Credit, Collections & Insolvency News
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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Two thirds (63%) of households resorted to credit cards, loans and overdrafts to cover Christmas costs in 2022 according to new research by Credit Karma. A total post-Christmas balance of £9.8 billion has prompted concern around managing repayments, as rising levels of borrowing coincide with higher household expenses for necessities, from groceries to heating and…
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Surprise economic growth in November means that the UK is unlikely to have fallen into recession last year. But this will be of cold comfort for many families who are still in the midst of a deep living standards downturn according to the Resolution Foundation. With latest ONS GDP data showing a surprising growth of…
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NatWest has unveiled a £40m support package for customers as it looks to cushion the impact from the soaring cost of living. The bank’s plans include extending the time it takes to repay an unsecured loan or overdraft if payments are missed from 18 months to two years. NatWest will give firms cash back on…
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New research from Citizens Advice found that 3.2 million people across Great Britain ran out of credit on their prepayment meter last year because they couldn’t afford to top up. That’s one person every 10 seconds – cut off from their energy supply as the cost-of-living crisis left people struggling to keep the lights on.…
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The Financial Conduct Authority (FCA) has warned that more than 750,000 households are at risk of defaulting on their mortgages over the next two years as soaring borrowing costs make payments unaffordable. The financial regulator said that over 200,000 households had already fallen behind on payments by the end of June 2022 – with bills…
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New research has revealed that 1.6 million people who have identified themselves as vulnerable were pressured into taking out credit or services for someone else, in last 12 months. Undertaken for the Vulnerability Registration Service (VRS), the research has highlighted that in the past 12 months, 5% of UK adults (2.7 million people) have been…
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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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