Credit, Collections & Insolvency News
The annual bill for an average household in England and Wales will hit £448, industry body Water UK has said. The 7.5% increase means customers will mean that bills will rise by an average of £31 to £448 a year. It has also been announced that support for low-income households will also be increased to…
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The Financial Conduct Authority (FCA) has announced that is to push ahead with proposals to ban debt packager firms from receiving referral fees from debt solution providers, following further analysis of the market. The FCA initially consulted on a ban in November 2021 after identifying a lack of adequate management of the conflict of interest…
Read moreThe largest rise in the average household water and sewerage bill for almost 20 years could prove a tipping point for the one in five customers already struggling to pay. The Consumer Council for Water (CCW), the independent voice of water consumers, has issued the warning in response to Water UK confirming the average household…
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Motor and home insurance customers are more likely to get the same or better prices at renewal highlighting the strong performance of insurers in delivering good outcomes, a new report from leading insurance market insight business Consumer Intelligence shows. The research of more than 25,000 home insurance and 25,000 motor insurance customers for the report…
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The Money Advice Trust has announced major enhancements to its National Debtline and Business Debtline services, as the charity’s new contracts with the Money and Pensions Service (MaPS) go live. National Debtline and Business Debtline – which offer free, independent and confidential debt advice by phone, webchat and online – will help 440,000 people in…
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The 2023 Credit & Collections Technology Awards have opened for entries. Launched in 2017, the seventh annual awards seek to recognise excellence in credit and collections technology. The Credit & Collection Technology Awards powered by Credit Connect are judged by independently selected judges from across the industry, who have the enviable task of identifying the best and greatest…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers increased slightly. After seasonal adjustment, the number of personal insolvencies in Quarter 4 2022 was 6% higher than Quarter 3 2022, and 7% higher than in Quarter 4 2021. During the final Quarter of 2022, there were 29,589…
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Latest quarterly figures from Accountant in Bankruptcy (AiB) have indicated that personal insolvency numbers (liquidations and receiverships) in Scotland decreased by 5% when compared with Quarter 4 2021. In Quarter 4 2022, there were 1,966 individual insolvencies in Scotland. The personal insolvencies comprised of 1,392 protected trust deeds and 574 bankruptcies (also known as sequestrations),…
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Here is an overview of The Money Charity’s latest statistics for January 2023 Personal debt in the UK People in the UK owed £1,831.9 billion at the end of November 2022. The average total debt per household, including mortgages, was £65,914 and per adult was £34,636, around 106.5% of average earnings. Net mortgage lending rose by…
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Information from Ofwat and CCW has shown that water companies are increasing financial support for their customers, with record numbers benefiting from discounted water bills. However, both organisations are calling on companies to do even more to help in the face of immediate and urgent cost of living pressures. In October 2022, Ofwat and CCW…
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StepChange Debt Charity Scotland client data for the fourth quarter of 2022 shows the cost of living increase was the leading cause of debt for almost a quarter (23%) of its new clients. This is more than double the figure in the first quarter of 2022 (10%), reflecting the upward pressures people have been facing…
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Consumer champion specialist, Which? is calling on telecoms firms to let customers leave without penalty if prices are hiked mid-contract, as new research shows that many broadband customers are trapped in a lose-lose situation where they either have to accept exorbitant mid-contract price increases or pay exit fees of over £200. Many broadband firms –…
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The cost-of-living crisis and the freeze on the income tax threshold has increased the disparity between Britain’s richest and poorest earners according to new data from Office for National Statistics (ONS). The figures show that while the richest Brits have managed to increase their household disposable income by just over £1,000 in the last year,…
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