Credit, Collections & Insolvency News
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…
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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…
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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…
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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…
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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…
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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…
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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…
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Around 1 million children with key worker parents are living below the breadline, new research by the TUC has found. In some parts of the UK, more than two-fifths of children in key worker households are living below the breadline with one in five (19%) key worker households having children living in poverty. The research,…
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An estimated 2.1 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in the last month according to new research from consumer group Which? This marks the sixth month this year that an estimated 2 million or more households have missed a payment. Although those on lower incomes…
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Research by more2life has found that the total amount of debt owed by the over-55s will rise to £294 billion this year. The figure is up from £272 billion in 2021 and £209 billion in 2017. This is a leap of two-fifths (41%) in five years and the total is projected to soar even further…
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Here is an overview of The Money Charity’s latest statistics for June 2022 Personal debt in the UK People in the UK owed £1,786.6 billion at the end of April 2022. The average total debt per household, including mortgages, was £64,286 and per adult was £33,780, around 105.3% of average earnings Net mortgage lending rose by…
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One in five people in Scotland are running out of money before payday, new polling for Citizens Advice Scotland (CAS) by YouGov has revealed. The polling shows 9 per cent of people always run out of money before pay day – defined as wages as well as pensions and benefit payments. A further 11 per…
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New polling commissioned by the anti-poverty group Jubilee Debt Campaign has revealed that three million people fear they will be pushed into debt over the next six months. This week’s rises in National Insurance contributions as well as the increase in the energy price cap and council tax are set to push even more people…
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