Credit, collections & insolvency news
Credit Connect has published its first-ever annual Credit & Collections Industry Awards Review. The annual review highlights why the judges decided the winners at this year’s Industry Awards which were announced in July. The review provides background and context for the awards results recognising companies for the progression of industry standards and excellence. The review…
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Phone, broadband and pay-TV companies are to be banned from imposing mid-contract price increases linked to inflation following a new crackdown announced by the Ofcom. Under the new consumer protection rules telecoms customers must be told upfront in pounds and pence about any price rises their provider includes in their contract,. Ofcom says that in…
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Latest data from UK-leading fraud prevention service, Cifas has shown a sharp rise in criminals targeting the telecoms sector to carry out facility takeover fraud. More than 374,000 cases were filed to the National Fraud Database (NFD) in 2023, and of this, cases of facility takeover fraud – where a criminal utilises compromised personal data…
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Unsecured household debt is set to rise by over £1,600 this year as families continue to struggle with the cost of living crisis, according to new TUC analysis. The analysis shows that unsecured debt (loans, credit cards, purchase hire agreements) is on course to increase by 9.4% (£1,660) in real terms, on average, per household…
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New research by Ofcom has found that four in five telecoms customers who look for information about debt support turn to their telecoms provider for information. Ofcom says that it keeps a close eye on levels of debt in the UK telecoms market and monitors how vulnerable customers are treated by providers. Last year, our data showed…
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The number of complaints made against telecom providers has increased by more than a third (37%) in a year, according to a freedom of information request filed by Broadband Genie to Ofcom. Ofcom received over 24,800 complaints against telecom providers in 2022, but that rose to 34,000 in 2023. The majority of complaints to Ofcom…
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New research from the Financial Conduct Authority (FCA) has found that while many are struggling to meet financial commitments with 7.4 million people were struggling to pay bills and credit repayments in January 2024, down from 10.9 million in January 2023. This is still higher than the 5.8 million recorded in February 2020, before the…
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Ahead of some broadband and mobile phone providers raising contract prices in April, KPMG UK’s Consumer Pulse survey asked 3000 consumers how they were likely to respond should they face an increase in cost. The research found that over a third (35%) of consumers say they are most likely to leave that provider once the…
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New research from Go.Compare has found that just over one third (38%) of consumers are haggling on their bills, with another 17% revealing that they are anticipating negotiating with their providers this year. The comparison site surveyed over 2000 bill payers about their negotiating habits when it comes to their household bills. It found that…
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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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New research from Citizens Advice has found that over 13 million people (26% of UK adults) have accidentally taken out a subscription in the last 12 months. These subscriptions cover services from fitness apps to food delivery services, and repeat pet food to magazine subscriptions. The charity is warning that the problem of subscription traps…
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Virgin Media O2 customers are facing a ‘lose-lose choice’ between the highest mid-contract broadband and mobile price rises, or crippling exit fees running into hundreds of pounds, the consumer group Which? has warned. Virgin Media and O2 are expected to go ahead with price increases of 8.8% this April – the latest RPI figure of 4.9%…
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Which? is calling on telecoms firms to halt any plans to press ahead with ‘unconscionable’ broadband and mobile price hikes in April, even after the industry regulator found the practice harms consumers and set out proposals to ban it Ofcom recently proposed a ban on the practice of inflation-linked mid-contract price rises, saying that they…
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