Arrears and Recoveries

This news section is sponsored by Telrock Systems, a global technology provider of modern cloud-based collections and recovery software solutions for consumer credit collections.

One in three consumers struggling to keep up with bills

The number of people finding it hard to keep up with bills and credit commitments has doubled since the start of the pandemic according to new research from StepChange Debt Charity. The charity has found the proportion of people struggling is now nearly one in three (30%) UK consumers – 15 million people – compared…

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Personal Insolvencies fall by 10.1%

Latest figures from the Insolvency Service have indicated that personal insolvencies in England & Wales fell by 10.1% to 8,434 in December 2021 compared to 9,385 in November 2021, and were 12.4% lower than December 2020’s figure of 9,625. There were, on average, 6,648 IVAs registered per month in the three-month period ending December 2021,…

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Poorest households may have to spend half of their income on energy bills

18th January 2022 Arrears and Recoveries | #energy debt

Single adults on low incomes could spend more than half their income on bills if the energy price cap rises in April, according to a report by the Joseph Rowntree Foundation (JRF). The analysis found that households on low incomes will be spending on average 18% of their income after housing costs on energy bills…

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Rise in CCJs prompts call to protect financially vulnerable households

The number of County Court Judgments (CCJs) issued against consumers in England and Wales in 2021 rose by more than one third compared to 2020, according to figures released by Registry Trust. CCJs are issued to consumers in England & Wales who have not repaid a monetary debt and the creditor has taken court action.…

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Families suffering from ‘fuel stress’ set to treble overnight

17th January 2022 Arrears and Recoveries | #energy debt

The number of households suffering from ‘fuel stress’ spending at least 10 per cent of their family budgets on energy bills is set to treble overnight to 6.3 million households when the new energy price cap comes into effect on 1st April according to new research by the Resolution Foundation. The research shows that the…

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Second charge mortgages grew by 36% in November

New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 36% in November 2021. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…

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Soaring energy bills expected to tip more people into hardship

14th January 2022 Arrears and Recoveries | #energy debt

The anticipated £700 increase to the default tariff cap is set to put energy bills as a proportion of benefit levels at a generational high and tip many more into hardship, new research by Citizens Advice has revealed. Citizens Advice is calling on the government to provide a one-off grant this April to support families…

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Zinc Group announces success of new initiatives

14th January 2022 Arrears and Recoveries |

Recoveries specialist The Zinc Group has announced a solid end to 2021 with the completion of two successful bids in the banking and finance sectors. The company says that the two new contracts follow a successful year that saw several new initiatives across the business in 2021. This included the launch of “Safe-Harbour” Zinc’s vulnerable…

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Benefits need to double in order to match cost of living rises

Benefits will need to be hiked by twice as much as planned this spring in order to protect millions of the poorest in society from the impact of surging inflation according to new analysis by the Insititute of Fiscal Studies (IFS). The analysis shows poorer households tend to spend almost three times as much of…

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43% of nation is financially reliant on someone other than themselves

New research by Moneyfarm and Dectech has revealed that 25% of the nation are financially dependent on a partner. A further 17% are reliant on their parents with a further 10% reliant on other relatives. Whilst 8% of UK adults are dependent on their children, most surprisingly, 22% of 18 to 30-year-olds are actually financially…

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Half of consumers want urgent help managing their money

Nearly half of consumers(44%) want urgent help in managing their own money, according to a new opinion poll highlighting the dire state of the personal finances of millions of people. The findings come from a poll by Opinium of 4,000 people commissioned by the leading think-tank, the Centre for Social Justice (CSJ), and credit management company…

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Card spending increases to two-year high

Black Friday and Christmas has helped card average spending to increase to a new over two-year high according to new analysis of UK card trends for November 2021 by FICO. With average spending and cash usage rising, the data was typical of previous festive seasons. However, a drop in the percentage of payments to balance…

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Rising living costs erode household finances

Households have suffered the sharpest fall in the amount of cash they have available to spend for almost eight years, amid a worsening cost of living crisis driven by high inflation and rising energy bills. Research by Scottish Widows’ Household Finance Index found that surging living costs hit people’s pockets and led to the steepest…

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