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.

Ofgem proposes quarterly price cap reveiws

Energy regulator Ofgem, has proposed that the energy price cap on bills should be reviewed every three months instead of twice a year to help households. Ofgem says that at a time when consumers are being squeezed financially from all sides, it is looking at how it can use its powers to make the market…

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Household finance measures hit record low for third consecutive month

The cost-of-living crisis has knocked consumer confidence again, according to the latest analysis from YouGov and the Centre for Economics and Business Research (Cebr). As with last month and the month before, there was a modest fall in the overall index (-1.0 ) can be explained by a more severe decline in household finance measures, which…

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Water affordability woes impacting more than half of homes

As the cost of living crisis bites householders across the UK, water billpayers in England and Wales have reported increased anxiety about affording their bills, with more than 61% stating they are concerned about their finances worsening this year. Research by Ofwat showed a correlation between those struggling to pay and suffering with poor wellbeing…

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Rising cost of living leave 1.5m households struggling to pay for food and energy

13th May 2022 Arrears and Recoveries |

The rising cost of living will leave 1.5 million households struggling to pay food and energy bills, according to a forecast from the National Institute of Economic and Social Research (NIESR). The think tank has said that the government should offer targeted interventions to support the UK’s poorest. NIESR also said that the Bank of…

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Average arrears on essential bills increases by 29% in Scotland

New figures from StepChange Debt Charity Scotland have indicated that client average arrears on essential bills have increasing by 29% from £2,302 in 2020 to £2,961 in 2021. The charity says that it helped over 28,600 clients with debt advice, and 8,433 went through a full debt advice process, with a growing proportion of clients…

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Grieving families face financial strain because we’re not talking about dying

12th May 2022 Arrears and Recoveries |

Grieving families in Britain are being put under additional financial strain due to not discussing end-of-life wishes with loved ones, SunLife’s annual Cost of Dying Report has revealed. The research revealed that families unsure of what the deceased would have wanted often overspend compared to those who had shared their wishes in advance. Almost half (48%) of…

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Average households expects £100 a month spending deficit on income against expenditure

The average UK household will be short of a £100 a month by 2024, as the cost of living crisis means expenses will outpace incomes. The figures come from a Yorkshire Building Society’s Inflation Nation report and reveal that weekly household spending is set to rise to £705 in just two years’ time. However, the…

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Cost of living pressures predicted to drive significant rise in credit card borrowing

Demand for credit from households is expected to rise this year as cost of living pressures bite, according to the latest EY ITEM Club UK Bank Lending Forecast, which predicts consumer borrowing will grow to a five-year high of 7.9% in 2022 (equivalent to almost £16 billion in net terms). This is a trajectory reversal…

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Borrowing increases as cost of living pressure rises

New data from StepChange Debt Charity shows that the cost of living pressure continues to rise for financially stretched households, as it was the third most commonly cited reason for debt in March, up from the fourth most common in February and the sixth most common in 2021. While 6% of StepChange clients in 2021…

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Ophelos and Yonder agree ethical debt resolution partnership

5th May 2022 Arrears and Recoveries |

Debt resolution specialist, Ophelos has announced a partnership with lifestyle credit card company Yonder. The partnership will see Ophelos manage the support of Yonder customers who may find themselves in arrears. The startup selected Ophelos as it reflected Yonder’s business values centred around fairness, transparency and customer respect. Ophelos’ machine learning-driven debt resolution platform will…

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Concerns raised over targets set for free debt advice sector

The Credit Services Association (CSA), the UK trade body for debt collection and debt purchase, has released a new report exploring the provision of debt advice for those facing financial difficulties and in need of support. The report entitled ‘Wide of the Mark? Assessing the Delivery & Value of Free-To-Client Debt Advice’ argues that consistent…

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Poorer households suffering as competition markets wane

3rd May 2022 Arrears and Recoveries |

The cost of living crisis is being made worse for poorer households by waning competition in British markets according to new a report by Competition and Markets Authority (CMA) The CMA states that effective competition helps make sure shoppers and households get a fair deal when buying goods and services. This is especially important at…

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Personal insolvencies hit three year high

Latest statistics quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies numbers have reached their highest total number in over three years, since Q4 2018. The figures reveal that there were 32,305 (an increase of 16.8%) individuals entering either bankruptcy (1,679) a debt relief order or DRO (6,629) or…

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