Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has confirmed final mortgage guidance, setting out the ways mortgage lenders can help customers worried about or already struggling with their mortgage payments because of the rising cost of living. The regulator has also published new data and analysis on the mortgage market. This shows that, in addition to the…
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Free debt advice provider PayPlan has teamed up with British Sign Language (BSL) Video Interpreting Service, SignVideo, to improve accessibility to customers across the UK, becoming the first UK debt advice company to provide access to this service. SignVideo is the market leader in delivering live and on-site BSL video interpreting and is already a…
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Citizens Advice is calling on the government to introduce an energy social tariff by 2024. The charity believes targeted financial support in the form of a social tariff is the long-term solution to millions of people spending excessive amounts on their bills, both now and during what could be a decade of record prices ahead.…
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One in seven people have skipped meals due to the rising cost of living, new Which? research has found. According to the latest findings from Which?’s Consumer Insight Tracker, a number of households are going without food and sitting in cold homes due to the rising cost of living. One in seven (15%) said they…
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The Chancellor is set to receive a short-term borrowing boost in his Budget, some of which he will use to prevent a spike in energy bills and petrol prices next month. But in the face of a longer-term weak outlook he faces tough choices on how to resolve public sector strikes and boost Britain’s growth…
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A minority of women are more likely to face pension poverty in the UK, with black women worst impacted according to research by Scottish Widows. The Women and Retirement Report shows that the financial gender gap continues to prevail with women from ethnic minorities facing an uphill battle at every stage of their financial life,…
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To mark International Women’s Day on 8th March, the free debt advice and ongoing support service Money Wellness has committed to delivering female-led advice to women who have been left in financial difficulties as a result of coercive or abusive relationships. It is also using the initiative to call for creditors to come together to…
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A new report from Innovate Finance, published with EY. says regulatory constraints are preventing fintech firms from boosting financial inclusion and helping consumers through a cost-of-living crunch. The report urges regulators to swiftly expand the UK’s open banking regime and loosen rules on robo-advice so consumers can access free financial guidance on managing their debts.…
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Cash Access UK has said lenders will open hundreds of banking hubs over the next few years as the programme accelerates. Cash Access UK Chief Executive Officer Gareth Oakley says that the not-for-profit company has 38 hubs in the pipeline and is preparing to open its fifth and sixth hubs in London and Scotland. The…
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A new report suggests that the Government made £2.4 billion by selling mortgages from collapsed lenders to investment firms, with 200,000 mortgages sold to firms that cannot offer new deals. With other lenders refusing to accept these homeowners, they have been left as so-called ‘mortgage prisoners,’ trapped on high rates. The London School of Economics…
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More than 18,000 new StepChange Debt Charity clients completed full debt advice in January 2023, which is at least 22% higher than any single month in 2022, suggesting that more and more people are struggling with debt in the new year following almost 12 months of rising living costs. Latest Bank of England data for January showed…
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People in deep financial trouble are being misled by profit-making firms into unsuitable debt solutions which are often leaving them worse off according to a new report from Citizens Advice. With the cost-of-living crisis pushing more people into debt, Citizens Advice has found worrying numbers of people in Individual Voluntary Arrangements (IVAs) unable to keep…
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Credit Connect’s hosted its sixth Online Collections Technology Think Tank 4.1 last week which saw collections strategies and the impact of cost of living economic stresses discussed by thirteen collections professionals from a variety of industry sectors. The themes of collections risk, customer engagement, affordability and the future of collections were discussed by panelists and…
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