Credit, Collections & Insolvency News
Money and mental health are strongly linked, with a report from the Money and Mental Health Policy Institute showing one in five people (18%) living with a mental health problem are also in problem debt and are also 1.5 times as likely to struggle with bills and credit commitments. A report titled ‘Mental Health and…
Read more
As households grapple with the rising cost of living, the latest update to Lowell’s Financial Vulnerability Index (FVI), a tool used to measure and track financial resilience across the UK based on anonymised data from over 9.5 million Lowell customer accounts and other publicly available data, has shown that households are continuing to borrow and…
Read more
New data from Macmillan Cancer Support shows that tens of thousands of people going through or recovering from cancer treatment in the UK (16%) have had to sell personal possessions or borrow money just to make ends meet. The research also found that almost one in three (31%) are struggling to pay their basic living…
Read more
New ONS data on debt and wellbeing has found that more than a fifth of adults in the UK (22%, equal to around 11.5 million people) reported borrowing more money or using more credit than the previous year because of the increased cost of living. Nearly a third (31%) said they would be unable to…
Read more
New research by Fluro has found a surge in personal loan requests as consumers consolidate their debts.. The study reveals that the UK consumer lending market has experienced a spike in activity in January 2023, with Fluro’s data tracking the highest numbers of loans requested since the summer. The year began with just over a…
Read more
StepChange Debt Charity Scotland client data for the fourth quarter of 2022 shows the cost of living increase was the leading cause of debt for almost a quarter (23%) of its new clients. This is more than double the figure in the first quarter of 2022 (10%), reflecting the upward pressures people have been facing…
Read more
Households across the country could be heading for even more financial pressures in January – as 1.9 million households missed payments in the lead up to Christmas according to new analysis by Which? An estimated 1.9 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill payment in the…
Read more
More than a quarter of people will be seeing in the new year in debt according to new research by Tesco Bank. The types of debts covered included informal debts such as borrowing from friends or family, as well as credit card spending, overdrafts, loans or buy now pay later spending, On average, people expect…
Read more
Almost one in four (24%) people in England and Wales are very worried about getting into serious debt over the next six months, rising to over a third (36%) among those with children, new independent research from the Enforcement Conduct Board (ECB) has found. The ECB has been created with agreement between the enforcement industry…
Read more
Almost half (47%) of the Uk population struggle to talk about debt with family and friends, new research by Go.Compare Loans has revealed The current cost of living crisis has left 41% of UK adults worried about whether they will be able to pay their bills on time. For this reason, financial transparency with loved…
Read more
New data from StepChange Scotland shows inflated prices for energy, food and other essentials are driving new clients to its service. Data from July to September 2022 shows one in five clients (21%) cited the cost of living as their main reason for debt, double the one in ten (10%) from January to March of…
Read more
The Financial Conduct Authority (FCA) has found 7.8 million people are finding it a heavy burden to keep up with their bills, an increase of around 2.5 million people since 2020. The FCA has published a snapshot of the latest edition of its landmark Financial Lives survey, which was carried out between February and June…
Read more
More than two-fifths of 55 to 64-year-olds are ‘struggling financially’ or are ‘up to their neck in debt’ against an average of 35% of people surveyed in the 55+ age group according to research by insurer Aviva. The research also found that while more than a third of all over-55s said they are having difficulties with…
Read more