Credit, Collections & Insolvency News
Figures from the Office for National Statistics (ONS) show that inflation hit 5.1% in the 12 months to November, exceeding forecasts of a 4.7% increase and driving the rate further beyond the Bank of England’s (BoE) 2% target. The rate up on the 4.2% recorded a month earlier and means inflation is now at its…
Read more
Researchers from abrdn Financial Fairness Trust have issued a stark warning on the post-pandemic outlook for living standards in the UK following an extensive review of over 200 reports examining the impact of the pandemic. Although the macro-economic forecasts for the UK are comparatively positive, at a household level the situation is more mixed. The…
Read more
New research Opinium has found that 8% of retired people are concerned about being able to pay bills. The research found that 41% said being able to pay their bills in retirement was a realistic goal. Worryingly 8% did not think it was a realistic prospect, whilst 11% did not think it was realistic that…
Read more
Major banks have signed a new voluntary agreement that could see more shared banking hubs open in UK towns and villages. The agreement will see an independent assessment carried out by Link each time a branch is shut. These reviews could recommend a shared branch is opened, an ATM installed or a Post Office upgraded.…
Read more
A careful Christmas is on the cards for nearly half the UK as people worry about possible Covid rule changes and shortages in the shops, new research* from financial services insight experts Consumer Intelligence shows. Its nationwide study found around one in three (31%) consumers say they are still being cautious while another 14% are…
Read more
Analysis from the New Economics Foundation (NEF) has found that half of UK families have seen their disposable incomes shrink in the last two years, with the poorest half of the population seeing their incomes squeezed by £110. The report also shows that the richest 5% are £3,300 a year better off. The analysis found…
Read more
The Government has announced that it will fund £510 million to target fraudsters lying to the DWP about their benefit claims. The money will be used to improve the department’s capability and capacity to detect and deter benefit fraud and catch fraudsters, recovering more taxpayer money that funds essential public services. This crackdown will include…
Read more
Consumers experiencing financial difficulties as a result of economic abuse will receive further support to help them regain control of their finances and their independence, as part of an updated industry Code. The changes, in UK Finance’s revised voluntary Financial Abuse Code of Practice, will enable the industry to continue its commitment to helping victim-survivors…
Read more
Rising living costs, reduced incomes, and cuts to support among the easons more people than last year will turn to borrowing to pay for the festive season according to research by StepChange debt charity. The report says that this Christmas will be a time of financial distress for many households, with more people expecting to…
Read more
The Money Advice Trust, the charity that runs National Debtline, has welcomed today’s action from the Advertising Standards Authority (ASA), to uphold complaints against a company found to have used ‘misleading’ and ‘irresponsible’ debt advice adverts. Online adverts from Financial Support Systems, trading as National Debt Service, were found to have misled consumers by suggesting…
Read more
Ofgem failed to act against unfit energy suppliers for nearly a decade, leaving the market vulnerable to this year’s spike in wholesale prices according to a major new report from Citizens Advice. The charity has found that mistakes and missed opportunities left the market in a precarious position when gas prices surged in 2021. Since…
Read more
Average rent debts still owed by renters as a result of the pandemic have increased by 41 per cent since May according to the latest research by the National Residential Landlords Association (NRLA). A survey of over 2,000 private renters in England and Wales by research consultancy Dynata has found that average COVID related rent…
Read more
Global information services company, Experian and TIPTrust, have agreed on a data-driven partnership. TIPTrust supplies data and technology to the free debt advice sector, by providing faster, more accurate client data to debt advisers, the partnership has enabled those seeking free debt advice to get the personalised support needed to start their journey towards regaining…
Read more