Credit, Collections & Insolvency News
Six in ten households (63%) who are not confident they will be able to pay their bills in the coming weeks have taken no steps to strengthen their finances according to Comparethemarket’s new Money Action Index. The research shows that almost two-thirds (64%) of households worried about the cost of living have found it difficult to pay…
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The monthly cost of repaying a mortgage has seen the second largest annual spike, with just energy bills increasing at a greater rate according to research by Revolution Brokers. The research analysed the annual increase in a number of household costs, from energy bills to mortgage payments, water and sewage and food and drink, to…
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Almost half a million (450,000 people) could be made to pay their energy bills with a prepayment meter by the end of 2022 because they’ve fallen into debt according to new analysis from Citizens Advice. The charity analysed Ofgem data on the number of customers moved to prepayment meters due to their existing debt to…
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Here is an overview of The Money Charity’s latest statistics for September 2022 Personal debt in the UK People in the UK owed £1,810.7 billion at the end of July 2022. The average total debt per household, including mortgages, was £65,151 and per adult was £34,235, around 107.5% of average earnings. Net mortgage lending rose by…
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Soaring energy, food and fuel prices have forced 1.2 million UK adults (2%) to turn to unscrupulous loan sharks in the last 12 months according to research from the Vulnerability Registration Service. Released during National Stop Loan Sharks Week, the research also revealed that this picture is twice as bad for the most vulnerable in society, with…
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A fifth of households (20%) will only be able to cope with rising bills this winter by cutting back their energy use, according to new research from Uswitch.com, the comparison and switching service. Despite the Government’s energy price guarantee and £400 bill support, energy bills are still set to increase from the 1st October, and…
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Energy regulator Ofgem has published its Market Compliance Review of how energy suppliers help customers in payment difficulties and has found issues ranging from minor through to severe weaknesses, or failings. The research found that, although good practice exists across the industry, with one supplier having no issues, most need to make improvements in processes…
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Almost two in five households (38%) wrongly believe that the Government’s energy price guarantee means their bills cannot go above £2,500, according to new research from Uswitch.com, the comparison and switching service. The measures announced by Prime Minister Liz Truss will support people with their energy bills, and avoid the nightmare scenario of Ofgem’s price…
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One in three mortgage customers say that rising interest rates mean they cannot afford their repayments, new research commissioned by Butterfield Mortgages has found. The independent survey of 2,000 UK adults found that a third (33%) of mortgage holders believe the interest rate hikes over the past year have made their mortgage repayments unaffordable. Among…
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One-fifth of UK adults are already behind on one or more household bill, and one in nine have gone without food as a result of rising costs, according to new research from the Money Advice Trust. While the government’s Energy Price Guarantee removes the risk of energy bills climbing even further, the charity, which runs…
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The Consumer Confidence Index from YouGov and the Centre for Economics and Business Research has found that confidence among UK consumers has fallen into negative territory for the first time since June 2020. The index fell by 4.2 points in August from 103.0 to 98.8, the largest decline since the early stages of the pandemic.…
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Before further government measures are expected to be announced later today (Thursday 8th September) new data from Comparethemarket has revealed that one in two households (56%) are not confident they will be able to afford energy bills this winter, rising to two-thirds of families (64%) with children at home. Households say, on average, they will…
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The number of people classed as ‘financially vulnerable’ has risen from 2.7% to 4.4% of the population since the start of the pandemic and continues to rise as the cost-of-living crisis intensifies. That’s according to research into 13 million consumer debt profiles conducted by UK leading debt recovery specialist TDX Group, an Equifax company, which…
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