Credit, Collections & Insolvency News
Business process services and software provider Target Group has announced the appointments of public sector expert Richard South who has joined as Business Development Director and Helen Adams as Bid Manager. Reporting into Chief Commercial Officer, Stuart Anderson, South will be drawing on over 20 years of client services experience, focusing primarily on public sector…
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Citizens Advice has responded to new Ofgem data on unpaid energy industry bills left behind by failed suppliers. Alongside this, the charity has released new analysis showing consumers are now facing a £255 million bill following the collapse of these firms, which will be paid through higher energy bills of their own. The new analysis…
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Household debts (excluding mortgages) are on the rise in the UK, according to the Office for National Statistics (ONS). Total household debt in Great Britain was £1.28 trillion in April 2016 to March 2018, of which £119 billion (9%), which suggests that average household debt rose to £9,400. £1.16 trillion (91%) was property debt (mortgages and…
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HSBC has announced that it will bring in a single overdraft rate of 39.9% for its customers from March 2020, quadrupling the rate it charges some customers. As part of the move, the bank is removing a £5 daily fee for going into an unarranged overdraft and introducing an interest-free £25 buffer on some accounts.…
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Consumer spending in November grew by just 0.9 per cent year-on-year, representing a decline in real terms when accounting for inflation, as restrained expenditure continues ahead of Christmas according to new data from Barclaycard. The data showed that spending on essentials showed no movement whilst spending on non-essentials was up 1.3 per cent, presenting a…
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New data from StepChnage has revealed the effect of Christmas on people’s finances, with nearly seven in 10 (68%) unable to comfortably afford this festive season and nearly a third turning to credit to help fund Christmas shopping. The survey asked 1,533 people who use social media and will be celebrating Christmas this year about…
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Bank of England (BOE) figures show consumer debt levels rose to an all-time high of £225 billion last month, increasing by £1.3 billion between September and October according to the BOE’s latest statistics. The net flow of consumer credit was above the £1.1 billion average since July 2018. The figures reveal that banks and building…
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Financial stress among European consumers is rising with almost half (45%) say their bills are rising at a faster rate than their income, thus negatively affecting their general wellbeing according to Intrum’s latest edition of its European Consumer Payment Report. The report says that borrowing culture is on the rise. An increasing number (24%) have…
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European credit management service specialist Lowell has announced continued performance growth in its results for the period 1 July to 30 September 2019. The results show double-digit growth in cash income, cash EBITDA. Whilst collections continue to perform ahead of forecast. Commenting on the results Colin Storrar, Group CEO, said ”We continue to grow our…
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A combination of challenging situations are bringing high pressure on young people aiming to manage their money well and achieve financial wellbeing, according to the November 2019 Money Statistics, produced by The Money Charity.The November report draws a number of statistics related to young people together into one page, giving a clearer cumulative picture of…
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Here is an overview of The Money Charity’s latest statistics for November 2019: Personal debt in the UK People in the UK owed £1,661 billion at the end of September 2019. This is up from £1,612 billion at the end of September 2018, an extra £930 per UK adult over the year. The average total…
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Encore Capital Group, the owner of Cabot Credit Management has announced that Ken Stannard will be stepping down from his role as Executive Director and Chief Executive Officer of its European subsidiary. Cabot has appointed Craig Buick as his successor, effective at the end of 2019 (subject to certain regulatory approvals). Stannard joined Marlin Financial…
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Credit Connect has announced its inaugural Credit & Collections Technology company power list for 2019. The power list is the first edition of what will be an annual round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements…
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