We're certainly seeing a significant impact. Can everybody hear me okay or is there some feedback?
So, we're still seeing, I think, that the number of applications is not at 2020 levels, so pre-2020 levels. However, this is changing and it is getting better. We are seeing an increase in the number of new applicants, but some of our existing members, who had perhaps applied each year, say for Christmas, have not applied this year. They may have been with us for 15 years, always applied every year, perhaps for a Christmas loan, and this is the first year that we're actually seeing people recognising that they may not be able to afford to repay any lending.
Obviously, when we do the affordability checks, we are seeing a smaller level of affordability for the majority of our clients to repay, due to things like rising costs, such as mortgage, fuel bills and food costs. So, while we are doing our checks, we are definitely seeing a reduction in affordability, and they might not be able to repay. We are seeing a rise in new insolvency solutions, so that would be whether it's a debt management, a bankruptcy, a debt relief order or individual voluntary arrangements. So, we certainly are seeing an increase there, but, to be honest with you, I think the biggest rise was perhaps during and immediately after lockdown. So, COVID had a massive impact on new insolvency solutions, and, certainly, the greatest rise was immediately during and after lockdown.
Another thing that we are definitely seeing, another trend that we are witnessing is a greater amount of missed payments and increasing unaffordability. So, when we are looking at credit files, we're seeing more and more missed payments. Before, we might have seen one or two missed payments, but we're certainly seeing three or four, and that is carrying on, where people are not just missing one or two, but they're missing three, four or five months-worth of payments.
So, during COVID, there was a massive surge in saving, without a shadow of doubt. Saving levels rose, and I know that that was the same for the banks, as well, because I've met with the Bank of England, and they had experienced the same trend across all the banks. However, since the cost-of-living crisis, that has dramatically decreased, so we're seeing a lot less savings coming in from members than we've ever seen before, whether post- or pre-COVID levels. We're certainly seeing a decrease in savings across all different applicants. So, it has been a very challenging time for credit unions, and we certainly are seeing changes in trends as a result of the cost-of-living crisis.