Credit, Collections & Insolvency News
16 million people are still unaware you can get into debt using ‘Buy Now Pay Later’ (BNPL) services*, according to research from lender, Creditspring. A third of people (31%) still don’t think that BNPL purchases can lead to debt, however, this jumps to over half (51%) for those aged 18-24 who are 29% more likely…
Read more
The number of households struggling with heavy debt has increased by two thirds since 2017, according to charity Debt Justice. The report shows that around 12.8 million adults in the UK are falling behind on bills or finding repayments a struggle. The Financial Conduct Authority’s Financial Lives survey found that 7.7 million adults in the…
Read more
Manchester-based Money Wellness, an organisation offering free debt and wellbeing advice, is warning that the explosion in salary advance schemes, allowing employees to access their salaries before payday, is camouflaging a spiralling debt crisis. Salary advance schemes, also known as earned wage access, salary loans or payroll advances, are financial arrangements offered as an employee…
Read more
Leading anti-poverty charities publish research showing that ending poverty is not just morally right – it’s also an economic imperative Scotland’s economy is missing out on up to £2.4 billion a year due to the UK and Scottish government’s failure to eradicate poverty – with billions more being spent tackling the consequences of poverty which…
Read more
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