Credit, Collections & Insolvency News
Demand for debt advice is up 15% year-on-year according to StepChange Debt Charity’s client data for March, continuing a consistent trend of markedly higher year-on-year client volumes in each month of 2023. The charity says this indicates the beginning of an escalating debt crisis following a sustained period of high inflation. Meanwhile, the Bank of England’s Money…
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New research from Standard Life has found that first salaries might not stretch as far as young workers hope as the reality of paying for necessities like utilities and council tax kicks in. The number of people making regular ‘everyday’ payments rises significantly among those aged 25 to 34, compared to those aged 18 to…
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British Gas has announced that it will no longer outsource forced installations of prepayment meters (PPM). The company says that the announcement follows a detailed investigation overseen by independent regulatory compliance consultancy, Promontory Financial Services. The report concludes that there are no systemic failings in the way British Gas handled the fitting of prepayment meters…
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Zinc Group has announced its inclusion in Grant Thornton’s inaugural Warwickshire Limited report, as part of an annual series of business analysis conducted across the UK counties. The report seeks to recognise and celebrate some of the most successful, privately owned businesses in the regions, providing them with the recognition they deserve for their contribution…
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Webio, a provider of conversational AI solutions has announced the appointment of David Gagie to its board as a Non-Executive Director, effective immediately. Gagie has global experience in banking, payments and risk management, and was a Senior Advisor on regulatory conduct issues relating to retail banking, consumer credit and payments at the Financial Conduct Authority…
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Mindcrest has announced that it has appointed Neil Jinks as its’s new Client Success Director. Jinks is a debt litigation and enforcement professional, specialising in leading legal debt recovery operations and client relationship management. In his new Jinks will be responsible for driving client development for Mindcrest’s Lender Services and Recoveries teams in the United…
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European credit management specialist, Lowell has announced it has partnered with two charities that align to the company’s mission of making credit work better for all. The charities, Turning Lives Around and MyBnk, have been chosen by Lowell colleagues to be the focus of their 2023 – 2024 fundraising initiatives. Recent research conducted by Lowell…
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New analysis by Policy in Practice finds that the total amount of unclaimed income-related benefits and social tariffs is now £18.7 billion a year. The research estimates that £7.5 billion of Universal Credit is unclaimed by 1.2 million eligible households and £2.9 billion of Council Tax Support is unclaimed by over 2.7 million eligible households…
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Two-fifths (43%) of key workers in the UK have been forced to take on additional part-time work on top of their full time role, or work extra overtime shifts to make ends meet, new research from responsible lender, Creditspring, shows. The data shows significantly higher levels of financial vulnerability among key workers, with nearly half…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers decreased by 2%. The total number of individual insolvencies was 9% lower when compared to figures from Quarter 1 (Q1) 2022. During Q1 2023, there were 29,017 personal insolvencies these comprised of 20,246 Individual Voluntary Arrangements (IVAs), 7,034…
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Research from HSBC and housing charity Shelter has found that one in five people feel less confident than they did six months ago about being able to pay their rent or mortgage on time for the rest of the year. The survey of more than 2,100 adults across the UK shows that those in the…
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A study by the Resolution Foundation think-tank almost two-fifths of 35 to 44-year-olds have had to borrow to make ends meet amid the cost-of-living crisis. The research found that 37% of people in the age bracket relied on formal lending, such as credit cards, overdrafts or loans in March. This was more than double the…
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Latest data from FICO on UK credit card trends has illustrated the financial balancing act many consumers are facing. Average card spend has increased month-on-month and year-on-year. Higher prices for day-to-day purchases will be reflected in this increase. UK consumers are also paying off less of their outstanding balance, indicating the squeeze on personal budgets.…
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