Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for March 2022 Personal debt in the UK People in the UK owed £1,767.1 billion at the end of January 2022. The average total debt per household, including mortgages, was £63,582 and per adult was £33,410, around 107.5% of average earnings. Net mortgage lending rose by…
Read moreNew analysis by Jubilee Debt Campaign has found that the number of households struggling with a heavy debt burden has increased by a third in 2021. According to the analysis of the Bank of England’s household survey, the percentage of households reporting that loan and interest payments were a heavy financial burden increased by 35%…
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One in seven (an estimated 7.9 million) UK adults is behind on at least one household bill and one in eight (an estimated 6.2 million) have gone without heating, water or electricity in the last three months as a result of rising costs, according to new research from the Money Advice Trust. The charity, which…
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Latest figures from the Insolvency Service have indicated that personal insolvencies in England & Wales increased by 15.8% to 9,825 in February 2022 compared to 8,486 in January, and were 43.7% higher than February 2021’s figure of 6,839. They were also 14.4% higher than in February 2020 (8,590). There were 2,242 DROs and 588 bankruptcies. The…
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One in twelve people turned to Buy Now Pay Later (BNPL) to cover basic costs such as food and toiletries in the last six months research by Citizens Advice has found. The charity discovered young people, those in debt and those claiming Universal Credit, are at least twice as likely to have used BNPL for…
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Housing tenants face having to find an extra £1,000 this year to cover higher rent and essential bills to fund cost of living rises according to research by Hamptons. The company’s Monthly Lettings Index found that tenants will end up paying more than ever on rent and bills, with an average of 54% of household…
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Charity, Age UK has joined the call for the Chancellor to do more to help older people through the energy price crisis. The charity says that nearly a quarter (24 per cent) of older households in England will be in fuel stress when energy prices go up from 1st April, this is up from just…
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The Institute for Fiscal Studies (IFS) has said decisions taken by the Chancellor in his Spring Statement will reveal whether he believes the Government should be protecting consumers from external events or not. IFS says with the cost of living soaring, Rishi Sunak will have to decide whether to cut spending or borrow more to…
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A hike in the energy price cap of £693 is set to push two in five families into debt, according to the latest Household Financial Confidence Tracker from comparethemarket.com. The price cap was announced in February and will come into effect in April. 42% of families with children at home believe they will need to take on…
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New ONS data has indicated that one in three people (35%) were spending more than we made, even before the pandemic, so the cost-of-living squeeze is set to cause enormous problems. More than half (57%) of single people of working age overspent before the pandemic: a higher percentage than any other household type with 43%…
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Research by KIS Finance has revealed that as a direct result of the rising cost of living, 57% of people in the UK are either already struggling financially, or expect to do so in the very near future. With no solution to the war in Ukraine in sight, the situation is set to get much worse, as…
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Latest ONS statistics highlighting the social impacts of Coronavirus have indicated that one in seven people borrow to pay bills. The research also showed that 81% of people said their cost of living has risen over the past month. When asked how this was affecting them, 22% of people said they were spending their savings.…
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Over 1.8 million adults in Scotland have seen their finances get worse during the Covid pandemic, according to new analysis from Citizens Advice Scotland (CAS). Polling for the charity by YouGov found 41 per cent of Scottish adults found their financial position got worse during the pandemic, with 15 per cent saying their position has…
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