Credit, collections & insolvency news
Benefits will need to be hiked by twice as much as planned this spring in order to protect millions of the poorest in society from the impact of surging inflation according to new analysis by the Insititute of Fiscal Studies (IFS). The analysis shows poorer households tend to spend almost three times as much of…
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Here is an overview of The Money Charity’s latest statistics for November 2021 Personal debt in the UK People in the UK owed £1,749.2 billion at the end of September 2021. The average total debt per household, including mortgages, was £62,938 and per adult was £33,072, around 108.6% of average earnings. Net mortgage lending rose by…
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Here is an overview of The Money Charity’s latest statistics for October 2021 Personal debt in the UK People in the UK owed £1,745.7 billion at the end of August 2021. The average total debt per household, including mortgages, was £62,813 and per adult was £33,006, around 108.9% of average earnings. Net mortgage lending rose by…
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A new report by Aryza has found an increase in the numberstruggling to manage their personal finances. Drawing on a dataset of nearly 300,000 insolvent UK consumers currently struggling with their personal finances, the company’s latest debt statistics report found the average debt level across the UK to be £17,823. This is compared to £15,924…
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Credit Connect has confirmed the line-up for next week’s Credit & Collections Technology Awards which takes place at the Midland Hotel in Manchester next Thursday (4th November). The awards are judged by a panel of industry experts who have reviewed technological excellence in four different categories sections: creditor and lender, collections and recoveries, applied technology, and…
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Council tax in England could rise by as much as £220 per year within three years, researchers have according to new research by the Nuffield Foundation in partnership with Citi. Under current government spending plans, council tax increases of 3.6% per year will be needed for the next three years just to ensure councils can…
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A new Credit & Technology Think Tank has been launched by Credit Connect Media. The event will examine credit and collections technology strategies to increase effectiveness and efficiency as we emerge from the worst impact of the pandemic. The inaugural Credit & Collections Technology Think Tank powered by Credit Connect will take place on Thursday…
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Over seven million people (14%) are worried that they will not be able to afford their council tax bills over the next year, according to new research from the Money Advice Trust. Findings from the charity’s ‘Council Tax After Covid’ report have highlighted that some vulnerable groups are most at risk of falling behind on…
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Analysis of official data by real estate advisers Altus Group shows that companies owe English local authorities almost £2.5 billion in unpaid business rates, with the pandemic and subsequent restrictions driving up debt piles. The increase in rates arrears comes despite the Government offering retail, leisure and hospitality companies a rates holiday since the onset…
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New figures from the Ministry of Housing, Communities and Local Government have shown that council tax arrears in England have risen to £4.4 billion. The figures show that In 2020-21 local authorities collected a total of £32.2 billion in council tax. This was an increase of £0.6 billion, or 1.9%, over 2019-20. This is lower…
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Folkestone & Hythe District Council has awarded NSL, a Marston Holdings company, a three-year contract extension for the provision of parking enforcement and debt recovery services. Under this contract, which was originally awarded in 2017, NSL will continue to provide enforcement of on and off-street parking regulations, including the management of coastal car parks, special…
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Here is an overview of The Money Charity’s latest statistics for March 2021 Personal debt in the UK People in the UK owed £1,700.2 billion at the end of January 2021. The average total debt per household, including mortgages, was £60,999 and per adult was £32,087, around 107.6% of average earnings. Net mortgage lending rose by…
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Credit Connect’s hosted its second Online Collections Technology Think Tank 2.0 last week which saw collections strategies and the impact of the pandemic discussed by fourteen collections professionals from a variety of industry sectors. The themes of business transformation, customer engagement, affordability, and open banking collections were discussed by panellists and Chair Vanessa Northam from StepChange.…
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