Telecoms industry agrees to cost of living support plan

The UK’s biggest mobile and broadband companies have agreed on a plan to help customers struggling to pay bills amid the cost of living crisis. The Telecoms industry agreed to the new plan following a government summit led by Digital Secretary Nadine Dorries. The new measures such as allowing customers struggling with bills to move…

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FCA reminds lenders to support consumers struggling with the cost of living

The Financial Conduct Authority (FCA) has written to more than 3,500 lenders to remind them of the standards they should meet as consumers across the country are affected by the rising cost of living. With household bills expected to continue to rise into the autumn, it is important that firms act now to make sure…

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Money Statistics: May 2022

31st May 2022 Arrears and Recoveries |

Here is an overview of The Money Charity’s latest statistics for May 2022 Personal debt in the UK People in the UK owed £1,781.7 billion at the end of March 2022. The average total debt per household, including mortgages, was £64,107 and per adult was £33,686, around 108.0% of average earnings. Net mortgage lending rose by…

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Ofcom calls for telecoms and broadband firms to do more to help customers struggling with bills

People suffering financial hardship should receive better support from phone and broadband providers under proposals published by Ofcom. Ofcom’s recent research, around 1.1 million households (5%) are struggling to afford their broadband. That rises to around one in ten among the lowest-income households. With affordability problems only likely to worsen this year because of the…

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Money Statistics: February 2022

28th February 2022 Arrears and Recoveries |

Here is an overview of The Money Charity’s latest statistics for February 2022 Personal debt in the UK People in the UK owed £1,765.6 billion at the end of December 2021. The average total debt per household, including mortgages, was £63,528. Per adult this was £33,328, around 108.7% of average earnings. This is up from the revised £33,306…

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1.1m households struggling to afford broadband services

15th February 2022 Consumer Collections | #broadband debt

Around 1.1 million households (5%) are struggling to afford their home broadband service according to new research by Ofcom. The number of households struggling rises to around one in ten among the lowest-income household with affordability problems likely to worsen in 2022 due to retail price increases and the wider squeeze on household finances, putting…

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Collections Technology Think Tank 3.1 review

10th February 2022 Arrears and Recoveries | #Think Tank

Credit Connect’s hosted its fourth Online Collections Technology Think Tank 3.1 last week which saw collections strategies and the impact of the pandemic discussed by fifteen collections professionals from a variety of industry sectors. The themes of collections risk, customer engagement, affordability, vulnerable customers and the future collections were discussed by panellists and Chair Vanessa…

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2.5 million households missed payments in January

28th January 2022 Arrears and Recoveries | #arrears

New research by Which? has found that around 2.5 million households missed payments in January. According to the latest findings from Which?’s consumer insight tracker, an estimated 2.5 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in January 2022. This marks a significant increase on December 2021,…

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Money Statistics: December 2021

21st December 2021 Arrears and Recoveries |

Here is an overview of The Money Charity’s latest statistics for December 2021 Personal debt in the UK People in the UK owed £1,749.9 billion at the end of October 2021. The average total debt per household, including mortgages, was £62,965 and per adult was £33,086, around 108.3% of average earnings. Net mortgage lending rose by…

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8% of retired people concerned about being able to pay bills

15th December 2021 Arrears and Recoveries |

New research Opinium has found that 8% of retired people are concerned about being able to pay bills. The research found that 41% said being able to pay their bills in retirement was a realistic goal. Worryingly 8% did not think it was a realistic prospect, whilst 11% did not think it was realistic that…

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Rising costs could push household spend up £1,700 a year

New analysis by the Centre for Economics and Business Research (CEBR) suggests a typical UK family will spend £1,700 more per year on household costs in 2022. The forecast for the BBC’s Panorama says a family of two adults and two children is set to spend £33.60 more per week compared with December 2020 due…

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O2 fined £150,000 over billing issues

Ofcom has fined telecoms operator, O2, £150,000 for failing to provide complete and accurate information to us during our investigation into the company’s billing issues. In a statement, Ofcom said “We regularly make statutory requests for information from companies as part of our work to protect consumers. This evidence is vital to our decision-making, and…

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Money Statistics: November 2021

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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