Credit, Collections & Insolvency News
The TUC has warned that millions of low-income workers face a “perfect storm” this April with universal credit (UC) falling behind the cost of living as energy bills and taxes rise. The warning comes as new TUC analysis reveals that the number of workers on UC has increased by 1.3 million since the eve of…
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The Bank of England (BoE) has increased interest rates to 0.5% from 0.25% as it looks to restrain a surge in the cost of living. With inflation soaring, the Bank opted to increase rates at successive policy meetings for the first time since 2004. Forecasts suggest inflation, as measured by the consumer prices index, is…
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Research by KIS Finance has revealed that as a direct result of the rising cost of living, 57% of people are either already struggling financially, or expect to do so in the very near future. With inflation jumping to 5.4%, its highest level in almost 30 years, increasing numbers are finding it challenging to make…
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Rents rose to hit a three month high in January, as the lack of stock and high tenant demand continue to fuel demand for properties across England according to new research by Goodlord. The average cost of rent across England rose during January, with averages hitting £993 per property. This is up from an average…
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Rising energy prices will risk more Scottish consumers turning to food banks, Citizens Advice Scotland (CAS) warned. The charity says more and more people in Scotland are asking for information on paying their energy bills because they are facing a ‘nightmare scenario’ as the cost of living crisis bites. The energy price cap will rise…
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Millions of people with mental health problems say they are missing out on Equality Act protections from banks and other essential services firms according to new a report by Money and Mental Health Policy Institute. The research found that many banks and other essential services providers are likely to be failing to meet legal duties set…
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Households are spending up to 77% of their income to cover the rental cost of living according to latest property market analysis by London lettings and estate agent, Benham and Reeves. The research shows that the average UK rental household pays £808 per month in rent, accounting for 26% of total monthly household income. The…
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New research by Which? has found that around 2.5 million households missed payments in January. According to the latest findings from Which?’s consumer insight tracker, an estimated 2.5 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in January 2022. This marks a significant increase on December 2021,…
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New analysis from Citizens Advice shows the struggle that many people, particularly single-parent families, have with debt as the cost of living crisis starts to bite. Citizens Advice’s figures show that around 280,000 people in England and Wales sought one-to-one help with debt in 2021, with many more using its website. Of those, almost 70,000…
Read moreNew data shows victim-survivors of economic abuse are left with long-lasting harm have an average coerced banking debt of £4,607 and 83% with low financial knowledge and confidence. Charity, Surviving Economic Abuse (SEA) has revealed new data showing that victim-survivors of economic abuse are left without the support they need to escape an abuser and…
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Charity, Age UK is calling for urgent action as research by the company shows over 80 per cent of over-65s think the Government should step in to help poorer older people. More than three in five over-65s (62 per cent) – equivalent to 7.8 million older people – are worried about heating their homes compared…
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The Government should reject over-complicated solutions to the cost-of-living crisis and simply make one-off cash payments to millions of households, according to Dr Aveek Bhattacharya, Chief Economist of the Social Market Foundation. The Social Market Foundation says that cash payments of up to £500 would be the best answer to the cost-of-living crisis, allowing households…
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The number of people finding it hard to keep up with bills and credit commitments has doubled since the start of the pandemic according to new research from StepChange Debt Charity. The charity has found the proportion of people struggling is now nearly one in three (30%) UK consumers – 15 million people – compared…
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