Credit, Collections & Insolvency News
Energy supplier, Bulb has been ordered to pay £1.76 million by Ofgem after overcharging customers and blocking switches. The energy regulator said around 61,000 consumers were affected by the failures between 2017 and 2020. Ofgem found that Bulb did not have sufficient processes in place to correctly interpret or comply with Ofgem’s rules in three…
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Data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, has revealed that spending on essential items grew 3.2 per cent year-on-year. This increase was largely driven by supermarket shopping, which rose by 15.0 per cent, helping to offset a 22.2 per cent drop in fuel spend. While spending on…
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The Credit Services Association, the voice of the debt collection and debt purchase sector, has reported the success of its first virtual members’ business update event, one of a series of virtual events which brings together a host of expert speakers who deliver bitesize presentations on specialist subjects and then expand on these at weekly…
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One in three (31%) consumers used the enforced lockdown to pay down their debt, according to new analysis from Experian. The proportion of Experian’s customers that had high balances across their credit accounts stood at 12.6% around the start of lockdown (23rd March). This dropped to 8.6% at the beginning of June, just before measures…
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According to the headlines, shoppers flooded back to the high streets of England when non-essential stores reopened on 15 June. In that week, queues stretched around the block for the most popular stores, and footfall was up 45% on the previous week. Is this good news for retail? Not entirely. When compared to the same…
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A survey by the ICAEW of 800 senior finance executives at UK companies has found 40% expect to cut jobs in the next six months as a result of the coronavirus slowdown. The ICAEW says that the future prospects for employment levels looked bleaker: a third of respondents have already made staff redundant, and two…
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The UK economy shrunk by a fifth and fell into its deepest recession on record in the second quarter. Official data released by the ONS confirmed a 20.4% fall in GDP quarter on quarter. The contraction followed a 2.2% dip in the first quarter, sending the country into a technical recession. In Germany, GDP fell…
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