Credit, Collections & Insolvency News
New research from Which? has found that nearly five million working people in the UK are worried about their financial situation. Overall, 28% of all UK households said they were experiencing some form of financial distress, be it relying more on overdrafts and loans or struggling to pay bills. When Which? looked at working households that…
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British adults say that their personal or household finances are the most likely factor, from a list of common causes of stress and anxiety, to have a negative impact on their mental health, according to a new survey of over 2,000 people by insolvency and restructuring trade body R3 and ComRes. A quarter (24%) of British…
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Today sees the launch of the new Standard Financial Statement (SFS), an initiative designed to bring greater consistency to the way organisations assess people’s finances when they are in debt. The SFS, the launch of which has been co-ordinated by the Money Advice Service, will be adopted by all major debt advice providers across commercial and…
Read moreMore than half a million (590,000) Brits holding at least one kind of interest-bearing debt are paying more than they need to by not moving to a better deal, according to new research by TSB. Almost 5 million British adults owe between £7,500 and £25,000, and TSB calculates that more than half a million of these…
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Ofcom has announced that more than two million people who buy only a landline telephone service from BT will see their monthly bills cut by at least £5 per month. Ofcom has reviewed how the market is working for customers who buy only a landline service from a provider – either because they do not want…
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Government calculations have forecast an additional 18,000 people will go insolvent by 2020 should interest rates rise just 1%, according to figures released exclusively to Moore Stephens. Moore Stephens says that the Bank of England has come under recent scrutiny from the Treasury Select Committee and senior government figures, with record-low interest rates accused of…
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Energy switching hit a six-year high last year as more households shopped around for a better deal. 7.7 million gas or electricity switches took place in 2016, according to new data from Ofgem. This is 1.7 million more switches than the previous year, a surge of 28 per cent. In this way, switching rates last year…
Read moreNew research from Intelligent Environments has found an overwhelming majority of University students are feeling the stress created by their financial situation. Three quarters of students polled that receive a maintenance loan feel stressed about the amount of debt they are accumulating while studying, the effects of which are wide reaching. 39% said their debt has…
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The Money Advice Service (MAS) has announced that the Standard Financial Statement (SFS will) begin operation on 1st March 2017. The Money Advice Service also thanked the many advice agencies, creditors, trade bodies and others involved in its development, including Money Advice Liaison Group (MALG) members who were part of the governance group. The first…
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The number of guarantor loan problems Citizens Advice has helped people with has risen by 40% over the last year, latest figures show. When taking out a guarantor loan the borrower gives the name of a guarantor, normally a friend or family member, who is then pursued for payment if the borrower can’t repay. Last…
Read moreResponding to the Government’s consultation on a new single financial guidance body, LV= says that the new body should be required to report on the consumer outcomes of guidance, as well as the number of people it refers to regulated financial advice at retirement. This should ensure consumers are being supported to make the right…
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Salford city council has launched an ‘anti-poverty strategy’ which will ‘robustly review’ the Council’s debt collection practices. Salford Mayor, Paul Dennett has launched the initiative. Dennet said “We want our work to become a beacon of best practice in the fight against poverty.” The strategy promises a review of the Council’s debt collection. “Our collective debt collection…
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Latest information from the Office for National Statistics (ONS) has provided an insight into household expenditure over the past 12 months. The main findings from the study were: · Average weekly household spending remained level at £528.90 in the financial year ending 2016, coinciding with a slowdown in consumer confidence · Low-income households continued to…
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