Credit, Collections & Insolvency News
The UK’s ‘Big Four’ internet service providers Sky, Virgin Media, BT and TalkTalk are set to hike prices which will impact 24 million households, according to comparethemarket.com. The average price is going to increase by £3.03 per month or the equivalent of £36.39 per year. The total cost to consumers is estimated to be £909…
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Credit Connect’s hosted its second Online Collections Technology Think Tank 2.0 last week which saw collections strategies and the impact of the pandemic discussed by fourteen collections professionals from a variety of industry sectors. The themes of business transformation, customer engagement, affordability, and open banking collections were discussed by panellists and Chair Vanessa Northam from StepChange.…
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Millions of consumers are at risk of being unable to afford their monthly phone bills as a result of mid-contract price hikes according to new research by Tesco Mobile. The findings come as some mobile providers have announced price hikes of up to 4.5 per cent for some SIM-only and pay monthly customers from April.…
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Here is an overview of The Money Charity’s latest statistics for February 2021 Personal debt in the UK People in the UK owed £1,696.4 billion at the end of December 2020. The average total debt per household, including mortgages, was £60,860 and per adult was £32,014, around 107.5% of average earnings. Net mortgage lending rose by…
Read moreCredit Connect Media announced that it has launched a new event called the Lending Technology Think Tank which will take place on Thursday 22nd April. The event will focus on technological and innovational developments and strategies within lending. The inaugural Think Tank is a multi-session event that includes a diverse range of speakers and is…
Read moreOfcom has fined O2 £10.5 million, after customers leaving the mobile provider were overcharged, due to billing errors by the company. Ofcom’s rules require telecoms companies to provide customers with accurate bills and charges. In 2019, Ofcom opened an investigation into potential issues with the way O2 was billing customers who were leaving the provider. When a…
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As 2020 came to a close, the fuller picture of Covid-19’s effect on UK household finances continued to emerge, demonstrating the significant mounting financial impact of the pandemic, according to the January 2021 Money Statistics, produced by The Money Charity. Moving into the final month of 2020, the uneven and heavy financial burden being shouldered…
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Here is an overview of The Money Charity’s latest statistics for January 2021 Personal debt in the UK People in the UK owed £1,692.5 billion at the end of November 2020. The average total debt per household, including mortgages, was £60,720 and per adult was £31,940, around 108.0% of average earnings. Net mortgage lending rose by…
Read moreMore than one in six people are struggling to afford their broadband during the third lockdown, Citizens Advice research has found. Citizens Advice analysis discovered that during the first lockdown, certain groups, including people with children, disabled people, people from Black, Asian or ethnic minority backgrounds, those who were shielding and young people were particularly…
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Household financial wellbeing declined faster at the end of 2020 than at any time during the five years prior to the Covid-19 pandemic, according to the Scottish Widows UK Household Finance Index (HFI). The headline seasonally adjusted index which measures households’ overall perceptions of financial wellbeing registered at 41.1 during the final quarter of 2020,…
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BT Group is facing a class-action lawsuit over claims it failed to compensate elderly customers who were overcharged for landlines for eight years. In 2017, telecoms watchdog Ofcom found that BT had been overcharging 2.3 million landline customers since 2009. Law firm Mishcon de Reya has launched an opt-out collective action, Justin Le Patourel v…
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A new report by Lowell has revealed that 51% of households are expecting to be worse off financially due to Covid-19 – together with the fact that 93% of the UK had their pay date in December brought forward, meaning that 39% of households will struggle financially (an increase of 32% from last year). Longer…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in November 2020 by 16% compared with the same month in 2019, and remained 18% lower in the eleven months to November 2020 than in the same period in 2019. The retail store and online credit sector reported…
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