Credit, Collections & Insolvency News
A new report commissioned by Ofgem and the Gas and Electricity Markets Authority (GEMA) has indicated that consumers need more clarity in the language used on their utility energy bill. The report titled The Sustained Engagement in the Energy Market surveyed 30 respondents with a range of switching experiences with both tariffs and suppliers from a…
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Here is an overview of The Money Charity’s latest statistics for December 2018: Personal debt in the UK People in the UK owed £1.613 trillion at the end of October 2018. This is up from £1.564 trillion at the end of October 2017, an extra £928.44 per UK adult and £142.69 higher than the previous month. The average…
Read moreConsumers would leave it up to three years or more before seeking professional help if they were in debt, new research has revealed. A survey of 1,000 UK adults, carried out by Creditfix, the UK’s largest personal insolvency practice, found that 59% of consumers would wait over two years before asking for help, while almost half (48%)…
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Data from the winners and finalists of the second annual Credit & Collections Technology have been collated and are now available as part of a report reviewing the 2018 event. The Awards report highlights the unique and transparent ethos of the scheme by providing graphs, statistics and judges comments which highlight the results. The Awards event,…
Read moreThe Financial Conduct Authority (FCA) has announced the next package of measures forming part of its high-cost credit review. It has announced proposals to change how banks charge for overdrafts, which would bring to an end to banks charging higher prices for unarranged overdrafts which ammounted to over £2.4 billion for banks last year alone. The FCA…
Read moreThe latest European Consumer Payment Report from European credit management firm Intrum presents a worrying picture when it comes to rising indebtedness and the ability of consumers to meet their financial obligations. Over 1,000 UK consumers took part in the survey of more than 24,000 Europeans. While more and more people are able to save…
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The Financial Conduct Authority (FCA) has published findings on how mortgage lenders treat customers who have long-term mortgage arrears and provide forbearance to affected customers. The FCA had previously identified that there was a trend of increasing long-term arrears cases, whilst the number of homes being repossessed had been falling. As a result of this…
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The value of residential mortgages written off by banks and building societies has increased by 58% in the last year, jumping from £77 million to £122 million in the year to 30 June 2018 according to new analysis by Moore Stephens. Moore Stephens says the increase could be an early sign of distress in the…
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According to the Joseph Rowntree Foundation’s UK Poverty 2018 study, water arrears weighs heaviest on the poorest families – ahead of other debts including council tax, rent and energy bills. The findings echo the concerns of the Consumer Council for Water (CC Water) which has been pressing water companies to do more to ensure financial support reaches the…
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The Joseph Rowntree Foundation JRF) has released a new report which highlights than Britain are going into Brexit with half a million more children trapped in poverty, this following a relentless rise in the number of working families struggling to make ends meet over the last five years. It means in a typical classroom of 30 children, nine are now living in…
Read moreThe Money Advice Service (MAS) has launched new guidance which they say will assist Local Authorities to take a more progressive approach to the recovery of Council Tax, encouraging improved resident engagement, fairer outcomes and sustainable arrears repayments. Across the UK, the number of overindebted people is approximately 8.3 million. Furthermore, a third of people…
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UK Asset Resolution (UKAR) the company behind Bradford and Bingley and Northern Rock Asset Management (NRAM) has paid back £6.3 billion in government loan repayments in the last six months. UKAR announced the figures as part its interim results for the six months ended 30 September 2018. Government loan repayments of £6.3bn, including the remaining…
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The Bank of England has released its latest Money & Credit data indiating that consumer credit increased by £0.9 billion in October, similar to the previous few months, but below much of the period since 2016. Mortgage market activity remained broadly stable in October. The flow of mortgage lending increased to £4.1 billion in October…
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