Credit, Collections & Insolvency News
Extra Energy has received the lowest score of Citizens Advice’s star rating system for energy suppliers for the second time – with a lower overall score. The company received 2.05 stars, lower than the 2.5 stars it received for the period between October and December 2016. The firm has previously received record low scores for…
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The Credit industry has responded to the Queen’s speech. Here is an overview of the some of the main talking points: Financial Guidance and Claims Bill Citizens Advice Chief Executive Gillian Guy said “The right guidance can be an essential part of a secure financial future. We help people with 1.7 million money queries a…
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The Money Advice Service is calling on friends and family to spot the signs that people close to them might be experiencing problem debts. Debt and money worries are often seen as a taboo subject in the UK so it is time to get people talking about their money worries and get them to advice…
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A TDX Group Consumer Debt Report has revealed that over a quarter (28%) of Brits fear they may not be able to keep up with repayments on their personal debt. The online survey, conducted by YouGov, also found that unsecured debt now tops average monthly earnings¹, with more than one in four (28%) owing in…
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More than half of Scots (51%) say they occasionally run out of money before payday, with 15% saying they do so ‘most of the time’ or ‘always. The figures are part of a new report by Citizens Advice Scotland which aims to take a snapshot of the financial realities facing Scots in 2017, and in particular,…
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Here is an overview of The Money Charity’s latest statistics for June 2017: Personal debt in the UK People in the UK owed £1.532 trillion at the end of April 2017. This is up from £1.485 trillion at the end of April 2016 – an extra £886.84 per UK adult Per adult in the UK…
Read moreResearch from Scottish Widows reveals that more than half (53%) of men in the UK with dependent children have no life cover, meaning that 3.9 million families are potentially putting their financial security at risk if the unexpected were to happen. The research also shows that only 16% of fathers have a critical illness policy, leaving…
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Christians Against Poverty (CAP) has launched its latest Client Report. The report examines the collaboration between CAP and other organisations, which makes transformation in people’s lives and circumstances possible. One client’s story explores how the credit industry, referral partners, local communities and the Church can all work with CAP to tackle poverty and its causes.…
Read moreThe Money Advice Liaison Group (MALG) is celebrating its 30th anniversary. MALG was established in 1987 as a forum for shared best practice and communication in the debt and money advice sector in the UK. MALG has recently re-branded, re-launched and introduced a new membership structure aimed at widening participation across the advice, credit, collection, enforcement,…
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A new guide that helps finance providers identify and support customers in vulnerable situations during the credit application process is being launched today by the Finance & Leasing Association (FLA) and The UK Cards Association. Developed by the University of Bristol’s Personal Finance Research Centre (PFRC), in partnership with both Associations, Vulnerability: a guide for…
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Free debt advice provider, PayPlan has announced a partnership with lender MyJar to explore ways of reaching out to individuals who might be seeking debt advice. A rise in the use of smart phones is challenging the traditional communications methods used by creditors and debt advice services. UK citizens look at their smartphones over a…
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Debt charity Christians Against Poverty has discovered that household bills and costs have tripled in the past ten years. A decade ago, the average client owed £1,412 in priority arrears, a figure representing just nine per cent of that person’s whole debt problem. In 2016, it had ballooned to £4,582, nearly a third (32%) of…
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PayPlan has announced the announcement of a New Head of Policy & Partnership. Alistair Chisholm joins the free debt advice provider as Head of Advice Sector Policy & Partnership. The role will see Alistair working alongside the wider PayPlan team and with external partners to enhance current practices to offer even more support to those in…
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