Credit, collections & insolvency news
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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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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Mobile phone providers could be banned from linking price rises to runaway inflation figures under new proposals from Ofcom. The regulator says telecoms customers must be told upfront in pounds and pence about any price rises their provider includes in their contract. With most major phone, broadband and pay TV companies now including mid-contract price…
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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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