Credit, Collections & Insolvency News
One in five people (over 12 million) now borrowing to pay for food and other essential bills, with half doing so for the first time according to research by Money and Pensions Service, The survey of 2,180 UK adults, carried out by the Money and Pensions Service, shows that one in five (23%) have relied…
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The Government has been criticised for failing to collect £42bn in unpaid tax from businesses and individuals. The Public Accounts Committee (PAC) says HMRC is still not deploying the resources required to maximise the tax revenues it collects or provide an acceptable level of customer service. At a time of huge strain for the public…
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Over 70% of UK organisations that offer contact centre services are failing to implement new ways of communicating with their customers, new research by Sigma Connected and Arum has found. Despite a rise in the use of digital technology, the study showed that seven out of ten UK firms don’t look for alternative ways to…
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Typical household disposable incomes for working-age families are on track to fall by 3 per cent this financial year, and by 4 per cent next year, with the two-year cost-of-living squeeze set to leave families £2,100 worse off and only the very richest households seeing their incomes rise, according to new research by the Resolution…
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BDO is warning taxpayers who are in arrears that HMRC is expected to get much tougher when it comes to recovering tax debts in 2023. For the last two years, HMRC has waived late filing and late payment penalties for a month after the 31st January Self Assessment deadline to ease Covid pressures, but the…
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More than eight million adults are financially fragile and at risk of being over-stretched due to record levels of unsecured debt and rising interest rates amid the cost-of-living crisis, according to a report by PwC and TotallyMoney. The report found that 8.9 million adults are showing signs that their finances are teetering on the brink,…
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While 2023 may offer economic policy makers some relief, with signs inflation will ease and interest rates peak lower than feared, family finances face a ‘groundhog year’ repeat of 2022’s squeeze as the cost-of-living crisis deepens next year, according to the Resolution Foundation’s New Year Outlook. The Foundation says that 2022 has been horrendous, with…
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Household bills have surged by £1,316 in the past 12 months, according to new research by Comparethemarket. The research analyses the cost of energy, home, and motor insurance, and reveals bills have increased significantly in the past year. The research found that a typical household spent £3,280 on their energy, car and home insurance in…
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Households across the country could be heading for even more financial pressures in January – as 1.9 million households missed payments in the lead up to Christmas according to new analysis by Which? An estimated 1.9 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill payment in the…
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The number of families with children at home who believe they won’t be able to afford their energy bills is set to rise by an additional 27% over the next three months, pushing an additional one in four families into financial struggle, according to Comparethemarket’s latest Household Financial Confidence Tracker. Over a third (36%) of households…
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More than a quarter of people will be seeing in the new year in debt according to new research by Tesco Bank. The types of debts covered included informal debts such as borrowing from friends or family, as well as credit card spending, overdrafts, loans or buy now pay later spending, On average, people expect…
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A new report from Cornwall Insight and Complete Strategy has shown domestic energy suppliers could be exposed to approximately £1.9bn of debt1, of which a significant portion could be unrecoverable. The amount of unrecoverable debt, known as bad debt, facing suppliers is increasing with the cost-of-living crisis leaving more households unable to pay their bills.…
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New research by credit management company Lowell has found that one in four consumers are relying on credit cards to fund Christmas this year. The research found that the average adult spent £548 on presents alone. With 55% more consumers feeling the pressure to buy extra this year, it could be questioned if these figures…
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