Household bills predicted to fall by £350

The annual cost of household bills is predicted to drop by £350 on average year-on-year in April 2024, according to new research by Compare the Market. The research analyses the cost of energy, water, home insurance, motor insurance, and council tax. It reveals that the combined cost of these household bills is set to decline…

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Regulators warn against threatening collections tactics

Members of the UK Regulators’ Network (UKRN) the Financial Conduct Authority (FC) FCA, Ofgem, Ofwat, and Ofcom, have published a joint letter setting out shared expectations in relation to debt collection and customers experiencing financial difficulty. The letter calls on companies to improve their debt collection practices, after identifying shortcomings across the financial services industry,…

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Treasury announces tax collection policy

The Treasury has announced that it expects to raise £240 million in the first year after launching a new tax collection policy. Private sector debt collectors will be enlisted to collect up to £4.3 billion in unpaid taxes, as part of a budget crackdown spearheaded by HMRC. The plan involves increasing HMRC’s capacity to follow…

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Over 270,000 Scots missed a council tax payment in 2023

Over 270,000 people in Scotland missed a council tax payment in 2023 according to analysis by Citizens Advice Scotland (CAS). The analysis by the charity of polling it commissioned from YouGov found that 276,186 people in Scotland had missed a council tax payment at least once from December 2022. On average around one in three…

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£85 million remains unclaimed in Household Support Fund

Analysis of figures from councils across England by responsible lender, Creditspring has revealed that £85 million of the Household Support Fund remains unspent with the 31st March 2024 deadline fast approaching. The Household Support Fund was first launched in October 2021, and has been extended several times. The current tranche, which has been running since…

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Renters less financially resilient

21st February 2024 Consumer Collections |

Renters are less financially resilient than recent remortgagers according to reseach by Hargreaves Lansdown’s HL Savings & Resilience Barometer . The research found that over two-thirds have poor financial resilience, compared to a quarter of remortgagers whilst only 43% of renters have enough emergency savings, compared to 71% of mortgagees and 87% of those who…

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Four in ten councils at risk of financial failure over next five years

Four in ten local authorities in England are at risk of going bust over the next five years, according to analysis by Grant Thornton. Since 2021, six councils have issued section 114 notices, meaning they have declared themselves effectively bankrupt with Grant Thornron suggesting that 40% of councils at risk of financial failure over the…

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Families face £1,400 ‘debt timebomb’ in 2024

2nd January 2024 Arrears and Recoveries | #debt

Research by the Trades Union Congress (TUC) has warned that households face a ‘debt timebomb’ with analysis showing that borrowing is set to increase by £1,400 on average in 2024. The TUC analysis shows that unsecured debt – which includes personal loans, credit cards, and overdrafts – is set to rise from £13,361 to £14,792…

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2023 Credit & Collections Technology Think Tank review

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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HMRC set to receive funding to recoup £5bn in unpaid tax debt

27th November 2023 Consumer Collections | #government debt

The Government is to provide £16.3 million into HM Revenue & Customs’ debt management team in a bid to recoup £4.67 billion in unpaid taxes over the next six years. According to Treasury estimates, the injection of cash will help HMRC’s debt management team recoup £515million in taxes in 2024-25. By 2025, over £1billion worth…

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Scottish council tax and rent arrears rise

New quarterly data released by StepChange Debt Charity Scotland reveals the continued impact of the wider cost of living pressures as almost two fifths of new clients (37%) responsible for paying council tax bills were in arrears between July and September, up from 31% in the previous quarter. The charity has also reported an uptick…

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Housing costs concerns hits highest levels recorded

8th September 2023 Arrears and Recoveries | #bills

Worries about housing costs have hit the highest levels ever recorded by Which?’s Consumer Insight Tracker, as interest rates are widely expected to rise further. The Insight Tracker recorded highest levels of concern around housing costs – with four in five mortgage owners (79%) and 4 in 5 renters (81%) saying that they were worried…

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Thanet council tax debt hits £23.2m

A Freedom of Information request to Thanet District Council has revealed the total value of unpaid council tax debt owed in the district up to the end of the 2022-2023 financial year is a £23,202,000. The figure has built up over the past 30 years, since the charge was first introduced, and includes £2 million…

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