Credit, Collections & Insolvency News
The Bank of England has raised interest rates for an 11th consecutive time to 4.25% following the surprise rise in inflation. The Monetary Policy Committee (MPC) voted for this change by a majority of 7-2, with the minority vote wishing to keep the rate at 4%. Commenting on the rise, Paul Broadhead, Head of Mortgage…
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The cost of living crisis looks set to deepen generational financial inequality as Gen Z and millennials are four times more likely to need to take on new debt this year to meet rising costs according to research by Credit Karma The research found that nearly three quarters (70%) of UK currently use credit, holding…
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The Department for Work and Pensions has published new figures which show that the number of people living below the poverty line in working households is 1.5 million higher than in 2010. Commenting data, TUC General Secretary Paul Nowak said “If you work hard, you shouldn’t have to worry about making ends meet. But working…
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European asset manager Arrow Global has announced it has reached hard cap of its flagship strategy Arrow Credit Opportunities II (ACO II) fund at approximately €2.75 billion including a General Partner commitment of €275 million. ACO II received extensive investor demand from both new and existing partnerships, which significantly exceeded its fundraising target of €2.5…
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The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has announced Christine Farnish CBE as its Chair of Trustees – a role she will take up in July this year. As a former Managing Director for Public Policy at Barclays and Consumer Affairs Director at the Financial Services Authority, Farnish brings…
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New data from FICO has revealed that there was a 13.6 per cent rise in customers missing two credit card payments from December 2022 to January 2023. The figures also that accounts missing one payment fell by 0.7% in the same period. Average total sales per card down 8 percent compared to December 2022 at…
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Figures from the Office for National Statistics (ONS) show inflation rose more than expected last month to hit 10.4%, up from 10.1% in January. Economists had predicted a slight drop to 9.9%. The rise was driven by a continued rise in food costs, which increased by 18.2% in the year to February, the fastest rise…
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Research by Citizens Advice has suggested that bailiffs are breaking the rules on a massive scale and raking in huge fees, all while driving people into deeper hardship. The charity says that it is raising the alarm over bailiff behaviour, as its latest cost of living survey found one in four people (27%) have fallen…
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Over 782,000 adults in Scotland expect to see their credit card use increase during the cost of living crisis according to new analysis from Citizens Advice Scotland (CAS). The research found that an estimated 782,529 adults in Scotland expect to increase their credit card use. Previous research from the charity found that close to half…
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Debt charity StepChange has announced that current Director of Operations, Vikki Brownridge, will become the new Chief Executive Officer (CEO) on 1st May 2023, taking over from Phil Andrew who leaves the charity after more than five years in post. Brownridge is the first woman to become Chief Executive of the charity and takes up…
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The increase in the cost of living is being felt by almost every household, however a survey of financial advisers by Royal London has highlighted that their clients are more worried about their adult children’s financial predicament than their own, according to over half (55%) of respondents. While around half (53%) of advisers report that…
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The Resolution Foundation has said that 15 years of economic stagnation have left workers across Britain with an £11,000 a year lost wages gap The Foundation says that over the past year, soaring inflation has caused a massive fall in workers’ real wages. But Britain’s pay problems – and the stagnation in living standards they…
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Two in five (41%) young adults are worried about their ability to pay household bills at a time when many costs are set to rise over the coming months, according to Comparethemarket’s latest Household Financial Confidence Tracker. As the cost of living has risen over the past 12 months, 44% of 18 to 24-year-olds feel…
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