Credit, Collections & Insolvency News
Energy regulator Ofgem has announced a significant reduction of the energy price cap for the second quarter of 2024. The price cap changes mean that the average annual energy bill will fall £238 a year from April, this is its lowest level for two years. The change means that the maximum rate per unit that…
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While recent high inflation, the cost-of-living crisis and economic volatility have put real pressure on many people’s finances, research from NextWealth’s Managing Lifetime Wealth report, sponsored by Aegon, has found a deeper concern among retirement clients: the fear of outliving their savings. The research, found that 71% of advisers reported the number one retirement worry amongst clients is…
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Consumers are prioritising brand reputation above both product and price when choosing a finance provider, according to new research by Amp Corporate Communications. When asked to place the three in order of importance, 37% put brand reputation in first place. This was followed by product (34%) and then price (24%). Additionally, 73% of consumers said…
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UK-based direct lender, Everyday Loans has announced it is undertaking a new project with Jaywing to optimise its processes using AI technology. Everyday Loans provides a case-by-case approach to its customers, allowing for greater flexibility in lending decisions compared to traditional banks. Seeking to improve the customer experience while optimising operational efficiencies, the lender is…
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Households in England and Wales received an estimated £29,550,000 in Cold Weather Payments from 1st November 2023 to 9th February 2024, according to Compare the Market’s analysis of data from the Department of Work and Pensions (DWP). The fall is £108,050,000 wh compared to the £137,600,000 reported between 1st November 2022 and 10th February 2023.…
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Creditfix has issued a warning about the risk of rising consumer debt levels as the final scheduled cost of living payments come to an end this month. While the Prime Minister recently stated that the cost-of-living pressures are starting to ease, figures from the Joseph Rowntree Foundation’s UK Poverty report paint a different picture. Analysis…
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Financial worries and stresses are impacting a large proportion of people in the UK (45%) according to research from Yorkshire Building Society and food redistribution charity, FareShare. Despite interest rates decreasing, and wages increasing, things are set to become even more challenging for households in the poorest quarter of the working-age population, as their ‘real’…
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A fifth (20%) of millennials are relying on their baby boomer parents to supply first-home deposits versus just 11% of their parents when they were young according to new research by Together. The research shows that ‘boomer’ parents are forced to take charge to get millennials onto the ladder amid record-high prices. The data also…
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