Credit, Collections & Insolvency News
New research by Yorkshire Building Society has suggested that almost two in five (39%) 16–27-year-olds, twice the rate of the general population, said they lacked confidence needed to make important financial decisions. This lack of knowledge and confidence is reflected in their behaviours, just half (56%) said they know how to budget and a similar…
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Two-thirds of consumers have used or plan to use retail credit during the Christmas season according to research by Moneyhub. The report has revealed that retail credit users spend an average of £1,012.55 over the holidays, with £759.71 with nearly three-quarters financed through retail credit. The data showed that 64% of people are struggling to…
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The Office for National Statistics (ONS) has released the latest private rent and house price data which shows that private rents increased by 8.7% in the year to October, to an average of £1,307. In England, rent inflation was highest in London at 10.4% and lowest in Yorkshire and The Humber at 5.9%. Whilst the…
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Latest figures from the Office for National Statistics (ONS) have shown inflation surged to 2.3% in October, up from the three year low of1.7% in September. The increase was driven largely by higher energy costs and increased housing costs. For a typical household, annual gas and electricity bills went up by about £149 last month…
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E.ON Next has paid £14.5 million after failing to provide final bills and refund customer credit balances to prepayment meter customers. An investigation by the energy regulator, Ofgem, found almost 250,000 prepayment meter customer accounts were affected between February 2021 and September 2023 due to an error within its billing system, which E.ON Next self-reported…
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A recent poll by MoneyMagpie reveals that almost 40% of parents rely on credit at Christmas – despite also being more likely to save ahead of time for the festive season. The data showed that 37% of parents rely on credit cards to spend on Christmas, while 27% of childfree people do. While it’s to…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell in October with 8,952 individuals entering into insolvency, this was 14% lower than in September 2024. The personal insolvencies consisted of 596 bankruptcies, 3,793 debt relief orders (DROs) and 4,563 individual voluntary arrangements (IVAs). Monthly DRO numbers between…
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New proposals to crack down on subscription traps have been unveiled as the Government launches a consultation on measures to make it easier for consumers to get a refund or cancel unwanted subscriptions. “Subscription traps” are instances where consumers are frequently misled into signing up for a subscription through a “free trial” or reduced price offer.…
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Latest UK Finance data releases has shown tha credit card spending and transactions increased in August 2024. The data showed that there were 381 million credit card transactions in August, 1.3 per cent more than in August 2023. The total spend of £20.9 billion was 1.9 per cent higher than in August 2023. There were…
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New figures from Opinium for Hargreaves Lansdown has predicted that consumers will spend an average of £611 on Christmas this year. An increase from £569 last year and £576 a year earlier. The research found that one in seven people (14%) will spend more than £1,000. The data showed that men spend more than women (£644 compared…
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A new report, from the Credit Services Association (CSA), the trade body for the debt collection and purchase sector, has recommended an urgent in-depth review of rising financial services regulatory costs, and their impact on innovation, growth and competition. The report warns that if the sector continues to face rising regulatory costs, firms, markets, and…
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Credit Connect hosted its fourth in-person Credit & Collections Technology Think Tank last week in Manchester which saw credit and collections strategies and the impact of the cost of living discussed by sixteen professionals from a variety of industry sectors at the Midland Hotel in Manchester. The themes of cost of living impacting customer engagement,…
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New research from Go.Compare has found that financial worries are affecting how consumers are planning for the festive holiday, with over a third (35%) saying they’ve made the tough decision to cut their Christmas budget this year. The research found that 37% admitted they will have to be very careful with money this year. A…
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