Citizens Advice says radical reform of the energy supply market is needed to protect customers as new technologies are introduced in a fast-changing industry. The charity has warned that customers in vulnerable circumstances are particularly at risk as the need for decarbonisation accelerates the rate of change. In a new report looking at how gas…
Both the number and total value of small claims and High Court judgments in Northern Ireland have decreased in the first half of 2019 compared to the same period the previous year, according to figures released by Registry Trust. In the first six months of 2019 there were 3,721 defaults and small claims judgments. This…
Water bills in England and Wales are set to fall by an average of £50 between 2020 and 2025, under plans published by the industry regulator. Ofwat’s has set plans for a major package of investment to signal a new era for what the water sector delivers for customers and the environment. Proposals involve water…
According to latest figures released by Registry Trust, during the first half of 2019, there were 9,310 debt decrees registered against Scottish consumers, the figures 29 percent lower than HY1 2018. There was a 33 percent decrease in the combined value of consumer decrees to £23.6million. The average value of all consumer decrees fell to…
Britain is facing the highest risk of a recession since the financial crisis and preparations need to be made to mitigate the impact, according to the Resolution Foundation annual audit. Typical household incomes are estimated to have fallen by 0.5 per cent over the past two years – between 2016-17 and 2018-19 – the Resolution…
Around 23 million people have experienced a life shock in their household in the past two years. New research from StepChange Debt Charity finds that people who had experienced a life event in the last two years were three times as likely to be in problem debt than those who had not. This points to…
HSBC has voluntarily agreed to extend its redress scheme for customers who may have lost out by paying an unreasonable debt collection charge imposed by HFC Bank and John Lewis Financial Services (JLFS) the Financial Conduct Authority (FCA) has announced. Both HFC and JLFS are now part of HSBC UK Bank. The redress scheme relates…
The Money Advice Liasion Group (MALG) has announced new appointments to its board following its AGM last week. Bob Winnington Chief Executive Officer at MALG said “We’re very pleased to announce the appointment of Peter Wallwork, Chief Executive of the Credit Services Association (CSA) and Paul Smee, Chair of the Peer to Peer Finance Association,…
The Financial Conduct Authority (FCA) is failing to adequately protect consumers from high-interest costs on credit cards according to a new report by the Centre for Responsible Credit, Jubilee Debt Campaign, New Economics Foundation and Research for Action. The report also calls for a cap on the total cost of charges that borrowers pay. Almost…
New research, undertaken by Opinium, on behalf of UK lender Elevate Credit, reveals that nearly half (45%) of sub-prime borrowers, equating to 7.1 million people in the UK, would need to cut back their spending significantly if their earnings were reduced by £25 per week or £3.50 per day – just 50p more than a supermarket meal…