Credit, Collections & Insolvency News
The rising cost of food will overtake the price of energy as the driving force behind inflation over the summer, hitting poorer households the hardest, according to a forecast by the Resolution Foundation. The Foundation says that the cost of living crisis is often thought of as a cost of energy crisis. That is an…
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Over a third of adults (35 per cent) say that doing maths makes them feel anxious, while one in five (20 per cent) are so fearful it even makes them feel physically sick, according to new research from KPMG UK and the charity National Numeracy. The study of 3,000 UK adults found that numeracy gives…
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Data from UK Finance shows that the number of households falling into arrears increased in Quarter 1 of 2023. The figures showed that were 76,630 homeowner mortgages in arrears of 2.5% or more of the outstanding balance in the first quarter of 2023 2% greater than in the previous quarter. The figures also showed that…
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As many as one million people cut off their broadband in the last year as the cost-of-living crisis left them unable to afford internet access, according to new research from Citizens Advice. People receiving Universal Credit were badly affected. The research found them to be six times more likely to have stopped spending on broadband…
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Three energy suppliers have been made to pay compensation totalling £8 million for failing to supply a final bill on time to more than 100,000 households that had switched provider. Apasrt of the measures energy customers who have been overcharged are to receive a combined total of £2.7 million from two suppliers – Good Energy…
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80% of consumers getting debt help say their mental health has affected their finances, according to a survey carried out by Money Wellness, Money Wellness surveyed their existing customers to find out how being in debt had affected their mental wellbeing and find out more about the link between mental health problems and money worries.…
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Figures from the National Residential Landlords Association (NRLA) have indicated that about 35% of landlords are planning to sell a property this year, with many forced out of the market by rising mortgage costs, higher taxes and increased regulation. There are about 2.75m landlords in the UK, down 3.5% in the past year, research shows.…
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New research from National Debtline, the free debt advice service run by the Money Advice Trust, has revealed that the average level of priority debt – including council tax, energy and rent arrears – held by callers has risen 54 percent since 2018, from £2,642 to £4,080. The findings, based on a survey of National…
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Two-fifths (43%) of key workers in the UK have been forced to take on additional part-time work on top of their full time role, or work extra overtime shifts to make ends meet, new research from responsible lender, Creditspring, shows. The data shows significantly higher levels of financial vulnerability among key workers, with nearly half…
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Research from HSBC and housing charity Shelter has found that one in five people feel less confident than they did six months ago about being able to pay their rent or mortgage on time for the rest of the year. The survey of more than 2,100 adults across the UK shows that those in the…
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Latest data from FICO on UK credit card trends has illustrated the financial balancing act many consumers are facing. Average card spend has increased month-on-month and year-on-year. Higher prices for day-to-day purchases will be reflected in this increase. UK consumers are also paying off less of their outstanding balance, indicating the squeeze on personal budgets.…
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New figures released by the Trussell Trust have revealed that almost 3 million (2,986,203) emergency food parcels were provided to people facing hardship between April 2022 and March 2023, with more than a million of these parcels provided for children. This is the most parcels food banks in the charity’s UK-wide network have ever distributed…
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Households on traditional prepayment meters are being urged by the Government to redeem their energy bill support vouchers, with £160 million remaining to be claimed. Prepayment meter customers have so far claimed £620 million under the government’s Energy Bills Support Scheme (EBSS). New figures show that more than £780 million in EBSS vouchers have been…
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