change…
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Forecasts for the 2024 Default Tariff Cap (price cap) have risen in response to growing volatility in the global wholesale energy market according to Cornwall Insights. Latest predictions, place a typical1 dual fuel consumer’s January energy bill at £1,923 per year, with a small rise to £1,929 in April 2024. While already predicted to increase in…
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More than 16 million people have missed payments on key household bills this year and over two million did so for the first time, according to new research for Talk Money Week 2023. A survey of 3,016 UK adults, commissioned by the Money and Pensions Service (MaPS), shows that a third of people (30%) have…
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Gobal credit intelligence company, Pepper Advantage has reported a 23.3% annual increase in the arrears rate in the third quarter of 2023 to reach a new post-Financial Crisis high. The growth in the arrears rate follows successive increases in the percentage of mortgages that experienced a Direct Debit Rejection (DDR), where a direct debit instruction…
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Almost three in ten consumers plan to spend less in the festive period this year than last year, reflecting the impact of the ongoing cost-of-living crisis according to research by Deloitte. The data also shows a rise in the number of UK consumers who intend to spend more in the last three months of 2023,…
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Here is an overview of The Money Charity’s latest statistics for October 2023 Personal debt in the UK People in the UK owed £1,846.5 billion at the end of August 2023. The average total debt per household, including mortgages, was £65,756 and per adult was £34,716, around 100.4% of average earnings. Net mortgage lending increased by…
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Soaring rent prices are increasingly pushing young people into debt, according to new research from Creditfix. New data from the personal insolvency provider has shown a significant rise in the number of renters under the age of 45 seeking support for unmanageable levels of debt. Individuals under the age of 45 now account for almost three quarters…
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Almost half (46%) of all adults have identified energy bills as their biggest financial concern heading into this winter according to research by Finder.com. Single-person households were the most apprehensive, with more than half (53%) of those living alone saying that energy bills are one of their biggest financial concerns heading into winter. This was…
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One in four people with energy debts (24%) are currently unable to repay, according to new research commissioned by National Debtline. The free debt advice service is leading a coalition of 13 organisations calling on the Chancellor to introduce a ‘Help To Repay’ scheme in the Autumn Statement. The findings, based on UK-wide research commissioned…
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With the country getting an extra hour in bed as the clocks go back this weekend, Aviva’s latest study reveals that over half (51%) of the nation say they are not getting the recommended seven hours or more sleep per night. On average, UK adults were found to be getting just under six and a…
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Energy suppliers must prioritise enquiries from vulnerable customers who need help under new rules announced by Ofgem. The requirements, which take effect from December, will require suppliers to contact customers if they miss two monthly or one quarterly payment, check to see if they are struggling with bills and, if so, offer support such as…
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Food banks across the Trussell Trust network are expecting to provide more than one million emergency food parcels between December 2023 and February 2024 – the most parcels ever provided across this period. This equates to an average of one food parcel every eight seconds (11,500 a day) and 7,000 people seeking support each day.…
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Household energy debt has hit a five-year high of £216 ahead of the winter, with the number of homes already owing money to their provider up 11% on last year new research from Uswitch.com, has revealed. The average household debt is up 13% on the £190 figure seen at this time last year, and the number…
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