Credit, Collections & Insolvency News
Household spending fell by 11% in the first quarter of 2021 according to the latest Office for National Statistics (ONS). The ONS Consumer Trends report revealed that household spending tumbled 11% in the first quarter (Q1) of 2021, compared to the same period last year. The report shows that hotels and restaurants were hardest hit:…
Read more
2.5 million consumers are behind on their broadband bills, with 700,000 of these falling into the red during the pandemic according to new research by Citizens Advice. The new research from the charity has also found some groups are particularly struggling. Young people and those with children under 18 are three times more likely to…
Read more
Credit Connect Media will host the latest edition of its Connected News digital free live webinar series on Wednesday 14th July. The webinar titled “Delivering responsible vulnerable communications” will be the latest in the series of webinars looking at the latest thematic innovations enhancing collections strategy. Speakers from Lowell and the Lending Standards Board will…
Read more
Here is an overview of The Money Charity’s latest statistics for May 2021 Personal debt in the UK People in the UK owed £1,712.9 billion at the end of March 2021. The average total debt per household, including mortgages, was £61,435 and per adult was £32,326, around 110.3% of average earnings. Net mortgage lending rose by…
Read moreVirgin Media and O2 have been given the green light for their £31 billion merger to go-ahead by the Competition and Markets Authority (CMA). The deal sees two of the UK’s biggest telecoms giant join forces, affecting around 40 million households. It will also see all 14,000 Virgin Media employees and 6,700 O2 staff in…
Read moreThe Credit & Collections Technology Awards has confirmed the judging panel for the 2021 event. Launched in 2017, the fifth annual awards seek to recognise excellence in credit and collections technology. The judging panel includes industry association leaders whose expertise includes specialisms from a diversity of different backgrounds, this ranges from consumer and business commercial…
Read more
EQ Credit Services has released its latest UK research report into the unsecured lending sector which has revealed some startling consumer attitude shifts including a ‘new nervousness’ characterising the current credit market. This appeared most acute amongst the youngest generation (age 18-24), with over half of this group responding that they would only be prepared…
Read more
Credit Connect’s hosted its first-ever Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by thirteen leading professionals from a variety of lending sectors. The themes of fraud, open banking, credit risk and the future of lending were discussed by panellists and Chair Chris Warburton from…
Read moreThe Competition and Markets Authority (CMA )has provisionally cleared the proposed merger of Virgin Media and Virgin Mobile with O2. The CMA said that both Virgin and O2 provide certain wholesale services to other mobile network operators in the UK, as well as retail services to consumers. IT was clear at the outset of its…
Read moreThe 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…
Read more
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.…
Read more
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.…
Read more
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 more