Credit, Collections & Insolvency News
Research by EY shows that consumers are cutting back their spending as inflation hits household budgets. Over a third (37%) of low and middle-income consumers are now only buying essential items, with this an increase of 11% compared to February, while 32% have switched to cheaper brands to try and save money. While almost half…
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Credit Connect’s hosted its fifth Online Collections Technology Think Tank 3.2 last week which saw collections strategies and the impact of cost of living economic stresses discussed by twelve collections professionals from a variety of industry sectors. The themes of collections risk, customer engagement, affordability and the future of collections were discussed by panellists and…
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With the latest projections from Cornwall Insight pointing to the next price cap exceeding £3,300 this winter, Energy UK is calling the Government to again look at actions that could reduce customer bills. These could include removing VAT from bills, moving existing levies onto general taxation and seeing whether other costs can be spread over a…
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Energy regulator Ofgem has told a number of energy suppliers to take immediate and urgent action after a review found a range of weaknesses or failings in the way they charge customers direct debits. Out of a total of 17 large suppliers in the market, the majority were found to only have minor issues, but…
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The Credit Services Association (CSA), the UK trade body for the debt collection and debt purchase industry, has cautiously welcomed the Government’s recent announcement of their intention to reform and modernise the now almost fifty-year-old Consumer Credit Act. In a new report, the trade body draws attention to the mismatch between the requirements of the…
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Registry Trust, the not-for-profit organisation which maintains the Register of Judgments, Orders and Fines, is calling on stakeholders from across the credit and debt landscape to support its project to create a Register of Partial Settlements. Registry Trust’s monetary judgments data is used for public good in millions of credit and lending decisions every year…
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Citizens Advice has raised concerns over unregulated debt collection by the administrators of failed energy suppliers and called for an urgent review of the interactions between insolvency rules and the Supplier of Last Resort (SoLR) process. Customers of failed suppliers are at risk of aggressive debt collection tactics from administrators because they’re not bound by…
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Britain’s toxic combination of low growth and high inequality has left it trailing behind the comparable economies of Australia, Canada, France, Germany and the Netherlands, with disastrous consequences for low- and middle-income households according to a new report from the Resolution Foundation. The report notes that the country is approaching a decisive decade of economic…
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New forecasts from Cornwall Insight are predicting that typical gas and electricity bills in England, Wales and Scotland could reach £3,363 in the new year. The figures have increased significantly from the £3,003 figure forecasted two weeks ago. Predictions for the Q4 2022 (Oct-Dec) Cap, have also seen a steep increase, and now sit at…
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Two in five need an inheritance to pay for retirement according to research by Opinium for Hargreaves Lansdown. The research found that more than one in four people expect an inheritance or have already received one (29%). Two in five people who expect to inherit say they need the money to fund their retirement (38%).…
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Some 49% of people surveyed by the Office for National Statistics say they had purchased less food than normal between 22 June and 3 July. This was up from 8% of those polled last September. Another 48% said they had been forced to spend more than usual on their food shopping. Overall, 91% of 2,300…
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High levels of inflation and the deepening cost of living crisis have prompted further slowing of retail sales growth, according to new figures by accountancy and business advisory firm BDO LLP. The High Street Sales Tracker (HSST), total like-for-like (LFL) sales, combined in-store and online, increased by +8.4% in June compared to the equivalent month…
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Consumer sentiment has continued to decline as the cost-of-living crisis escalates, according to the latest update to PwC’s Consumer Sentiment Survey. Sentiment is now at -36, falling a further 16 points from the last iteration in March. Sentiment is now lower than at the start of the first national lockdown in March 2020 (-26%) but still higher than…
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