Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for June 2022 Personal debt in the UK People in the UK owed £1,786.6 billion at the end of April 2022. The average total debt per household, including mortgages, was £64,286 and per adult was £33,780, around 105.3% of average earnings Net mortgage lending rose by…
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The government has published breathing spaces data which shows breathing spaces rates were highest for people aged 25-44 (one in 445 of those aged 25-34 and one in 440 of those aged 35-44), and lowest for those aged 65 and over. In the first year of the support, there were 63,864 breathing spaces registered. One…
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Seven million households are living through a ‘frightening year of financial fear’, going without food, heating, toiletries and even showering as they try to cope with the cost of living crisis new research by Joseph Rowntree Foundation has found. The research found that low-income families have fallen behind on payments by an average of £1,600.…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 48% in April 2022 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), said…
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Latest statistics quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies numbers increased by 23.3% compared to May 2021’s figure of 8,496 and increased by 11.2% to 10,476 in May 2022 compared to 9,417 in April. There were 2,030 DROs and 566 bankruptcies. For individuals, 566 bankruptcies were registered, which was…
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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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