Average energy bills set to fall £238 a year from April

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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Running out of money tops list of retirement concerns

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 prioritise brand reputation when choosing finance providers

23rd February 2024 Consumer Lending | #consumer finance

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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Everyday Loans and Jaywing agree AI project

23rd February 2024 Company News |

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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Cold weather payments fall by more than £100m

23rd February 2024 Consumer Collections |

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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Warning of debt risk as cost of living payments end

23rd February 2024 Arrears and Recoveries | #debt risks

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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Stagnating incomes and rising costs fuels money worries

23rd February 2024 Arrears and Recoveries | #featured

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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Fifth of millennials rely on parent deposits for first house

23rd February 2024 Consumer Lending | #featured

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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Over half of people receiving Universal Credit unable to afford food

The Trussell Trust has published new research which it says that highlights the inadequacy of Universal Credit across the UK. The anti-poverty charity is urging the Chancellor to take urgent action to increase long-term support for people struggling to get by on Universal Credit and commit to extending the Household Support Fund as soon as…

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Molo Finance appoints new CEO  

22nd February 2024 Appointments |

Digital mortgage lender, Molo Finance has appointed Matthew Kimber as Chief Executive Officer. Kimber joined Molo last November as Chief Operating Officer and has over two decades of banking and finance experience.  Prior to that, he worked at CHL Mortgage for over eight years, leaving as Managing Director.   Kimber has also worked in underwriting…

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Pay gap means women work first two months of year unpaid

22nd February 2024 Consumer Collections | #pay gap

New TUC analysis has revealed that the average woman effectively works for free for nearly two months of the year compared to the average man. This is because the gender pay gap for all employees currently stands at 14.3%. This pay gap means that working women must wait 52 days – nearly two months –…

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Women leading on household budgets planning

22nd February 2024 Consumer Lending |

A study has found that whilst women are leading on budget management and day to day financial planning, they are not investing for the future and less likely than men to invest in stocks and shares according to research by Readly. Two thirds of people (76 percent) consider themselves to be financially literate and engaged…

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High banking charges are a big problem for small businesses

22nd February 2024 Business Lending | #business lending

High banking charges are a bigger blocker to international expansion for businesses than Brexit red tape, according to survey research by Wise. The analysis found that UK small businesses lost £2.8 billion to hidden fees, preventing 69% from expanding further. Business owners said they struggle to compare the market due to a ‘corporate opt out’ that…

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