Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) has shown that second charge mortgage new business volumes grew by 16% in August 2024 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),…
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Water companies in England and Wales have been told to pay £158 million penalty to customers as a result of poor performance. The regulator, Ofwat, announced the penalties as part of its annual review of companies’ performance. Performance penalties have totalled more than £430m since 2020. Ofwat’s annual Water Company Performance Report which shows disappointing…
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One million people are determined to put off switching on their heating until December to help keep costs down according to new research from Uswitch.com. However the average household will turn on their heating this Sunday (6th October) this year. That’s nearly a week earlier than last year’s big switch-on, which fell on 12th October. With…
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7.7 million households in England are at risk of fuel stress this winter, including the majority of families with children. The Government will therefore need to do more to support vulnerable households who are no longer eligible for Winter Fuel Payments (WFP) and those who never have been, according to new research published by the…
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According to Compare the Market’s latest Household Financial Confidence Tracker, over one in ten (13%) admit they are not confident in their ability to meet their mortgage repayments over the coming months. 57% of mortgage holders say they are unlikely to switch their mortgage to a new deal while rates remain at current levels. By contrast,…
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With energy bills are set to rise again, by 10%, from today (Tuesday 1st October), a new survey by fuel poverty charity National Energy Action and YouGov has found almost half (46%) of adults say they are likely to ration their energy use this winter – using less than they should for maintaining comfort and wellbeing. A…
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Here is an overview of The Money Charity’s latest statistics for September 2024 Personal debt in the UK People in the UK owed £1,860.6 billion at the end of July 2024. The average total debt per household, including mortgages, was £65,515 and per adult was £34,457, around 95.8% of average earnings. Net mortgage lending increased by…
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New Which? research has found energy and broadband customers lost an estimated £298m and 27.3 million hours to poor customer service in a year, as the consumer champion challenges firms to make urgent improvements. Which? surveyed more than 4,000 people to uncover how many people had a customer service issue in the year to May…
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Latest figures from Ofgem show energy debt levels have broken records again, with £3.69bn now owed. Debt charity, Money Advice Trust has highlighted the need for urgent debt help with energy arrears breaking record levels. The figures come ahead of the latest energy price cap increase, which comes into effect on 1st October, when energy…
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More than half (57%) of households with children have not taken significant action to save more than £100, despite many seeing their household bills increase recently according to Compare the Market’s latest research. To combat rising prices, households could save up to £756 by switching their car and home insurance through price comparison sites. Nine…
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Almost two in five (37%) 18–24-year-olds who are already in debt are struggling to pay it off, according to a two year-study by Fair4All Finance. The research found that over the last year, 29% of 18–24-year-olds say they have taken on more debt, and a worrying 22% say they have had an application for a…
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Half of adults have cut back spending on two or more essentials, including energy, water, broadband and car insurance, in the last year according to latest research by the Citizens Advice. The data has also revealed that people are in the dark about almost £2 billion of available financial support. Social tariff schemes, which reduce…
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New research commissioned through YouGov by StepChange Debt Charity of UK adults (of whom 185 live in Scotland) has revealed two in five (41%) Scots have found it difficult to keep up with bills and credit commitments in the last few months. This is up by twelve percentage points year-on-year, from three in ten (29%)…
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