Credit, Collections & Insolvency News
Credit Connect is pleased to announce the companies, individuals, partnerships, teams and initiatives that have been shortlisted in this year’s seventh Credit & Collections Technology Awards 2024. The Credit & Collections Technology Awards is the UK’s celebration of tech innovators in credit and collections. The technology-focused award scheme seeks to champion innovation and best customer…
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New research by Creditspring has found that half of parents (52%) are unable to cover back-to-school costs with their current income, with two in five at a loss as to how they will be able to afford new term essentials. The research found that four in ten (39%) are reliant on credit to buy back-to-school…
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Here is an overview of The Money Charity’s latest statistics for August 2024 Personal debt in the UK People in the UK owed £1,856.8 billion at the end of June 2024. The average total debt per household, including mortgages, was £65,380 and per adult was £34,612, around 96.3% of average earnings. Net mortgage lending increased by…
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A new forecast has predicted that median household incomes are projected to grow by 3 per cent this year. However on current economic forecasts and policy assumptions, this recovery is set to peter out, with incomes forecast to grow by just 2 per cent in total over the next five years, highlighting why the Government…
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Latest ONS data as measured by the Household Costs Index (HCI), has found that household costs rose 2.5% in the year to June 2024, slowing from the annual rate of 4.5% in March 2024. Over the past three years, the all-households inflation rate has followed the fifth income decile most closely; costs for these households…
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A fifth of people (20%) over the age of 55 have consistently spent more than they’d expected to during their retirements so far, with an additional 11% expressing that this occurred early on in their retirement, according to new analysis by PensionBee. Daily living expenses emerged as the largest financial burden for retirees, with 28%…
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More than three-quarters (78%) of students fear how they will get through University as escalating bills, rent and prices pile pressure on their limited finances, research from Nationwide shows. Nationwide carried out a poll of 2,000 UK University students to understand better how students are managing their money. It revealed that while the average student…
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Ofgem has confirmed that the energy price cap will rise 9.5% in October, to £1,717 for an average user, adding £148.92 to an average bill or £12.41 a month. The removal of the winter fuel payment for those on low pension incomes, who don’t qualify for pension credit, will make it even tougher to make…
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Over two fifths (43%) of UK adults believe that their financial situation will improve in the next 12 months, new research by SmartSave, a Chetwood Financial company, has found. The digital bank commissioned an independent, nationally representative survey of 2,000 UK adults. Of those who said they thought they would be in a better financial…
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Latest ONS data on the cost of living shows that despite the easing in inflation, many people remain concerned over their credit commitments. In the latest period, just over 4 in 10 (44%) adults who are currently making rent or mortgage payments reported that these payments had gone up in the last six months, with…
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Credit Connect has published its first-ever annual Credit & Collections Industry Awards Review. The annual review highlights why the judges decided the winners at this year’s Industry Awards which were announced in July. The review provides background and context for the awards results recognising companies for the progression of industry standards and excellence. The review…
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UK inflation rose to 2.2% in July 2024 from 2.0% in June however core inflation fell to 3.3% from 3.5% according to the Office of National Statistics. Food inflation has increased for the first time since March 2023, with analysis from Kantar showing supermarket prices up 1.8% in the four weeks to 4 August, up…
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Latest research by Which has found that consumer sentiment rose in the week following the general election, with consumers feeling slightly more confident about their household finances and the future UK economy. Consumers’ confidence in their future household financial situation and the future UK economy rose in July, both reaching a net score of 0.…
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