Credit, Collections & Insolvency News
Debt advice specialist, Money Wellness has warned the cost-of-living crisis is far from over despite the topic falling down news agendas in recent months. The organisation reiterated the warned after referring more than 21,000 people to food banks during the first six months of the year – up from 10,622 in the last half of…
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New research from the Money Advice Trust, the charity that runs National Debtline and Business Debtline, shows 6.8 million (13 percent) UK adults are struggling to pay for their essential costs, such as rent and council tax. Despite inflation falling to 2 percent, an estimated 11.4 million (21 percent) people say their financial situation is…
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A new report published today by Royal London, shows significant increases across housing, energy and food bills, and childcare, since February 2023 meaning the average family with young children have seen their expenses rise by over £1,000 a month, leaving almost a fifth (18%) of parents with no money for unexpected bills or emergencies. The…
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A report from Scottish Friendly and the Centre for Economics and Business Research (Cebr) has revealed that just over a third of consumers (33.5%) can’t plan beyond a rainy day fund buffer until 2025. The Family Finance Tracker report shows that despite the cost-of-living pressures easing, UK households are still focused on their immediate finances…
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Credit Connect’s hosted its sixth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by eight leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…
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The DWP has published a new report reviewing the cost of living support and it’s impact on households with below average income. The report showed that 1.3 million more people would have been in absolute poverty after housing costs in FYE 2023, a 2 percentage point increase, without the additional cost of living support provided.…
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Research from Nationwide shows how costs have soared for the typical British family since 2021 – from mortgage or rent payments to food, energy and fuel – with more than one in five households having less than £100 spare each month. Continued high costs have led to more than two-thirds (69%) of family households feeling…
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The rising cost of living is the main financial concern for there quarters of people (73%) over 50 according to new research by SunLife, rising to 78% for women. The research found that only 18% of retirees and 9% of non-retirees are free from money worries in 2023. After the rising cost of living, people…
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A new survey by Purbeck Personal Guarantee has underlined the impact of the cost of living crisis on shopping habits with 33% of shoppers plan to haggle this Christmas. 51% confessed they have haggled for an essential product or service this year. The research suggests that 21% in the survey think it’s fine to haggle…
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With the country getting an extra hour in bed as the clocks go back this weekend, Aviva’s latest study reveals that over half (51%) of the nation say they are not getting the recommended seven hours or more sleep per night. On average, UK adults were found to be getting just under six and a…
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Ordinary working families are bearing the burden of the cost-of-living squeeze. New data from Lowell’s Financial Vulnerability Index shows areas with a high proportion of working families have seen a worsening in financial health compared with the UK as a whole in the first half of 2023. Lowell has identified 133 constituencies which are more…
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A new survey from The Open University (OU) has found that nearly one in two (49%) have reconsidered going to university in the last year, because of the rising cost of living. Nearly a third (31%) of school leavers believe university is not affordable, while a fifth (20%) are still unsure if they will go…
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One in five (3.4 million) people aged 50-69 and one in twelve of over 70s (670,000) in the UK have had to borrow more money or use more credit than usual in the last month compared to a year ago, new research by Age UK has found. The analysis showed that 1.3 million over 50s have a…
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