Credit, Collections & Insolvency News
The UK’s energy crisis has prompted one in five (20%) consumers to rely on credit cards, loans and overdrafts to manage the mounting costs recorded over the last three months according to research by Credit Karma. The research found that the vast majority of consumers (78%) say they have experienced price hikes since the beginning…
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New research from SunLife shows almost 40% of people are not putting enough money aside to pay for their funeral, leaving their families to pick up the £1,800 shortfall. The report also highlights that one in five is also having to borrow to cover that shortfall with the average cost of a funeral is now estimated…
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One in four consumers expects to take on additional debt at Christmas, according to Intrum’s annual consumer report conducted in 24 European countries. Although households with families are more likely to take on debt to pay for food and presents than the average consumer, the age group being most likely to do so is Generation…
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New research on the cost of living crunch by Citizens Advice has revealed that one in ten families, equivalent to 3.2 million households, are facing a financial crisis this winter. The charity analysed average income data against household spending on essentials like rent, bills and food to establish how many families can meet their living…
Read moreNew research by Money and Mental Health Policy Institute, has found that 2.5million people with mental health problems who fell into debt during pandemic considered suicide The Institute is now calling on urgent action from the government, the NHS and essential services providers is required to stop the devastating cycle of debt and mental health…
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Rising costs will make it harder for families to put food on the table, according to results from PayPlan’s Autumn Income Shock Survey, commissioned to understand the growing impact of inflation on people in financially vulnerable situations. The research found that rising energy prices will affect 30% of people’s ability to put food on the…
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A new report by Aryza has found an increase in the numberstruggling to manage their personal finances. Drawing on a dataset of nearly 300,000 insolvent UK consumers currently struggling with their personal finances, the company’s latest debt statistics report found the average debt level across the UK to be £17,823. This is compared to £15,924…
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The record energy price cap increase of £139 in October is set to push two in five families into debt with their supplier, according to the latest Household Financial Confidence Tracker from comparethemarket.com. 43% of families with children at home believe that if energy bills increase it will push them into debt with their energy…
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County Court Judgments (CCJs) against businesses in England and Wales rose by 70 percent in Q3 2021, compared to the same quarter in 2020, according to figures released by Registry Trust. The number of business CCJs increased from 15,970 in Q3 2020 to 27,073 in Q3 2021. The total value of CCJ debt owed by…
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Over one-third of care home residents face long term struggle of paying for their care according to new ONS statistics. The research found that in 2019/20 it is estimated 143,774 or 36.7% of people in care homes in England were self-funders. This compares to 248,153 who are state-funded. The South East had the highest proportion…
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