Credit, Collections & Insolvency News
Latest figures from the Ministry of Justice (October to December 2022) for England and Wales have revealed that mortgage possession claims increased by 23% in Q4 last year compared to the same quarter in 2021 from 2,570 to 3,160, while repossessions by county court bailiffs increased by 123 from a lower base (313 to 733). Commenting, Myron Jobson, Senior…
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Latest figures from the Ministry of Justice (October to December 2022) for England and Wales have revealed that landlord repossessions increased by 98% at the end of 2022 The new figures show that there were 5,409 landlord repossessions in this period, a 98% increase on the same quarter last year and a similar level to…
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Ofcom has announced that is investigating mobile phone and broadband operators over mid-contract prices. The review will examine whether inflation-linked, mid-contract price rises give phone and broadband customers sufficient certainty and clarity about what they can expect to pay. The telecoms and broadband regulator says it is concerned about the degree of uncertainty consumers face…
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Some 10 million households will demonstrate financial resilience this year, with spending power concentrated in London, the South-East and city locations throughout the UK according to new analysis from Experian. The research reveals more than a third (35%) of households are equipped to recover from temporary financial issues in 2023 despite the wider economic landscape.…
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Ofgem has announced that, following constructive engagement with Ofgem, CO-OP Energy has agreed to deliver additional energy efficiency measures after the company did not meet its Energy Company Obligation (ECO3). CO-OP Energy was a domestic supplier previously but exited the market in August 2019. It has committed to make up any shortfall in energy savings…
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More than 25 million consumers are only just managing to scrape by financially, fearing their income soon won’t cover their essential spending according to research by Tink. The research found that almost half (47%) of people in the UK are ‘only just managing’, where they expect their income not to cover their essential spending in…
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Annual from the Insolvency Service for England & Wales have shown that there were 118,851 seasonally adjusted personal insolvencies in 2022, an increase of 8% on 2021’s figure of 110,044, rise of 6.5% on 2020’s figure (111,571) and a fall of 2.2% compared to pre-pandemic levels in 2019 (122,148) One in 399 adults (at a…
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CIVEA has alerted its members to the risks of media misreporting of the legal activities of civil enforcement agents. In a statement CIVEA said “We are concerned that conflating this issue is irresponsible and potentially dangerous, because it presents a threat to agents in the field where people may confuse what they do and subject…
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New research by Fuel Bank Foundation has revealed the extreme measures people with prepayment meters are taking to avoid being disconnected from their energy supply. A survey by the charity, which provides fuel vouchers to people who can’t afford to top up their prepayment meter, found that in the 12 months prior to receiving help…
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Zilch has announced that it has signed an industry-first partnership to work with StepChange, which will help Zilch’s millions of customers access help, should they need it, more quickly during the current cost of living crisis. This support for StepChange will see Zilch become the first provider of credit via buy now pay later to…
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Business and Energy Secretary Grant Shapps has given energy bosses a deadline of Tuesday (7th February) to report back to him on what remedial action – such as providing compensation – they plan to take should they have wrongfully installed prepayment meters in the homes of vulnerable customers. The Business Secretary has today told Ofgem…
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As firms continue to get ready for the implementation of the Consumer Duty, the Financial Conduct Authority (FCA) has announced that is offering support to firms through the transition with a programme of engagement, which includes setting out in letters the expectations of the Duty and arranging a series of regional in-person events for specific groups of…
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Around 2.3 million households missed an essential payment in January, an increase of 400,000 on the month before, but similar to previous years according to new research by Which. The research found that 2.3 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in January 2023. This marks…
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