Credit, Collections & Insolvency News
Debt charity Christians Against Poverty has discovered that household bills and costs have tripled in the past ten years. A decade ago, the average client owed £1,412 in priority arrears, a figure representing just nine per cent of that person’s whole debt problem. In 2016, it had ballooned to £4,582, nearly a third (32%) of…
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UK household spending has fallen for the first time since 2013. Kevin Jenkins, UK & Ireland Managing Director at Visa said “Consumer spending fell for the first time in nearly four years in May, following some marked slowdowns in growth since the beginning of the year. Our Index clearly shows that with rising prices and stalling…
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The British Bankers Association (BBA) latest high street banking data shows that consumer credit growth was 6.4% in April, compared with 6.1% in the previous month. Gross mortgage borrowing totalled £13.4 billion in April.* Net mortgage borrowing was 2.4% higher than a year ago. Eric Leenders, BBA Managing Director for Retail Banking said “As the…
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Ofcom is to review the cost of calling some telephone services, to ensure people are protected from high prices and unfair practices. People have been spending less on mobile and landline calls in recent years, and consumers generally have a wide choice of call packages and phone services. However, Ofcom is concerned about the rising…
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Here is an overview of The Money Charity’s latest statistics for May 2017: Personal debt in the UK People in the UK owed £1.529 trillion at the end of March 2017. This is up from £1.484 trillion at the end of March 2016 – an extra £886.84 per UK adult. The average total debt per…
Read moreMobile phone providers in the UK will have to offer their customers the opportunity to set a limit on their monthly bill, following a new law passed by Parliament. Citizens Advice has today said this puts the power to manage their finances back into the hands of consumers. The national charity has called for all…
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Here is an overview of The Money Charity’s latest statistics for April 2017: Personal debt in the UK People in the UK owed £1.524 trillion at the end of February 2017. This is up from £1.476 trillion at the end of February 2016 – an extra£964.450 per UK adult. Based on February 2017 trends, the…
Read moreNew market and regulatory forces are having a major impact on the UK debt collections sector. The industry is going through a transitionary phase and as a result, businesses are having to shift their operational focus and adapt their business models. One of the biggest changes has been in the nature of the regulatory environment.…
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With the implementation date just over a year away, there is still a lot of conjecture surrounding the impending General Data Protection Regulation (GDPR), particularly around its appropriateness and applicability once the UK leaves the EU. One thing that is clear, however, is that now is the time for any firm handling personal data to…
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People on the cheapest basic broadband deals are hit with an average price rise of £113 a year once their deal ends – with many unaware they face an increase in cost, finds Citizens Advice. A new report from the national charity reveals that more than a third (35%) of broadband customers don’t realise they…
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Plusnet, a BT owned company, has today been fined £880,000 by Ofcom for continuing to bill more than a thousand ex-customers. The penalty is the result of an investigation, which found that the telecoms company broke a fundamental billing rule by continuing to charge a group of customers for landline or broadband, after they had…
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New figures released today by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in January, compared with the same month in 2016. Credit card and personal loan new business together grew by 11% compared with January 2016, while retail store and online credit new business increased by 1%.…
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Ofcom has announced that more than two million people who buy only a landline telephone service from BT will see their monthly bills cut by at least £5 per month. Ofcom has reviewed how the market is working for customers who buy only a landline service from a provider – either because they do not want…
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