Credit, Collections & Insolvency News
Latest figures from the Insolvency Service have indicated that personal insolvencies in England & Wales fell by 10.1% to 8,434 in December 2021 compared to 9,385 in November 2021, and were 12.4% lower than December 2020’s figure of 9,625. There were, on average, 6,648 IVAs registered per month in the three-month period ending December 2021,…
Read more
Single adults on low incomes could spend more than half their income on bills if the energy price cap rises in April, according to a report by the Joseph Rowntree Foundation (JRF). The analysis found that households on low incomes will be spending on average 18% of their income after housing costs on energy bills…
Read more
The number of households suffering from ‘fuel stress’ spending at least 10 per cent of their family budgets on energy bills is set to treble overnight to 6.3 million households when the new energy price cap comes into effect on 1st April according to new research by the Resolution Foundation. The research shows that the…
Read more
The anticipated £700 increase to the default tariff cap is set to put energy bills as a proportion of benefit levels at a generational high and tip many more into hardship, new research by Citizens Advice has revealed. Citizens Advice is calling on the government to provide a one-off grant this April to support families…
Read more
Charity, Age UK is demanding immediate government action to prevent millions more from falling into fuel poverty. The Charity has written to the Secretaries of State for Business, Energy and Industrial Strategy (Rt Hon Kwasi Kwarteng MP) and for Work and Pensions (Rt Hon Thérèse Coffey MP), published in full below, calling for immediate action…
Read more
Benefits will need to be hiked by twice as much as planned this spring in order to protect millions of the poorest in society from the impact of surging inflation according to new analysis by the Insititute of Fiscal Studies (IFS). The analysis shows poorer households tend to spend almost three times as much of…
Read more
New research by Moneyfarm and Dectech has revealed that 25% of the nation are financially dependent on a partner. A further 17% are reliant on their parents with a further 10% reliant on other relatives. Whilst 8% of UK adults are dependent on their children, most surprisingly, 22% of 18 to 30-year-olds are actually financially…
Read more
Nearly half of consumers(44%) want urgent help in managing their own money, according to a new opinion poll highlighting the dire state of the personal finances of millions of people. The findings come from a poll by Opinium of 4,000 people commissioned by the leading think-tank, the Centre for Social Justice (CSJ), and credit management company…
Read more
Households have suffered the sharpest fall in the amount of cash they have available to spend for almost eight years, amid a worsening cost of living crisis driven by high inflation and rising energy bills. Research by Scottish Widows’ Household Finance Index found that surging living costs hit people’s pockets and led to the steepest…
Read more
The Bank of England data for November showed a significant net increase in borrowing on credit cards, which StepChange Debt Charity warns may be an indicator of increasing underlying financial stress among some households. Credit cards remain the most common type of unsecured debt held by new StepChange clients at the time they take advice.…
Read more
More than four in five (82 per cent) people have seen their living costs such as grocery or energy bills and day-to-day essentials increase in the past few months, according to new research by TSB. The bank’s research, through its money confidence barometer, indicated that as a result of the cost of living rises, nearly…
Read more
New rules home and motor insurance renewal rules brought in by the Financial Conduct Authority (FCA) are expected to save consumers £4.2bn over the next 10 years. From 1st January 2022 insurers will be banned from quoting customers a higher price for renewing their home or motor insurance than they would pay if they were…
Read more
Almost five (4.75) million families living in social housing in England are facing rent rises of up to 4.1 per cent next April – equivalent to an average £202 extra per year – the biggest nominal increase in a decade, according to Resolution Foundation research. The latest Housing Outlook examines how the rise in the…
Read more