Credit, Collections & Insolvency News
Broadband bills could be cut for millions of low-income households under Government plans to encourage ‘social tariffs’. A new service, which will go live next week and be run by the Department for Work and Pensions (DWP), will allow internet service providers to verify, with customers’ permission, whether they are in receipt of a relevant…
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Nearly six million households are struggling to afford essential telecoms services according to a new analysis by Which?, as it calls on the government to cut the amount of VAT paid on mobile, broadband and telephone services. The consumer champion found that millions of households reported issues affording essential telecoms services such as mobile phone…
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One-in-seven customers are still paying the loyalty penalty across the broadband, mobile and mortgages markets in the midst of a cost-of-living crisis according to latest Citizens Advice research, The charity found two-fifths of people (41%) who are paying the loyalty penalty have struggled to sleep due to their finances. Three in 10 (28%) have already…
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Following a digital home boom established during Covid-19 pandemic lockdowns, consumers are retreating on connectivity and content needs as they prioritise financial and mental well-being. This is according to the latest EY Decoding the digital home study, which surveyed more than 2,500 households in the UK to analyse how the cost-of-living crisis has impacted consumer…
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Credit Connect’s hosted its fifth Online Collections Technology Think Tank 3.2 last week which saw collections strategies and the impact of cost of living economic stresses discussed by twelve collections professionals from a variety of industry sectors. The themes of collections risk, customer engagement, affordability and the future of collections were discussed by panellists and…
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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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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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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…
Read morePeople 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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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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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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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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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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