Credit, collections & insolvency news
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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Ofcom has fined Shell Energy £1.4 million for not properly prompting more than 70,000 phone and broadband customers to review their contract, or letting them know what they could save by signing up to a new deal. Ofcom’s investigation found that the company broke important consumer protection rules designed to ensure that customers get a fair…
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Here is an overview of The Money Charity’s latest statistics for October 2023 Personal debt in the UK People in the UK owed £1,846.5 billion at the end of August 2023. The average total debt per household, including mortgages, was £65,756 and per adult was £34,716, around 100.4% of average earnings. Net mortgage lending increased by…
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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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A new study from Nationwide Building Society has found that three in five households are now worried about their finances. The research also found that more than six in ten (62%) are currently worried about their personal finances and ability to cover essential costs, marking the first time it has risen since May. This was up…
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Here is an overview of The Money Charity’s latest statistics for July 2023 Personal debt in the UK People in the UK owed £1,840.1 billion at the end of May 2023. The average total debt per household, including mortgages, was £65,529 and per adult was £34,597, around 103.3% of average earnings. Net mortgage lending increased by…
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Ofcom says that it is concerned about the number of complaints it has received from Virgin Media customers who have tried to leave but said the company had made it difficult. The regulator says that some people have struggled to get through to an agent on the phone, and some found their call was dropped…
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Nearly half (48%) of older people in England on a low income have struggled to keep up with their broadband bill in the last 6 months, according to new research charity Independent Age. One in five (20%) found it a constant struggle, and 28% struggled from time to time to pay their bill. Independent Age says…
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Chancellor of the Exchequer Jeremy Hunt agreed a new action plan with regulators to try to ensure consumers are being treated fairly and help those struggling to make payments. As part of the government’s plan to halve inflation this year, the Chancellor chaired a roundtable with CEOs from the Competition and Market Authority (CMA), Financial…
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Here is an overview of The Money Charity’s latest statistics for May 2023 Personal debt in the UK People in the UK owed £1,839.7 billion at the end of March 2023. The average total debt per household, including mortgages, was £65,513 and per adult was £34,589, around 105.3% of average earnings. Net mortgage lending shrunk by…
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As many as one million people cut off their broadband in the last year as the cost-of-living crisis left them unable to afford internet access, according to new research from Citizens Advice. People receiving Universal Credit were badly affected. The research found them to be six times more likely to have stopped spending on broadband…
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New research from National Debtline, the free debt advice service run by the Money Advice Trust, has revealed that the average level of priority debt – including council tax, energy and rent arrears – held by callers has risen 54 percent since 2018, from £2,642 to £4,080. The findings, based on a survey of National…
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More than half of low-income households are in the dark about broadband deals that could save them around £200 a year, with just 5% of eligible households signed up to a discounted package. These special offers, known as social tariffs, are available to an estimated 4.3 million households that receive one of a range of government…
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