Credit, Collections & Insolvency News
The Government has announced new legislation which will aim to ensure businesses and consumers are protected from rip-offs and can reap the full benefits of the digital economy with confidence. Fake reviews that cheat customers, subscription traps that cost more than a billion pounds a year and new powers for the Competition and Markets Authority…
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More than half of low-income households are in the dark about broadband deals that could save them around £200 a year, with just 5% of eligible households signed up to a discounted package. These special offers, known as social tariffs, are available to an estimated 4.3 million households that receive one of a range of government…
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Consumer confidence recovered further in April, rising to its highest level since February 2022. Confidence rose by six points to -30, with an improvement in all areas measured in the index by market intelligence company GfK. GfK’s long-running Consumer Confidence Index increased six points to -30 in April. All measures were up in comparison to…
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StepChange Debt Charity has revealed the toll a year of increased living costs has had on Scots’ finances. Despite government interventions to help with soaring costs, the average amount a StepChange client is behind on household bills has increased by a shocking 68%, from £1,739 in 2021 to £2,920 in 2022. Among arrears on essentials,…
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New research from Tink has found that almost one in four (23%) consumers are ‘financially vulnerable’, with the majority (56%) expecting their situation to get worse over the next 12 months. The research also found that 56% say the situation will worsen as they expect their discretionary income to fall over the next 12 months.…
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Nearly a third of homeowners (30%) are struggling to cover the increased cost of borrowing having seen the monthly cost of their mortgage increase by hundreds of pounds a month following interest rate rises, according to new research by Barrows and Forrester. The survey of 2,304 current homeowners with a mortgage found that 57% have…
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The consumer prices index (CPI) measure of inflation fell to 10.1% in the year to March from 10.4% in February, according to the Office for National Statistics (ONS). The static inflation was driven by food prices rising at their fastest rate for 45 years. Commenting on inflation figures for March, ONS Chief Economist Grant Fitzner…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers increased by 38.9% in March 2023 to a total of 11,438 compared to February’s total of 8,237, and decreased by 1% compared to March 2022’s figure of 11,554. Personal insolvencies increased by 4.4% when compared to March 2021’s total…
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Debt charity StepChange has said that it helped or guided nearly half a million people last year, with more clients receiving full debt advice than in the previous year. Last year saw 171,000 people receive full debt advice compared to 158,000 people in 2021, while a further 312,000 clients used a StepChange money guidance or…
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Aquiring and collecting non-performing loans specialist, PRA Group has announced the appointment of Owen James as Global Investments Officer. James has been with PRA Group for more than a decade, most recently as Managing Director of Acquisitions. He has led the Company’s investments in Europe and has served on the European senior management team. Over the…
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Arrow Global Group, a vertically integrated alternative asset manager specialising in credit and real estate, has announced the appointment of Gabi Cohen as Managing Director (MD), Nordics, Client and Product Solutions (CPS). The CPS team is responsible for setting Arrow’s capital formation strategy and broadening the firm’s investors set by enabling global capital pools to…
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A new Smart Data Council has been set up to help lower bills for consumers and small firms by making it easier to switch utility providers, the Department for Business and Trade has announced. The loyalty penalty, the difference between what loyal and new consumers pay for the same service, currently sits at £1,114 a…
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Energy regulator Ofgem has revealed that British domestic energy suppliers have signed up to an updated Code of Practice and tougher Ofgem oversight of prepayment meters (PPMs) that are enforced under warrant installations or remotely switched without consent (all involuntary installations). The Code of Practice sets out clear procedures that suppliers must follow, strengthening protections…
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