Credit, collections & insolvency news
The average UK food bill has gone up by around £605 over the last two years, as climate and energy costs continue to hit shoppers in their pocket, according to new research for the Energy and Climate Intelligence Unit (ECIU). The report was carried out by researchers from the universities of Bournemouth, Exeter and Sheffield…
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New research by Halifax has found that over three-quarters of parents will give children money at Christmas with their children receiving £109.93 on average. The research found that over three-quarters of parents (76%) make gift giving a touch simpler, by handing over cash at Christmas time with money also gifted on birthdays. The pros and…
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New YouGov polling commissioned by StepChange Debt Charity, which explores people’s finances and borrowing habits, reveals that one in four people will struggle to afford Christmas this year, rising to more than one in three (34%) households with children. The survey also found that. one in twelve (8%), around 4 million people, will be relying…
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The Government is to provide £16.3 million into HM Revenue & Customs’ debt management team in a bid to recoup £4.67 billion in unpaid taxes over the next six years. According to Treasury estimates, the injection of cash will help HMRC’s debt management team recoup £515million in taxes in 2024-25. By 2025, over £1billion worth…
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A run of 14 consecutive interest rate rises has brought worry and financial pain for mortgage holders according to the research by the Office for Budget Responsibility (OBR), The OBR says that the benefit of better returns on savings has outstripped the hit of higher mortgage rates. Our real household disposable income – put simply,…
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The winners of the 2023 Credit & Collection Technology Awards winners have been announced following a live in-person event yesterday (Thursday 23rd November) at the Midland Hotel in Manchester. The awards are the flagship event for innovational technological professionals working in credit and collections and the seventh annual event honoured the UK’s technological innovators, celebrating…
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Over half (52%) of UK workers say they always or occasionally feel regret about what they’ve spent their salary on just one week after payday, with half (50%) of non-essential spend going towards dining out (50%), followed by clothes shopping (48%), takeaways (42%), hobbies and activities (39%), socialising (34%), and subscriptions (32%). New research from…
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Energy regulator Ofgem has announced that the energy price cap will increase by 5% on the previous quarter from 1st January to 31st March 2024. The cost for an average household paying by direct debit for dual fuel equates to £1,928, a rise of £94 over the course of a year – around £7.83 a…
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Chancellor Jeremy Hunt has announced his Autumn Statement. The Chancellor began his speech by saying he had more than 100 measures to incentivise and support businesses in what he described as the ‘biggest business tax cut in modern British history. StepChange has welcomed the unfreezing of Local Housing Allowance (LHA) and uprating of benefits in…
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Trustfolio has announced that it has been chosen by Reevo Money to help them manage their IVA portfolio. Reevo Money, part of Amplifi Capita has agreed a partnership with Trustfolio to use its Creditor Debt Solutions Platform. The platform provides creditors with a single view of debt solutions portfolios, allowing them to securely automate manual…
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Ofcom has fined Shell Energy £1.4 million for not properly prompting more than 70,000 phone and broadband customers to review their contract, or letting them know what they could save by signing up to a new deal. Ofcom’s investigation found that the company broke important consumer protection rules designed to ensure that customers get a fair…
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Global analytics software specialist FICO has announced that debt advice charity,StepChange will use a new platform to help assess people in problem debt. StepChange will use the flexibility and hyper-personalisation of the platform to recommend the best individual outcome to each consumer, with the aim of helping them to become debt-free. Matt Bentley, Head of…
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Households with children at home are struggling with their monthly credit card repayments according to Compare the Market’s latest Money Action Index. The research reveals that households with children at home have been finding it difficult to manage their finances in the past six months as most have seen their regular bills increase. More than eight…
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