Credit, Collections & Insolvency News
Ofgem has ordered Octopus Energy to pay £1.5 million in refunds and compensation, after an investigation found thousands of errors on prepayment meter bills. An investigation by the energy regulator, has found that ver 34,000 prepayment meter customer accounts with Octopus between 2016 and October 2023 did not receive final bills within six weeks, as…
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Fair Finance and Vanquis have announced the launch of a first-of-its-kind decline referral scheme that aims to support over 100,000 financially underserved people across the UK over the next two years. The scheme will direct Vanquis customers who are not yet eligible for its products to a community development finance institution (CDFI), Fair Finance, where…
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New data from Fair4AllFinance has found that one in four people (24%) in financially vulnerable circumstances in the UK hold no savings at all. The data showed that 10 million people across the UK have stopped saving entirely, or are saving less than they did a year ago. The 10 million figure represents more than…
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Credit Connect has published the annual 2025 Credit & Collections Industry Awards Review. The annual review highlights why the judges decided the winners at this year’s Industry Awards, which were announced in May in York. The review provides background and context for the awards results, recognising companies for the progression of industry standards and excellence.…
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StepChange Debt Charity has appointed three new trustees – Ramon Kaur, Sean Lynskey and Lisa Mellor. The appointments come at a transformative moment for StepChange. The charity recently launched a bold new five-year strategy focused on delivering even better outcomes for people in problem debt, driving meaningful change through policy and research, and securing long-term…
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The Government has published the first major update on its Personal Insolvency Framework Review since August 2023, when it released a summary of responses to the 2022 Call for Evidence. Responding to the update, Nicky Fisher, R3 Personal Insolvency Committee Chair, said “R3 welcomes the Insolvency Service’s continued commitment to reforming the UK’s personal insolvency…
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StepChange Debt Charity has announced it has appointed Sue Murdoch as its new Chief People Officer. Murdoch brings over 25 years of experience across telecoms, professional services, financial services, and banking, She has held senior leadership roles spanning every aspect of the people agenda—including transformation, organisation development and organisation design, recruitment, reward, talent to and…
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Debt management provider Lantern has announced a partnership with DebtStream to improve its customer-facing portal, providing clients with greater support as they manage their financial situations. Modernising what was an outdated model, the platform provides customers with simpler payment options, and data driven personalised customer journeys enabling better outcomes for customers. The software works alongside…
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As MPs successfully push the UK government to drop Clause 5, the Mental Health Foundation is calling on the Government to also drop Universal Credit measures. Reforms to the benefits system that the Mental Health Foundation called ‘counterproductive and cruel’ have been partially curtailed following concessions by the UK government ahead of a vote on…
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Cornwall Insight has forecasted that the energy price cap will fall to £1,698 a year for a typical dual fuel consumer in October. Thi is £22 lower than the July 2025 cap of £1,720 and a slight decrease on the prediction released in May. Although a drop of just 1%, the forecast offers some relief…
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Latest data from the Bank of England has found that mortgage debt increased by £2.8 billion to £2.1 billion in May, following a large decrease in net borrowing of £13.8 billion to £0.8 billion in April. The number of mortgages approved for home purchases in the UK rose to 63,000 in May, an increase of…
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Rising energy prices over the last two decades have squeezed incomes for low-and-middle income families and contributed to a ‘comfort crunch’ as more of their budgets are spent on household essentials, according to new Resolution Foundation research. The report notes that non-housing essentials – food and drink, utility bills, clothing and footwear, childcare, and road,…
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New research from Zurich Municipal has found that an increasing number of parents are struggling to fund the cost of school trips for their children. Over one in ten (13%) revealed they have had to work overtime to meet the cost of the away day or residential trips, with a similar number (9%) admitting they…
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