The Public Sector is failing debtors, especially the most vulnerable, and needs to urgently learn the lessons from the private sector according to the Chartered Institute of Credit Management (CICM). The concept of ‘vulnerability’ is also too vague, and as such many of those most in need of help are falling between the cracks. The…
TotallyMoney has warned that consumers could be unwittingly losing hundreds of pounds by using certain financial products against their advantage. The company’s research has revealed that the majority of consumers (53%) have an outstanding debt on a credit card but no 0% promotional offer, meaning they could be paying an average interest rate of 20.77%…
Ninety-three percent of consumers are struggling to afford essentials after Government collection measures according to research by debt charity StepChange. The report has found that fundamental and specific improvements are needed for ‘deeply flawed’ government debt collection practices,. The deadline for responses to the Cabinet Office on Government debt collection practices sees StepChange Debt Charity…
Research from Indesser, a joint debt management venture between the Cabinet Office and TDX Group, shows 39% of people’s finances have been negatively affected by the COVID-19 pandemic, with Generation Zers feeling the sharpest impact (44%). The survey reveals the toll of the pandemic on people’s sense of financial stability, with 43% admitting they worry…
The Online Collections Technology Think Tank has confirmed its agenda and speaker line-up ahead of the launch event next Thursday. The Think Tank has been created as an online event platform so that collections professionals can specifically discuss the role of the technology as we move into the ‘new normal’ way of working as consumers…
Unemployment rose sharply even before the start of the winding down of the Coronavirus Job Retention Scheme (JRS) from August, with young people at the centre of Britain’s mounting jobs crisis, the Resolution Foundation said in response to the latest ONS data. The headline unemployment picked up in the three months to July – from…
The Financial Conduct Authority (FCA) has announced proposals to ensure that firms provide tailored support for users of consumer credit and overdraft products who continue to face payment difficulties due to coronavirus (Covid-19). The proposals will cover users of credit cards and other revolving credit (store card and catalogue credit), personal loans, overdrafts, motor finance,…
UK Finance analysis has shown that bank scams have increased by 84% during the coronavirus lockdown, with cases of impersonation fraud nearly doubling in the first six months of the year. The banking trade body said there had been 15,000 reports of such scams, with these resulting in losses of £58 million a 3% year-on-year…
The Financial Conduct Authority (FCA) has confirmed the support mortgage borrowers will receive if they continue to face payment difficulties due to coronavirus. The FCA has published additional guidance for firms, to ensure that consumers who have benefitted from payment deferrals under the current guidance who still face financial difficulties, as well as those whose…
Ofgem could save energy consumers a further £1.7 billion during the next set of energy network price controls (RIIO-2), according to new analysis by Citizens Advice. In 2017, research by Citizens Advice found that energy networks would make up to £7.5 billion in unjustified profits over the course of the current price control [see notes…