Credit, Collections & Insolvency News
Bean a “next-generation price comparison service”, has launched to help so-called JAMs – the Britons who are just about managing – reduce recurring payments and maximise income, saving them hundreds of pounds a year. Bean connects to individual bank accounts and tracks all regular payments, such as direct debits and subscriptions, alerting users to opportunities…
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The Financial Conduct Authority’s (FCA) has warned of a pronounced build-up of debt among young people. In an interview with the BBC, FCA Chief Andrew Bailey has highlighted the ‘growing debt burden’ on young people. The warning, which follows a tour of visits by Andrew Bailey to debt charities including National Debtline, coincides with new…
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Suppliers must do more to help those in debt, Ofgem has said, as new research shows that customers are building up on average over £600 in unpaid bills on their gas and electricity accounts before suppliers step in to help them manage paying it back. Ofgem has published its annual report on how suppliers treat…
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The Money Advice Liaison Group (MALG) has announced its line for its 30th annual Conference. The conference provides money advisers, creditors, and stakeholders with an opportunity to network and debate current and future issues in the spirit of ‘working together to improve the lives of people in debt’. The 2017 conference, sponsored by Cabot Credit…
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Low-income households are becoming increasingly exposed to rent increases according to the Institute For Fiscal Studies (IFS). The research has found that the proportion of people in Great Britain living in private rented accommodation has more than doubled since the mid-1990s. Over the same period, average private rents have risen by 33% in real terms.…
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The government has confirmed it’s draft legislation to create a price cap in the energy market. Responding to the announcement Gillian Guy, chief executive of Citizens Advice, said: “The runaway costs of default energy tariffs need to be tackled, and this draft bill is an important step towards an energy market that works better for…
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The Money Advice Service (MAS) has announced a number of roundtable dates whereby they are looking to bring together local authorities and debt advice providers to achieve greater collaboration, drive efficiency gains and help more people in problem debt. Many local authorities have strategies in place to support people in financial difficulty, which includes established partnerships…
Read moreOfgem has announced that around one million households will save £120 a year on average when it extends its prepayment safeguard tariff for more vulnerable people this winter. Ofgem will also work on extending price protection to at least a further 2 million vulnerable households for winter next year once the timing of the Government’s price cap…
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Latest research from the Joseph Rowntree Foundation (JRF) has highlighted how a benefits freeze will affect families- the majority of which are in work. The freeze is the single biggest policy driver behind the expected rise in poverty by the end of the Parliament. JRF is calling for the Government to target its resources better…
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A new guide for energy suppliers has been launched today by the Money Advice Trust and Energy UK to help better identify and support consumers in vulnerable circumstances. The guide, Vulnerability, mental health, and the energy sector: a guide to help identify and support consumers, provides practical tools for frontline staff to use with consumers…
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A personal finance expert says that the recent publicity around mental health problems has been instrumental in helping those in debt to talk about the challenges they face. Emma Gibbons, a client support specialist at free debt advice service PayPlan, believes that events like World Mental Health Day, which takes place on 10 October, and…
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Ofwat has announced that it is going to report on how each water company serves, supports and protects customers in vulnerable circumstances. The report will show clearly those companies that are leading the field and those that are letting their customers down. Ofwat has been calling on water companies to step up their efforts to…
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The concept of the ‘Bank of Mum and Dad’ is growing in importance but more than half of potential first-time buyers expecting to receive financial help from family to complete their purchase would feel guilty about doing so, new research reveals. The latest First-Time Buyers Report by Yorkshire Building Society shows 66% of UK adults aged 18-40…
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