Credit, Collections & Insolvency News
Universal Credit has caused a 20% rise in rent arrears from East Lothian Council tenants in just three months since it was introduced, a report has found. The report shows that the change to Universal Credit has seen rent arrears rise by £242,000.The net year on year increase, calculated at 12 %, or £157,000, has almost…
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Representatives from the ‘Big Six’ energy companies have attended a summit looking at ways to help low income households living in fuel poverty and facing a ‘poverty premium’ of paying more for their energy. Energy companies were invited to the meeting, chaired by the equalities secretary Angela Constance with energy minister Paul Wheelhouse, to discuss…
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Three and a half million young Brits say that they have borrowed money to pay for food according to research conducted by Debt Advisory Centre. In total seven million adults have borrowed money to pay for food, another four and half million have borrowed money to pay their rent or mortgage, highlighting the financial squeeze that…
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Millions of people will be relying on their credit cards to fund Christmas this year. Research conducted by comparethemarket.com found that Brits who celebrate Christmas expect to spend £640 on average over the festive season. Over a fifth (22%) anticipate that they will pay for the majority of their expenses by credit card, suggesting that those…
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The average rent arrears of a tenant receiving Universal Credit is almost five times the average of those not in receipt of the welfare payment, according to new research. Data provider Housemark carried out a detailed analysis of benchmarking data submitted by its members to examine the impact of changes in welfare benefits on social…
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The Financial Conduct Authority (FCA) has today announced that it is inviting views on the future funding of the Financial Services Compensation Scheme (FSCS) and has also launched a consultation on a number of specific changes to its scheme rules. The FSCS is the UK’s statutory compensation scheme of last resort, which can step in…
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Charity Christians Against Poverty (CAP) has publishied new findings that show 93 per cent of clients stay free of problem debt years after receiving help. The Freedom Report, to be delivered this evening an event in Parliament, contains information gathered from 214 phone interviews with people who had become debt free with the charity up…
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The Financial Conduct Authority (FCA) have sent a letter to CEOs of all debt management firms expressing their concerns with the way firms are carrying out annual reviews and to remind them of the requirements of administering debt management plans (DMPs). All debt management plans must be reviewed at least once a year. If a…
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The Competition and Markets Authority (CMA) has finalised details for the introduction of a price cap for approximately 4 million households on prepayment meters. In its final report published in June following a two-year investigation into the energy market, the Competition and Markets Authority (CMA) said that it would introduce a price cap for prepayment customers…
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Almost half (44%) of Brits overspend in pursuit of creating the perfect Christmas for family and friends, according to new research from TSB. Driven by pressure to appease loved ones, more than half (54%) of Brits don’t even set themselves a budget for their Christmas spending. In some cases this has included forking out on…
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Millions of homeowners with a positive balance on their utility bills are owed, on average, £86.60 by their energy supplier. Collectively, this means energy providers are profiting from a whopping £1billion in overpaid bills. Homeowners with a positive balance on their utility bills are owed, on average, £86.60 by their energy supplier. Collectively, this means…
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Five million Britons suffer from money worries and stress in the run up to Christmas, and one in three adults are putting Christmas presents on credit this year, according to new research from National Debtline, run by charity the Money Advice Trust. The research, based on a poll of more than 2,000 British adults conducted online…
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The number of British consumers who have taken on more debt over the last five years has risen sharply to 37%, up from 27% just a year ago, according to a UK-wide survey by Arrow Global. The findings come from a survey of 2,008 consumers with debt, including 804 debt defaulters (borrowers have been late with…
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