Credit, Collections & Insolvency News
The Money Advice Trust has published its Outcomes Report 2021, which outlines the impact of the charity’s activity across its National Debtline and Business Debtline services, training and influencing work. In 2021 the charity helped 170,420 people through its National and Business Debtline services with 1.63 million visits to its advice websites. National Debtline, which…
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More than two in five Buy Now Pay Later (BNPL) customers borrowed money to make repayments research bt Citizens Advice has found. The types of borrowing included overdrafts, borrowing from friends and family, loans and payday loans. The most popular was credit cards (26%). Younger shoppers were most likely to borrow to pay off BNPL…
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As the cost of living crisis continues to worsen, the impact on households is continuing to evolve, with people suffering psychologically as well as financially, as revealed by the latest Inflation Nation report from the Yorkshire Building Society. According to the report, more than two thirds (67%) of adults are concerned by the impact of…
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Here is an overview of The Money Charity’s latest statistics for May 2022 Personal debt in the UK People in the UK owed £1,781.7 billion at the end of March 2022. The average total debt per household, including mortgages, was £64,107 and per adult was £33,686, around 108.0% of average earnings. Net mortgage lending rose by…
Read moreNew research by Institute for Fiscal Studies (IFS) has found that inflation for the poorest households is likely to increase even faster than for the richest, and could hit 14% in October. The IFS analysis incorporating an £800 increase to Ofgem’s tariff cap in October shows that the pattern of poorer households being hit harder…
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Water regulator, Ofwat has published new guidelines for water companies to help household customers across England and Wales pay bills, get help and repay debts. The new guidelines cover several areas, including requiring companies to: Offer more flexible payment options for customers on irregular incomes and zero-hours contracts; Talk sensitively with customers struggling to pay…
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Ofgem boss Jonathan Brearley has told MPs the regulator expects the price cap to increase by more than £800 this October as the war in Ukraine continues to exacerbate the energy crisis. Appearing before the Business, Energy and Industrial Strategy (BEIS) Committee both Brearley and former Ofgem Chief Executive Dermot Nolan apologised for not intervening…
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Latest data from the Ministry of Justice (MoJ) have indicated that mortgage possession actions in Quarter 1 (Q1) have dropped significantly compared to Q1 2019. Compared to 2019, pre-Covid-19, mortgage possession claims, orders, warrants and repossessions by county court bailiffs have decreased by 53%, 47%, 55% and 57% respectively. However, compared to the same quarter in…
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New research by InDebted has found that around 2 in 3 UK adults (64%) who have interacted with existing debt collectors say the experience was stressful’, increasing to about 3 in 4 (74%) among 18-34-year-olds. The company polled over 2,000 people and found that one in three (34%) who previously or currently have debts say…
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As the cost of living crisis bites householders across the UK, water billpayers in England and Wales have reported increased anxiety about affording their bills, with more than 61% stating they are concerned about their finances worsening this year. Research by Ofwat showed a correlation between those struggling to pay and suffering with poor wellbeing…
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Grieving families in Britain are being put under additional financial strain due to not discussing end-of-life wishes with loved ones, SunLife’s annual Cost of Dying Report has revealed. The research revealed that families unsure of what the deceased would have wanted often overspend compared to those who had shared their wishes in advance. Almost half (48%) of…
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The average UK household will be short of a £100 a month by 2024, as the cost of living crisis means expenses will outpace incomes. The figures come from a Yorkshire Building Society’s Inflation Nation report and reveal that weekly household spending is set to rise to £705 in just two years’ time. However, the…
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Demand for credit from households is expected to rise this year as cost of living pressures bite, according to the latest EY ITEM Club UK Bank Lending Forecast, which predicts consumer borrowing will grow to a five-year high of 7.9% in 2022 (equivalent to almost £16 billion in net terms). This is a trajectory reversal…
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