Credit, Collections & Insolvency News
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…
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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…
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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…
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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.…
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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…
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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…
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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…
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Here is an overview of The Money Charity’s latest statistics for December 2021 Personal debt in the UK People in the UK owed £1,749.9 billion at the end of October 2021. The average total debt per household, including mortgages, was £62,965 and per adult was £33,086, around 108.3% of average earnings. Net mortgage lending rose by…
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New FICO data has suggested that the tide might be turning on consumer finances with average card spend falling and early missed payment rates rising as furloughs finish FICO says that though its, analysis of UK card trends for October 2021, says that it appears that with the first signs that lockdown savings — which…
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Many people with significant amounts of outstanding borrowing will be worrying about the double whammy of inflation and higher interest rates following the Bank of England’s decision to raise the policy rate. According to StepChange Debt Charity, higher interest rates will push up the cost of borrowing while being unlikely to feed through to relief…
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Researchers from abrdn Financial Fairness Trust have issued a stark warning on the post-pandemic outlook for living standards in the UK following an extensive review of over 200 reports examining the impact of the pandemic. Although the macro-economic forecasts for the UK are comparatively positive, at a household level the situation is more mixed. The…
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Consumers experiencing financial difficulties as a result of economic abuse will receive further support to help them regain control of their finances and their independence, as part of an updated industry Code. The changes, in UK Finance’s revised voluntary Financial Abuse Code of Practice, will enable the industry to continue its commitment to helping victim-survivors…
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Rising living costs, reduced incomes, and cuts to support among the easons more people than last year will turn to borrowing to pay for the festive season according to research by StepChange debt charity. The report says that this Christmas will be a time of financial distress for many households, with more people expecting to…
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