Credit, Collections & Insolvency News
Homeowners hit by the pandemic are now losing their homes, evicted by banks in court hearings, a joint probe by Money Mail and The Bureau Of Investigative Journalism has found. The ban on bailiff-led evictions was extended until the end of May in England and the end of June in Wales. But the research has…
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Over 2.8 million people with mental health problems fell into council tax debt during pandemic according to new research by Money and Mental Health. The research shows that people with mental health problems have been hit particularly hard financially during the pandemic, with two in five suffering a drop in income, and three in ten…
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More than two in five (41%) young people said that their money worries had increased because of the Covid-19 pandemic, new research YouGov, as part of a partnership between youth charity The Mix and global information services company Experian. Over a third (35%) of young people surveyed agreed that the impact of the pandemic on…
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The impact of welcome changes to Universal Credit (UC) announced in the Budget will leave 1.3 million families better off than before the withdrawal of the £20 a week boost to UC last month and make 330,000 more families eligible for support, but 3.6 million families will remain worse off, according to new research the…
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New figures released today by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 67% in September 202 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA),…
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More than three million households are entering winter in debt to their energy supplier, half a million more than last year according to new research from Uswitch.com. Households are going into the coldest time of year owing £510 million, a rise of £77 million since 2020, with many feeling additional pressures caused by the rising…
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New research by NerdwWallet has found that over a quarter of consumers have borrowed due to gambling The research found that 46% who gamble daily have taken a loan or credit because of gambling, the highest of any category. Whilst 28% who gamble at least once a month have taken a loan or credit because…
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Coronavirus support measures reduced the number of customers seeking debt advice, but caused an increasing rise in existing debt solution customers needing support according to new figures from the Financial Wellness Group’s Impact Report, The report showed that the average debt of new advice customers rose to £17,900 with an increasing proportion of customers having…
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Latest figures from the Insolvency Service have indicated that there were 26,758 seasonally adjusted personal insolvencies in Q3 2021, a fall of 1.8% compared to Q2 2021’s figures of 27,252 and a rise of 32.5% compared to Q3 2020 (20,194). This is the sixth quarter to be wholly affected by the pandemic and associated national measures, and…
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New insight from Lowell’s Vulnerability Index has indiacted a 11% rise in financial vulnerability across the pandemic (Q3 2019 to Q1 2021) The Financial Vulnerability Index, is a joint project between Lowell, one of the largest credit management services companies in Europe, and the Urban Institute, a leading U.S.-based research organization, uses unique Lowell data…
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Younger consumers in the UK, aged 16 to 24 year olds, are among those most likely to now consider themselves vulnerable – 48%, compared to 34% of all consumers, according to research by the Vulnerability Registration Service (VRS), a not-for-profit company providing the UK’s first central vulnerability database. The FCA’s Financial Lives findings back in…
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Chancellor Rishi Sunak has announced changes to the Universal Credit Taper rate, which is the amount of Universal Credit (UC) withdrawn for every pound someone earns (from 63% to 55%, so for every extra £1 earned, 55p of Universal Credit will be withdrawn) as part of his latest budget announcement. StepChange Debt Charity says that…
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Here is an overview of The Money Charity’s latest statistics for October 2021 Personal debt in the UK People in the UK owed £1,745.7 billion at the end of August 2021. The average total debt per household, including mortgages, was £62,813 and per adult was £33,006, around 108.9% of average earnings. Net mortgage lending rose by…
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