16% jump in average energy debt

Research from uSwitch.com has shown that despite a fall in the number of households in debt to their energy suppliers, the average energy debt is 16% higher than it was in 2008, headlinemoney.co.uk reports. An estimated £728m is now owed by consumers on their energy bills, with 5.5m households now in debt...

Number of homes repossessed rises

New figures from the Financial Services Authority (FSA) have revealed that the number of homes repossessed because borrowers had fallen behind on their mortgage payments increased by 15% during 2009, the Telegraph reports. The figures showed that 54,055 homes were repossessed throughout the year – up...

75% of first-time buyers rely on ‘bank of mum and dad’

According to research by the National Housing Federation, more than half of first-time buyers believe they will need financial help from their parents to allow them to afford their own home, the Telegraph reports. Around 54% of people aged between 18 and 30 said they would need to borrow money from friends...

Five million Britons living beyond their means

According to a recent study by uSwitch.com, one in ten Britons ‘live beyond their means and borrow regularly to finance the spending gap’, ft.com reports. The findings revealed that 5.4m people in the UK spend more than they earn on a monthly basis. More than half of all Britons are left with...

IVAs and bankruptcies in Northern Ireland at record high

According to statistics from the Insolvency Service, the number of people entering an IVA (Individual Voluntary Arrangement) or bankruptcy in Northern Ireland has reached a record high. In the final quarter of 2009, there were a record 574 personal insolvencies in Northern Ireland. This figure was made up of...

14m people use credit cards for day-to-day spending

A survey by moneysupermarket.com has found that more than 14m people are using their credit cards for day-to-day spending, with one in five carrying three or more cards, the Telegraph reports. Although credit card interest rates have reached their highest level in 12 years (according to Moneyfacts), many...

Two thirds hope to have repaid mortgage by 50

According to research by The Co-operative Bank Mortgages, almost two thirds (62%) of mortgage holders hope to have repaid their mortgage by the time they reach 50, headlinemoney.co.uk reports. The findings revealed that if they repaid their mortgage in full, just over half of the respondents would go on more...

Trust Deeds & bankruptcies reach all-time high in Scotland

According to figures from the Insolvency Service, the number of personal insolvencies in Scotland reached an all-time high in 2009. The number of personal insolvencies reached 23,482. This was made up of 14,356 sequestrations/bankruptcies and 9,126 Protected Trust Deeds (essentially the Scottish equivalent...

1 in 10 keep heating on all day despite risk of energy debt

According to Confused.com, 1 in 10 households keep their heating on all day to keep their house warm for when they return home. This, however, could be putting their finances under pressure and putting them at risk of running up energy debts. The website’s research found that a large number of...

IVAs and bankruptcies in Northern Ireland at record high

According to statistics from the Insolvency Service, the number of people entering an IVA (Individual Voluntary Arrangement) or bankruptcy in Northern Ireland has reached a record high. In the final quarter of 2009, there were a record 574 personal insolvencies in Northern Ireland. This figure was made up of...