Credit, Collections & Insolvency News
Household financial wellbeing declined faster at the end of 2020 than at any time during the five years prior to the Covid-19 pandemic, according to the Scottish Widows UK Household Finance Index (HFI). The headline seasonally adjusted index which measures households’ overall perceptions of financial wellbeing registered at 41.1 during the final quarter of 2020,…
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A new report by Lowell has revealed that 51% of households are expecting to be worse off financially due to Covid-19 – together with the fact that 93% of the UK had their pay date in December brought forward, meaning that 39% of households will struggle financially (an increase of 32% from last year). Longer…
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Citizens Advice Scotland (CAS) is warning of a council tax debt ‘explosion’ as the impact of the pandemic makes a bad situation even worse in 2021 as clients have racked up millions in arrears. Council tax debt is currently the number one debt issue the Citizens Advice Bureau network sees. Analysis of figures for 2019/20…
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Credit Connect has published its second annual Credit & Collections Technology company power list for 2020. The power listed is a round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies. The…
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Here is an overview of The Money Charity’s latest statistics for December 2020 Personal debt in the UK People in the UK owed £1,688.5 billion at the end of October 2020. The average total debt per household, including mortgages, was £60,580 and per adult was £31,867, around 109.1% of average earnings. Net mortgage lending rose by…
Read moreOne in seven (14%) of people have fallen behind on essential bills, including energy, water, mobile phone and broadband bills, council tax, rent or mortgage payments, the equivalent of seven million people in the UK, according to new research from Citizens Advice. A poll of 6,004 people, conducted by ICM Unlimited for the charity, also…
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HMRC has spent more than £84 million on private Debt Collection Agencies (DCAs) in the three tax years to 2019/20 according to new figures. The figures show that HMRC spent £32 million on DCAs, with £1.71 million being spent on final opportunity letters. In 2018/19, HMRC spent £26 million on DCAs, with £1.3 million being…
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Credit Connect Media will host a free live webinar on Tuesday 15th December which will showcase innovation in mobile collections technology. The webinar titled ‘Agile collections technology that’ll outlive the pandemic’ is the latest in the series of Credit Connect webinars which have looked at the latest thematic innovations enhancing collections strategy. The event partner…
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New research by Royal London has revealed a startling picture of people’s personal finances during the pandemic. the figures above show, household incomes have fallen while bills have risen, with many people believing that things are going to become even bleaker. The company found that the self-employed have been more acutely affected by Covid-19 than…
Read moreA new report has found ‘widespread unfairness’ in the way in that central and local government collects debts including council tax, benefit and tax credit overpayments. The Money Advice Trust is calling for the government to ‘level up’ its debt collection practices to those of other sectors or risk pushing people further into difficulty in…
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Nearly a quarter of 18-24 year olds struggling to afford their household bills with one in 10 18-24 year olds expecting to be made redundant. Young people are struggling to cope with the financial burden the pandemic has placed upon them, according to new research by comparethemarket.com. The findings in the company’s Household Financial Confidence…
Read moreFreelancers whose income has been slashed this year due to the pandemic could soon face tax bills higher than their earnings according to new research by Royal London. As reports suggest that the Treasury is considering a number of dramatic tax increases on the self-employed, including a rise in National Insurance Contributions, Royal London is…
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Ninety-three percent of consumers are struggling to afford essentials after Government collection measures according to research by debt charity StepChange. The report has found that fundamental and specific improvements are needed for ‘deeply flawed’ government debt collection practices,. The deadline for responses to the Cabinet Office on Government debt collection practices sees StepChange Debt Charity…
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