Credit, Collections & Insolvency News
Intrum’s annual European Consumer Payment Report (ECPR) has indicated a gloomy picture of consumers’ financial wellbeing and economic outlook. With rapidly increasing costs of living, consumers are cutting back on sustainable goods and services to manage their household finances. The ECPR surveyed 24,000 European consumers on payment behaviour and the economic outlook, shows that record…
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After two years of detailed work, the Civil Enforcement Association (CIVEA) has welcomed the launch of a ground-breaking oversight body for the civil enforcement industry. CIVEA is the principal trade association that represents the civil enforcement industry in England and Wales and was instrumental in designing the blueprint for the independent Enforcement Conduct Board (ECB).…
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New research by LifeSearch Health has found that Christmas spending is set to fall by £12.5 billion this year. The research found that women look set to make the biggest Christmas cut-backs this year, totalling £7.3 billion (£310 per head on average vs £266 by men), reflecting the struggles of the cost-of-living crisis. One in…
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Latest to research from FICO has found that the number of customers missing one payment increased by 8.3 percent compared to August and 9.1 percent year on year. The research also found that average total sales were £775, 4.56 per cent lower than August. The average active balance also dropped in September to £1,595 –…
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Ofgem has said that energy firms have been failing vulnerable customers. The energy regulator Ofgem has told all 17 firms in its review to improve, with Good Energy, Outfox, So Energy, Tru Energy and Utilita found to have severe weaknesses. Ofgem said that initial assessment and ratings were formed, many suppliers have already responded positively…
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Four in five employees across the UK are concerned about ongoing increases to the cost of living (79%), according to new research from Aviva which shows the over-45s are collectively the most affected. The research found that among lower income employees – those earning less than £30,000 – nearly a third (30%) report that their…
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Credit management services company Intrum has agreed to a £36.5 million deal to buy the Capquest and Mars UK servicing platforms from European fund manager Arrow Global, along with a £121.25 million investment for 50% of Arrow’s UK back book consumer portfolios. The purchase includes outsourcing contracts with major financial institutions as well as the…
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The Social Market Foundation (SMF), a cross-party think-tank, says restricting energy bill support to just those in the benefits and pension systems could exclude over ten million people in fuel poverty. The SMF calculated that 4.5 million households who face spending more than 10% of their income (after housing costs) on energy bills will miss…
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The winners of the 2022 Credit & Collection Technology Awards winners have been announced following a live in-person event yesterday (Thursday 17th November) at the Midland Hotel in Manchester. The awards are the flagship event for innovational technological professionals working in credit and collections and the fifth annual event honoured the UK’s technological innovators, celebrating…
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The chancellor Jeremy Hunt delivered his Autumn Statement yesterday (Thursday 17th November) in which he announced £30 billion in spending cuts and £25 billion in tax rises. Responding to the Autumn Statement, David Postings, Chief Executive of UK Finance, said “These are challenging times for the country and the chancellor has had to take some…
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The latest UK Consumer Prices Index (CPI) figures, published by the Office for National Statistics, show that CPI rose to 11.1 percent in the twelve months to October, up from 10.1 percent in September A jump in energy costs, despite the Energy Price Guarantee (EPG), and rising food prices, which rose by 16.4 per cent…
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1.7 million people across the UK are borrowing from high-cost lenders in order to pay off existing debts, according to research by Creditspring. The research found that a quarter of people (24%) who borrowed from high-cost lenders sought credit so they could repay other debts. The same proportion (24%) who borrowed from high-cost lenders admitted…
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The Civil Enforcement Association (CIVEA) has welcomed the launch of a ground-breaking oversight body Enforcement Conduct Board (ECB). A new unique partnership between the debt advice sector and the enforcement industry, with support from the Centre for Social Justice (CSJ), has led to the establishment of the ECB. The ECB was formed as an independent,…
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