Credit, Collections & Insolvency News
The UK’s leading debt advice charities StepChange, Money Advice Trust, Citizens Advice, and Christians Against Poverty, alongside the Law Centres Network, have today written to DLUHC Secretary of State Michael Gove urging him to prioritise the Renters (Reform) Bill in this parliamentary session and calling for stronger protections in the Bill for private renters experiencing…
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Latest Bank of England figures show that the proportion of mortgages in arrears increased to its highest level since 2016 in the last three months of 2023. The share of outstanding mortgage balances in arrears rose to 1.23% in Q4 2023 from 1.12% in Q3. The value of these balances in arrears stood at £20.3…
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14% of retirees aged over 55 have gone back into work as their living costs have increased and their pension is not sufficient to fund retirement according to new research from Standard Life. A further 4% are also considering returning to work. Men are more likely to have unretired, with 16% saying they have done…
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Energy regulator Ofgem has announced a call for input to examine issues around affordability and debt in the energy market. The regulator says that its first responsibility is to protect consumers, and we remain very concerned that struggling households have a limited ability to cope with future price shocks. At the same time, the cost…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 2% in January 2024 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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New research from Citizens Advice has found that over 13 million people (26% of UK adults) have accidentally taken out a subscription in the last 12 months. These subscriptions cover services from fitness apps to food delivery services, and repeat pet food to magazine subscriptions. The charity is warning that the problem of subscription traps…
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Chancellor Jeremy Hunt has announced the Spring budget for 2024. Commenting on budget, Richard Lane, Chief Client Officer at StepChange Debt Charity, said: “It’s encouraging to see a six-month extension to the Household Support Fund (HSF) announced today, but it’s questionable how much things will improve in that time, especially considering two in five people…
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Over 270,000 people in Scotland missed a council tax payment in 2023 according to analysis by Citizens Advice Scotland (CAS). The analysis by the charity of polling it commissioned from YouGov found that 276,186 people in Scotland had missed a council tax payment at least once from December 2022. On average around one in three…
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Women are suffering the most in the financial squeeze, according to the latest figures from credit management group Intrum. A survey of 20,000 consumers across Europe shows that people are spending more of their income on essentials than they did in the past. Banks recommend following the 50-30-20 rule, suggesting an allocation of half income…
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Virgin Media O2 customers are facing a ‘lose-lose choice’ between the highest mid-contract broadband and mobile price rises, or crippling exit fees running into hundreds of pounds, the consumer group Which? has warned. Virgin Media and O2 are expected to go ahead with price increases of 8.8% this April – the latest RPI figure of 4.9%…
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New research by Lowell has found that nearly a third (30%) of adults in the UK don’t know how much debt they owe. The research showed that currently, the average total debt per UK household stands at £57,910 and searches for ‘how to become debt free’ have increased by 140% in the last month alone.…
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Credit Connect hosted its Online Collections Technology Think Tank last week which saw collections strategies and the impact of cost of living economic stresses discussed by eight collections professionals from a variety of industry sectors. In the eighth edition of the Collections Technology Think Tank series, hosted by Credit Connect Media, industry professionals gathered to…
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Almost half (41%) of people aged 50 and over who are not yet fully retired are concerned about living in economic hardship after they stop working, according to new research by the older people’s financial hardship charity Independent Age. According to latest figures, 18% of people aged 60-64 are living in deep poverty. If governments…
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