Credit, Collections & Insolvency News
Close to one million consumers will experience severe and long-term damage to their credit scores if they cancel their energy payments in October according to research by Credit Karma. Credit Karma says combining data on the damage caused to scores from missing just one utility bill payment and polling to estimate the number of consumers…
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Scottish Power and Utilita have been issued a provisional order by Ofgem compelling the energy suppliers to improve how it treats customers in debt. A review conducted by Ofgem into suppliers’ practices found a number of apparent failings around the way it sets debt repayment plans and deals with customers struggling with bills. Provisional Orders…
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Only one-fifth of women studying at degree level are currently thinking about pursuing a career working in data, a new study from Experian has revealed. The research, which surveyed 1,204 UK consumers in education, found that most female students are put off because they don’t think they have the right set of skills, with nearly…
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The latest Bank of England figures have revealed that quoted household interest rates on consumer credit products continued to rise in August amid an economic environment of rising interest rates, mortgage rates and inflation. The analysis from Freedom Finance has highlighted the impact of the rising cost of borrowing on households and they urged consumers to…
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The Bank of England has raised interest rates from 1.75% to 2.25% – the highest level for 14 years and warned the UK may already be in a recession. The central bank had previously expected the economy to grow between July and September but it now believes it will shrink by 0.1%. The Bank of…
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The Bank of England has raised interest rates from 1.75% to 2.25% and indicated that Britain’s economy is now in recession. A majority of the Bank’s nine-member monetary policy committee voted to increase the key base rate by 0.5 percentage points, judging that the risks of inflationary pressures becoming entrenched outweighed the short-term dangers to…
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The Joseph Rowntree Foundation (JRF) is urging the Chancellor to go beyond tax cuts in Friday’s (23rd September) fiscal statement with more targeted support for households that will desperately need it. New analysis from JRF looked at the cost rises facing low-income working-age households on means-tested benefits this tax year compared to last tax year…
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The cost of running a car for young drivers has increased by an average of £385 in the past year, primarily driven by higher fuel and insurance costs, according to Comparethemarket. On average, a 17- to 24-year-old motorist will now pay £2,448 to run a car for a year, this is the highest figure since…
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The winners of the 2022 Credit Services Association (CSA) Awards which is hosted as part of the trade body’s annual conference, the UK Credit and Collections Conference (UKCCC) have been announced following a live event at the Radisson Blu Hotel, Manchester Airport last week. Notable wins on the night were for Data on Demand who…
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Early Payments Fintech, Saltare, has announced that it has joined the Good Business Charter (GBC) and Prompt Payment Code (PPC) as signatories as part of its commitment to best business practices across the UK. Chairman of the GBC board, Simon Fox said: “The Good Business Charter brings together 10 standards, most of which already exist, but…
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