Credit, Collections & Insolvency News
Mobile phone providers could be banned from linking price rises to runaway inflation figures under new proposals from Ofcom. The regulator says telecoms customers must be told upfront in pounds and pence about any price rises their provider includes in their contract. With most major phone, broadband and pay TV companies now including mid-contract price…
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The growing gap between the ‘haves and have-nots’ is growing according to a report by the Centre for Social Justice (CSJ). The analysis that that the UK is in danger of sliding back into the ‘Two Nations; of the Victorian era marked by a widening gulf between mainstream society and a depressed and poverty-stricken underclass,…
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A new report titled, ‘Getting the Message’ by StepChange Debt Charity has found that people’s ability to access and then act on debt advice hinges on the language, tone and presentation of communications. The debt charity also argues that firms across the financial services landscape need to continually test and learn with how they interact with…
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Financially vulnerable people are twice as likely to end up in debt each time they take out a new credit product, according to new research from AI powered transaction analytics firm, Fuse. More than four in ten (44%) people in this group say they’ve ended up in debt after taking out a credit product in…
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Latest research from the Financial Conduct Authority (FCA) has found almost half of UK adults (47%) feel pressured to spend above their means during Christmas to provide for loved ones, rising to almost two-thirds (64%) for those with children under 18. Two in five (40%) UK adults, and over half of those (52%) with children…
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6.5 million people in the UK (14 percent) will struggle to heat their homes as much as they need this Christmas due to the impact of the cost of living, according to findings from National Debtline. The findings show 2.7 million people (5 percent) are having to choose between buying food or presents and four…
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A new survey by Purbeck Personal Guarantee has underlined the impact of the cost of living crisis on shopping habits with 33% of shoppers plan to haggle this Christmas. 51% confessed they have haggled for an essential product or service this year. The research suggests that 21% in the survey think it’s fine to haggle…
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Charities are increasingly concerned about the rising threat of fraud on their organisations as the cost-of-living crisis takes hold, according to a new survey by accountancy and business advisory firm BDO and the Fraud Advisory Panel. The survey of 120 leaders from UK charities, published today as part of Charity Fraud Awareness Week, found that…
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One in five (18%) adults, the equivalent to 9.7 million people, have missed a payment in the last 12 months according to research from Bluestone Mortgages. The missed payment includes utility bills or credit cards (both 7%), tax bills or loan repayment (both 5%). Additionally, 7% of those with a mortgage have missed a payment. Seven…
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Credit Connect hosted its third in-person Credit & Collections Technology Think Tank in mid-November 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 by abrdn Financial Fairness Trust has found that 65% of UK households (18.4 million) have consumer debt and there are signs that credit stress may be worsening, with two-in-ten (16%) owing money due to missing at least one repayment on a credit commitment, up from 11% in May 2023. Over four-in-ten households (12.5…
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Here is an overview of The Money Charity’s latest statistics for November 2023 Personal debt in the UK People in the UK owed £1,845.6 billion at the end of September 2023. The average total debt per household, including mortgages, was £65,724 and per adult was £34,700, around 100.7% of average earnings. Net mortgage lending decreased by…
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New research from Go.Compare Energy has revealed that the number of UK households who won’t be putting up Christmas lights to save on energy costs has increased in 2023. This year, 18% of people told Go.Compare they wouldn’t be lighting up their homes this Christmas – an increase from December 2022, when 16% of bill…
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