Credit, Collections & Insolvency News
One in five people (over 12 million) now borrowing to pay for food and other essential bills, with half doing so for the first time according to research by Money and Pensions Service, The survey of 2,180 UK adults, carried out by the Money and Pensions Service, shows that one in five (23%) have relied…
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Typical household disposable incomes for working-age families are on track to fall by 3 per cent this financial year, and by 4 per cent next year, with the two-year cost-of-living squeeze set to leave families £2,100 worse off and only the very richest households seeing their incomes rise, according to new research by the Resolution…
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BDO is warning taxpayers who are in arrears that HMRC is expected to get much tougher when it comes to recovering tax debts in 2023. For the last two years, HMRC has waived late filing and late payment penalties for a month after the 31st January Self Assessment deadline to ease Covid pressures, but the…
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Households across the country could be heading for even more financial pressures in January – as 1.9 million households missed payments in the lead up to Christmas according to new analysis by Which? An estimated 1.9 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill payment in the…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies decreased by 0.6% to 10,465 in November 2022 compared to 10,528 in October, but were 11.4% higher than November 2021’s figure of 9,390, and 8.9% from November 2019’s total of 9,606. There were 2,269 DROs which was 10% higher than…
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At some point in 2022, 74% of households have avoided turning on the heating despite wanting to. In addition, 55% have turned down the temperature in their home, 50% have reduced the use of their oven and 31% are only heating part of their homes according to new research by abrdn Financial Fairness Trust. The…
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Over three million low-income households have said they have not been able to keep their home warm because they aren’t able to afford it as dangerously cold weather sets in according to new research by the Joseph Rowntree Foundation (JRF). JRF says plummeting temperatures terrify the hundreds of thousands of low-income households who can’t afford…
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The Consumer Council for Water (CCW) has urged that water companies must not add to the worries of households through poor service. CCW has responded to Ofwat’s annual water company performance report which sets out a number of areas where water companies are falling short of the standards customers expect. It highlights a fall in customer satisfaction,…
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The Government has hosted a roundtable with the Financial Conduct Authority (FCA), Martin Lewis of Money Saving Expert and mortgage lenders to discuss what support some mortgage borrowers may need. Following the meeting, mortgage lenders have agreed to take a more consistent and supportive approach to homeowners struggling with the cost of living crisis. Bank…
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Nearly four in ten people feel their finances are in a state of chaos, as bills, taxes, food prices and transport costs put a strain on their income. A poll of 2,000 UK adults found 27 per cent are currently in some kind of unsecured debt, estimating it will take them over three years to…
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New research by Credit Karma has found that nearly one in three (30%) have no money set aside for increased energy costs this winter. The cost of living crisis threatens the Christmases of 11 million people as concerns over energy prices prompt them to cancel or abandon plans. The total gas and electricity used for…
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New research by Ofwat has whown that more customers are struggling with household bills and that two-thirds expect their situation to worsen in the coming year. The research found that in order to try and cope, many are borrowing money from friends and family, taking out loans or getting deeper into debt. Alarmingly, 75% of…
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Latest StepChange debt charity client data from October 2022 shows the cost of living is still the number one driver of debt among new clients, although the proportion of new clients with gas and electricity arrears fell compared to September. Since the start of October, when the government’s energy price guarantee was announced, the proportion of…
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