Credit, Collections & Insolvency News
The Consumer Council for Water (CCW) has called on the Competition and Markets Authority (CMA) to ‘think again’ after voicing concerns over its provisional plans for four water companies’ future bills and service commitments. CCW has published its response to the CMA’s proposals for Anglian Water, Northumbrian Water, Bristol Water and Yorkshire Water. It comes…
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Credit Connect Media has announced that the second edition of its Connected News series will take place on Thursday 26th November at 10am. The next discussion will focus on Customer Engagement. Speakers from Centrica and Business Stream will join supplier sponsor Aspect and Credit Connect to discuss the impact of the pandemic upon consumers and…
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According to a recent study by The Aryza Group, 27 out of 29 of the country’s worst-affected Covid-19 pandemic areas are experiencing debt levels higher than the UK average. The results showed that COVID-19 is disproportionately impacting those in debt the hardest. Out of 29 of the worst-affected areas, 27 locations are collectively experiencing average…
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Latest figures from UK Finance have revealed that the number of customers on a payment deferral has significantly decreased in recent months. Of the 4.4 million payment deferrals granted across mortgages, credit cards and personal loans since the start of the pandemic, 323,700 are currently still in place. The support provided by lenders builds on…
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The Financial Conduct Authority (FCA) is urging borrowers affected by coronavirus lockdowns to seek support from their banks, as its figures show 12 million consumers are likely to be struggling with bills or loan repayments. The FCA research also found that the pandemic has hit the finances of ethnic minorities and young people the most.…
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Mourners are struggling with the cost of funeral services according to new research by Royal London. The research shows that 9% of funeral arrangers struggled to meet the cost of the funeral, a decline from 12% in 2019. Of those, more than one in four (27%) took on debt, using a credit card, loan or…
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Average spending on credit cards increased in August for the third consecutive month, up 6.9 percent to £639, and was only 4.8 percent lower than a year ago. For the period January-August 2020, sales were down 1.4 percent, compared to increasing 4.4 percent in the same period in 2019 according to new statistics from Fico.…
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Second charge brokerage Loans Warehouse is predicting a 100% growth in second charge lending in the final quarter of 2020. In February, prior to the COVID-19 pandemic, Second Charge lending stood at a total of £107 milliion. However, this figure had declined 81% by May to just £21 million. Since then the market has recovered…
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Energy regulator Ofgem has confirmed plans to strengthen protections for customers who are struggling to pay their energy bills this winter. Following a consultation in June, The regulator is introducing new licence rules for suppliers from 15th December. One of the rules will require suppliers to offer emergency credit to customers struggling to top up…
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A new independent report, which contains 13 recommendations to address the urgent financial wellbeing implications of the Covid-19 pandemic, has been released by the Challenge Chairs who advise the Money and Pensions Service (MaPS) on the UK Strategy for Financial Wellbeing. These recommendations, which include immediate actions, such as help with credit for people coming…
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The Credit Services Association (CSA) has urged its members to increase dialogue and support for customers in wake of a tough economic environment. The trade body says that regional and local lockdowns have now added to an already difficult economic environment increasing the burden of customers committed to keeping up with debt repayments and need…
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European leader credit management specialist Lowell has provided a preliminary trading update for the quarter ending 30th September 2020 which indicates resilient collections figures. The results indicate that collections activity and performance has improved after a pause during the initial stage of the pandemic. The business saw a cash EBITDA increase of 9%, compared to…
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Nearly two in five (38%) retirees aged 54 and over say their monthly expenditure exceeds their household’s income, either on an occasional or regular basis according to new research from equity release lender more2life and economics consultancy Cebr The research also indicated that a third (33%) of women aged over 54 who have taken on or held…
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