Credit, Collections & Insolvency News
A new survey of homeowners who pay a mortgage, conducted by independent market research firm Danebury Research on behalf of global technology specialist Dye & Durham, fas found that the ongoing cost of living crisis is affecting the mental health of more than half (56%) of UK mortgage holders who have genuine concerns over their…
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Credit Connect’s hosted its sixth Online Collections Technology Think Tank 4.1 last week which saw collections strategies and the impact of cost of living economic stresses discussed by thirteen collections professionals from a variety of industry sectors. The themes of collections risk, customer engagement, affordability and the future of collections were discussed by panelists and…
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New data from specialist lender Hodge shows a significant increase in the number of its 50+ customers taking out a mortgage for debt consolidation in January this year compared with January 2022. The data shows that in January 2023, 18% of customers said they were using the loan for debt consolidation, compared with just 2.13%…
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Energy regulator Ofgem has announced that the energy price cap will be set at an annual level of £3,280 for a dual fuel household paying by direct debit based on typical consumption, a reduction of almost £1,000 from the current level, of £4,279 which reflects recent falls in wholesale energy prices. The cost of universal…
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Here is an overview of The Money Charity’s latest statistics for February 2023 Personal debt in the UK People in the UK owed £1,832.8 billion at the end of December 2022. The average total debt per household, including mortgages, was £65,946 and per adult was £34,653, around 105.7% of average earnings. Net mortgage lending rose by…
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New data from Macmillan Cancer Support shows that tens of thousands of people going through or recovering from cancer treatment in the UK (16%) have had to sell personal possessions or borrow money just to make ends meet. The research also found that almost one in three (31%) are struggling to pay their basic living…
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Poorer households are hit harder than wealthy households when it comes to rising energy costs according to new research by Interactive Investor. When factored into the other key areas of household expenditure, including food, housing costs (rent or mortgage) and transport, the research calculated that the poorest 10% of households face spending 26% of their…
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More than half of the UK population are either haggling on their regular bills or intend to do so, according to new research from Go.Compare, as the cost of living crisis continues to impact households. After interviewing more than 2,000 UK adults, the comparison site found that a third (33%) of people have already started…
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New ONS data on debt and wellbeing has found that more than a fifth of adults in the UK (22%, equal to around 11.5 million people) reported borrowing more money or using more credit than the previous year because of the increased cost of living. Nearly a third (31%) said they would be unable to…
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Households with energy prepayment meters in their homes are nearly twice as likely to dip into debt due to the cost of living crisis than others, according to new data. The Office for National Statistics (ONS) found that 26% of adults who pay for their gas or electricity up front, reported using credit because of…
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Research by StepChange Debt Charity, has revealed that 43% of the UK population, including 48% of Scottish adults, more than 2 million people have found it difficult to keep up with household bills and credit commitments in the last few months. One in ten (10%) say they have found it very difficult. With the rising…
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Households expect to need more than £200 extra per month to cover the increase in bills set to take place in April, according to Comparethemarket.com’s latest Money Action Index. The index tracks the proportion of households who are concerned about the rising cost of living and are taking action to get their finances under control. The latest index…
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Following Energy Security Secretary Grant Shapps’ intervention last week, all energy suppliers have now committed to ending the forced installation of prepayment meters in vulnerable customers’ homes. Concerns were raised about the sharp rise in companies seeking warrants to enter people’s homes to forcibly install prepayment meters, Mr Shapps wrote to energy bosses insisting they…
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