Credit, Collections & Insolvency News
Motor and home insurance customers are more likely to get the same or better prices at renewal highlighting the strong performance of insurers in delivering good outcomes, a new report from leading insurance market insight business Consumer Intelligence shows. The research of more than 25,000 home insurance and 25,000 motor insurance customers for the report…
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Here is an overview of The Money Charity’s latest statistics for January 2023 Personal debt in the UK People in the UK owed £1,831.9 billion at the end of November 2022. The average total debt per household, including mortgages, was £65,914 and per adult was £34,636, around 106.5% of average earnings. Net mortgage lending rose by…
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The cost-of-living crisis and the freeze on the income tax threshold has increased the disparity between Britain’s richest and poorest earners according to new data from Office for National Statistics (ONS). The figures show that while the richest Brits have managed to increase their household disposable income by just over £1,000 in the last year,…
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Latest tracking research from equity release adviser Key highlights that 30% of over 55s believe that their ability to repay their mortgage will be hindered due the cost-of-living crisis, equating to around 879,000* people’s mortgage plans being derailed. Of those 3.3 million over-55s who have yet to repay their mortgage, 16% say they plan to…
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Economists lexpect the UK to enter a recession this year, with new research from the EY Item Club showing that the recession could be deeper than expected. The forecast reflected findings that showed the rate of economic inactivity had not fallen as quickly as expected, with the number of inactive people rising by half a…
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New research by Fair4All Finance has found that the unprecedented support from banks and the regulator significantly helped customers during Covid-19, with no detrimental impact on bottom lines. The research conducted with Lloyds Banking Group, NatWest Group and Yorkshire Building Society looked at the response of major banks and building societies during Covid-19. The aim was to understand…
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The Business and Energy Secretary Grant Shapps is calling on suppliers to do more to protect vulnerable energy users and has pledged to crack down on the mistreatment of energy users by suppliers, following reports showing some are doing nowhere near enough to support vulnerable customers. Shapps has written to energy suppliers calling on them…
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New analysis from Citizens Advice has found a record number of people were in need of crisis support during 2022, as the cost-of-living crisis pushed more people than ever before to breaking point. The new research found that in the last 12 months, the charity helped more than 200,000 people with crisis support – which includes food bank…
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Energy consultancy Cornwall Insight has predicted that energy bills are expected to fall to about £2,200 from July. The decrease will mean that typical annual household energy bills will have fallen from £4,279 now to £3,208 from April, and then will ease to roughly £2,200 for the remainder of the year. The forecasts show prices…
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Octopus Energy has come top in Which?’s annual customer survey as the consumer champion calls on energy firms to do more to support consumers during the cost of living crisis. Over the last two years, the energy market has changed completely – gas prices have soared, millions of consumers have been transferred to a new…
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As the cost of living continues to spiral people are cancelling or switching their insurance policies in a bid to make savings, according to research by Consumer Intelligence. Around 7% of people have already cut back on insurance to make savings in the last three months and a further 7% are considering back in the…
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Almost two in five over-55s (39%) said that their outgoings exceeded their income during parts of 2022, new data from more2life and economics consultancy Cebr has found, with a growing number turning to unsecured borrowing to cover shortfalls. The research also revealed that the number of people whose spending exceeded their income every month has more than doubled to 8% (2022) from…
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In an open letter sent today to the Chancellor, Jeremy Hunt MP, 95 Charities and non-profit organisations across the UK have joined together to call for more targeted support in the form of a social tariff for the energy market to help older and disabled households heat their homes. New research by Age UK reveals strong…
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