Credit, Collections & Insolvency News
The new Government’s Bills and priorities have been announced as part of the King’s Speech. The speech announced new legislation to improve rights for people renting privately, alongside commitments to improving living standards, job security and wages across the UK. Commenting on the speech Richard Lane, Chief Client Officer at StepChange, said “It’s encouraging to…
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The Estate Registry (TER) and its bereavement services, NotifyNow and Settld, have backed charity calls for Keir Starmer’s new Labour government to invest heavily in end-of-life care and bereavement support services. The charities, Sue Ryder, Hospice UK, Marie Curie, the National Bereavement Alliance and Together for Short Lives are among those leading calls for the UK…
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New research by Hargreaves Lansdown (HL) has found that real disposable income is still lower than before the pandemic, but with consumers cutting spending it has found thatoverall financial resilience has improved. The research shows that the average household has £235 at the end of the month, over twice the pre-pandemic level of £110, and…
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New research by StepChange Debt Charity ahead of the school summer holidays has revealed that almost one in three (29%), equivalent to around 15.5 million people, expect their household spending to increase over the next few months, including 31% of parents with children aged 18 and under. Of those saying their household spending will increase…
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Half (51%) of adults say that they have fallen out with a friend on holiday, with 54% of arguments triggered by disagreements about money, rising to 71% of 18-24 year olds. A sixth (16%) have even permanently lost a friend over money related holiday fall-outs, according to new research from Starling Bank. Three quarters (75%)…
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The winners of the inaugural 2024 Credit & Collections Industry Awards have been revealed. There were thirteen winners (four of which were partnership wins) from the fourteen awards categories which are covered by three main headings of Credit & Collections, Inniative & Innovation and Partnerships. The award winners were announced in a webinar after a…
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Latest data from the Bank of England has found that lenders expect default rates on home loans to climb in the coming months, The data showed that mortgage default rates rose in Quarter 2 (Q2) with banks and building societies believing that the rate will increase further in the next three months. Lenders reported a…
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More than half a million retirees in the UK still have not paid off their mortgages, according to research from SunLife. SunLife surveyed 2,000 people over 50 and discovered that of the two thirds (68%) that are homeowners, more than 1 in 5 (23%) are still paying off their mortgage. And while most (87%) of…
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Credit Connect hosted its Online Collections Technology Think Tank last week which saw collections strategies and the impact of political and the cost of living economic stresses discussed by collections professionals from a variety of industry sectors. In the ninth edition of the Collections Technology Think Tank series, hosted by Credit Connect Media, industry professionals…
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Research by financial technology company FIS has found that half of consumers surveyed said they are ‘obsessed’ with checking their banking apps and balances. FIS says that the research shows the widespread financial anxiety among consumers which has led to a phenomenon known as ‘financial doomscrolling’ – a term describing the excessive monitoring of account…
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Latest figures from Ofgem show energy debt levels have broken records again, now standing at £3.1 billion. The research also showed that 6.1 million households are struggling to pay energy bills as energy arrears continue to break records National Debtline says the lower energy price cap will bring some relief to households but is calling…
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Sluggish economic growth and economic shocks including the financial crisis and the pandemic mean increases in disposable incomes have been ‘slowing to a crawl’ since 2010, according to the Resolution Foundation. The think-tank says typical household incomes have risen by just £140 a year, with an increase of just 7% over the last 14 years.…
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Children may be missing out on educational school trips as parents struggle to cover the costs and schools lack funds to subsidise them according to research by public sector insurer Zurich Municipal. A poll of 1,000 parents by the insurer found that one in three (31%) believe school trips are now too expensive, while a…
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