Credit, Collections & Insolvency News
Money advice experts are calling for a change in the law to protect vulnerable people being locked up for council tax debts. Free debt advice service PayPlan and the Institute of Money Advisers (IMA) have joined forces to campaign for an end to the ‘legal anomaly’ that gives courts the power to imprison householders for…
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Mental Health UK has announced the launch of a pioneering service designed to help the UK’s eight million people experiencing both poor mental health and money problems. Mental Health and Money Advice will be the first service to combine support for people with mental illness who are struggling with their money, as well as people whose…
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Online research from Equifax, the consumer and business insights expert, reveals that 43% of British adults don’t have any personal savings set aside for unexpected financial events such as unemployment, illness or urgent repairs to their home. The survey, conducted by YouGov ahead of the recent Bank of England rate rise, found that nearly one…
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One in seven (14%) GB adults in debt has hidden debt from a partner, and half of these (7%) are currently doing so, according to a new report relationship support charity, Relate. Feeling ashamed about debt is the number one reason why people hide it from their partner, with over half (51%) giving this reason.…
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The Money Advice Service (MAS) and The Pensions Advisory Service (TPAS) have launched an integrated webchat service which will ensure customers are connected to the most appropriate webchat platform for information on the specific topic they need to discuss. Since January 2016, TPAS and MAS have been working together to ensure telephone helpline callers with…
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A third of UK parents are set to rely on their credit card to fund Christmas spending this year. What’s more, a third of this group also admitted to still paying off debts from the 2016 festive season. The findings – from a poll of over 5,000 parents commissioned by comparethemarket.com for its latest Parentdex…
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New analysis by Citizen Advice has shown that in just three months consumers paid an average of £160 towards unwanted subscriptions like gym memberships, television, insurance and online streaming services. With the rise of subscription services available, Citizens Advice is warning consumers that while it may be easy to sign up for these services, they…
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The UK is on course for the longest period of falling living standards since records began in the 1950s, with the current crunch forecast to last longer than the post-crisis income squeeze, the Resolution Foundation has said in its Budget analysis. The report Freshly Squeezed highlights the unprecedented scale of the economic downgrade handed down to the…
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Recognising the recent concerns raised both in Parliament and by third sector organisations about universal credit, the Government have announced that they in the Autumn Budget that they will: Offer an interest-free advance of up to a month’s worth of universal credit within five days for those who need it and who have an underlying…
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People who don’t think they can pay their debts are being given thousand of pounds of credit they haven’t asked for, Citizens Advice has warned. Fresh evidence from the charity suggests that 6 million people have had their credit limit increased in the last year without their consent – and 32% of those showing signs…
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The Fairbanking Foundation has announced a new under its new partnership with housing association Orbit to support customers to manage their money The Partnership will enable Orbit’s front line advisors and 100,000 customers to access the guidance from the Fairbanking Foundation’s independent certification scheme, the Fairbanking Mark, which tests whether financial products such as current…
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The Financial Conduct Authority (FCA) is planning to increase the amount mortgage finance providers pay towards the Money Advice Service debt advice levy. Mortgage finance providers currently pay £21 million ( 44%) of the levy this year. Under FCA proposal this will increase to £24 million or 50%. A new fee block will also be…
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Energy UK has set out principles to provide improved safeguards for smart meter prepayment customers switching supplier. With most of the UK’s small, medium and large energy suppliers having signed up to the principles, their customers will all benefit from the improved processes. Suppliers that have signed the principles will agree to implement them as…
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