Credit, Collections & Insolvency News
Working families with children are facing bigger shortfalls in their household budgets this year, despite an increase in the National Living Wage and tax cuts, according to the Joseph Rowntree Foundation’s authoritative annual report on living standards. A return to inflation combined with a freeze in working benefits has caused the shortfall to increase for…
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The rollout of Universal Credit should be paused until significant problems with it are fixed, says Citizens Advice. In a major new report – Delivering on Universal Credit – the charity reveals that the requirement to wait for six weeks to receive any payment means people face serious financial insecurity, with many being forced into…
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New research from innovative equity release lender more 2 life has revealed that 41% of over 65 year olds with a mortgage are on an interest-only product. Of these borrowers, almost 4 in ten are 65-74 year olds and over half (56%) are over 75 years old. Individuals who do not have a separate savings…
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A new toolkit to bring consistency to the way creditors work with debt advice agencies when collecting repayments from people who are in debt has been launched by the Money Advice Service today. This is the first time that all major debt advice agencies and creditors have worked together to raise standards of creditor practice…
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The creation of a Single Financial Guidance Body could help break down barriers stopping indebted individuals from receiving free and impartial advice, says insolvency trade body R3 ahead of a key parliamentary debate on the issue. On Wednesday (5th July), the House of Lords will debate the Government’s Financial Guidance and Claims Bill, which could…
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UK Asset Resolution Limited (UKAR) which incorporates Bradford & Bingley (‘B&B’) and NRAM has issued its results for the year ended 31 March 2017 (‘2016/17′). UKAR’s mission is to maximise value for the taxpayer, whilst serving our customers well and treating all our stakeholders fairly. Highlights from the results: Balance Sheet reduced by a further…
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Here is an overview of The Money Charity’s latest statistics for July 2017: Personal debt in the UK People in the UK owed £1.537 trillion at the end of May 2017. This is up from £1.489 trillion at the end of May 2016 – an extra £929.97 per UK adult Based on May 2017 trends, the UK’s…
Read moreThe Financial Conduct Authority (FCA) has published proposals on how consumer credit firms should manage risks related to how they pay and manage the performance of their staff. The FCA expects all firms to consider the way they pay and incentivise staff, and ensure they manage any potential harm to consumers. The FCA is consulting…
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Citizens Advice has said that extending the prepayment meter cap to those eligible for the Warm Home Discount is “the best way to protect the worst off.” The national charity has been calling for the price protection for the most vulnerable since 2014 and has welcomed the announcement from the regulator Ofgem that will consult…
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A poll independent loans comparison site Readies.co.uk today revealed public sector workers are turning to payday loans to make ends meet, given the sharp rise in prices, increasing the pressure on those “just-about-managing”. In real terms, average pay was higher in January 2006 than it is now – according to ONS data released last week. Readies.co.uk, a…
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Ofgem has announced plans to protect vulnerable consumers as part of a wider programme to make sure all consumers get a better energy deal. Options being considered include introducing a safeguard tariff for vulnerable consumers which would protect them from overpaying for their energy. Research from Ofgem and the findings of the Competition and Markets…
Read moreCitizens Advice service in Scotland has published its Energy Advice in Detail report for the year 2015-16, which shows that the most common issues again concerned billing and metering and that suppliers are not doing enough to help those consumers who are on low incomes. This report analyses all of the energy issues upon which Citizens Advice…
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Derek Mitchell will take over as chief executive of Citizens Advice Scotland in August, the charity has announced. Mitchell is currently a chief officer at COSLA, where he has led on work with both the UK and Scottish Governments, as well as other key stakeholders, to ensure Scotland is a welcoming place for new migrants and refugees. Prior to joining…
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