Credit, Collections & Insolvency News
A majority of young people enter adulthood ‘financially illiterate’, suggesting they are poorly equipped to make good financial decisions in later life according to new research from Compare the Market and MyBnk. The research suggests that 3.4 hours of financial education each month could significantly boost financial literacy for young people in the UK. Almost…
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The Resolution Foundation says the Bank of England’s decision to hike rates to 4.5% will mostly impact young families. The Foundation notes that the Bank of England’s decision to combat high inflation by raising interest rates for the twelfth consecutive time to 4.5 per cent last Thursday – a rise of over four percentage points…
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Water regulator, Ofwat says companies will be fined for failing to hit new customer service targets, under licence changes. The proposals for a dedicated customer licence condition will require water companies to improve communication with customers, fix problems in a timelier manner and provide services to meet diverse consumer needs. The measures have been set…
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The Civil Enforcement Association (CIVEA) has warned of a spate of scams using information from the Ministry of Justice to dupe people into paying money to fake enforcement firms. CIVEA, which represents civil enforcement agencies, has received 16 complaints this year from people who have paid fake fines to fraudsters posing as enforcement agents. This…
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The number of people helped by Citizens Advice has hit a record high, with the charity calling it ‘our bleakest-ever start to the year.’ There were record highs on 70 different advice issues, including homelessness, food bank referrals and debt. The analysis shows the charity helped more people in January to April than in the…
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With fewer than 90 days to go until the start of the Consumer Duty the Financial Conduct Authority (FCA) has urged firms to ensure they are ready for the 31st July deadline. Sheldon Mills, Executive Director of Consumers and Competition at the FCA, warned that firms who ignore the Duty or who pose the most…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in March 2023 by 8% compared with the same month in 2022. The corresponding value of new business fell by 7% over the same period. In Q1 2023, new business fell 6% by value and 5%…
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An estimated 700,000 households missed a housing payment in the last month, new Which? research suggests, as the consumer champion calls on essential businesses to do more to support people through the cost of living crisis. Missed housing payments were particularly high among renters – with one in 20 (5.2%) renters surveyed missing a payment…
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New research from National Debtline, the free debt advice service run by the Money Advice Trust, has revealed that the average level of priority debt – including council tax, energy and rent arrears – held by callers has risen 54 percent since 2018, from £2,642 to £4,080. The findings, based on a survey of National…
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Debt purchase, collections and litigation specialist, Perch Group has announced the appointment of Rob Oxley as Origination Director and Bronia O’Regan as Lead Implementation Manager. Oxley brings 13 years’ experience in senior client facing roles within the credit risk and collections industry to Perch Group. Four of those years were spent at TransUnion and six…
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Research from Cornwall Insight has found that price cap projections have shifted just £38 since March, with a typical household now predicted to pay approximately £2,060 per year from July. The stabilisation of the forecasts reflects the decreased volatility in the wholesale energy market, with the relatively mild winter, higher than-predicted European storage levels and…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 10% in March 2023. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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Money is the number one cause of quarrels for three out of 10 couples in the UK, according to a new survey by Starling Bank wth couples aged 45-54 having the most disagreements (39%), along with parents (37%). The research, which questioned 4,000 over 16s in the UK, found that couples who share finances have…
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