Credit, Collections & Insolvency News
While 2023 may offer economic policy makers some relief, with signs inflation will ease and interest rates peak lower than feared, family finances face a ‘groundhog year’ repeat of 2022’s squeeze as the cost-of-living crisis deepens next year, according to the Resolution Foundation’s New Year Outlook. The Foundation says that 2022 has been horrendous, with…
Read more
New research by Zuto Car Finance has found that only one in ten (13%) of consumers can only stick to their financial new year’s resolution for a week. The research surveyed consumers to determine their top ten financial goals of 2023, after 40% claimed they are worried about their money next year. 37% want to…
Read more
Household bills have surged by £1,316 in the past 12 months, according to new research by Comparethemarket. The research analyses the cost of energy, home, and motor insurance, and reveals bills have increased significantly in the past year. The research found that a typical household spent £3,280 on their energy, car and home insurance in…
Read more
The Money Advice Trust, the charity that runs National Debtline and Business Debtline and trains debt advisers in charities across the UK, has announced Sarah Desai as a Trustee and Bim Afolami MP, Christine Farnish CBE, and Sir Ian Cheshire as its new Ambassadors. Sarah Desai is the Director of Reward for Sainsbury’swhere her responsibilities…
Read more
Here is an overview of The Money Charity’s latest statistics for December 2022 Personal debt in the UK People in the UK owed £1,827.2 billion at the end of October 2022. The average total debt per household, including mortgages, was £65,746 and per adult was £34,547, around 107.4% of average earnings. Net mortgage lending rose by…
Read more
Global information and insights company TransUnion has announced that it is supporting Fiinu Bank to help enable its overdraft solution using Open Banking capabilities and credit reference data. This information will provide an in-depth understanding of a consumer’s financial situation and help Fiinu, which is a registered bank, to deliver robust Open Banking-driven eligibility checks…
Read more
Households across the country could be heading for even more financial pressures in January – as 1.9 million households missed payments in the lead up to Christmas according to new analysis by Which? An estimated 1.9 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill payment in the…
Read more
Phillips & Cohen Associates has announced their first UK client launch of the online deceased notification platform, NotifyNOW. NotifyNOW makes it easier for bereaved individuals to notify multiple companies of their loved ones passing by offering a fully digital deceased notification service. The new solution offers a free, secure, online service that allows bereaved individuals…
Read more
Chief Executive of StepChange Debt Charity Phil Andrew has announced that he is stepping down in 2023 after five years in post. Andrew will remain in post well in to 2023 to support the Board and Executive team to continue to deliver during an unprecedented cost-of-living crisis and to offer any support as the charity…
Read more
The number of families with children at home who believe they won’t be able to afford their energy bills is set to rise by an additional 27% over the next three months, pushing an additional one in four families into financial struggle, according to Comparethemarket’s latest Household Financial Confidence Tracker. Over a third (36%) of households…
Read more
GfK’s consumer confidence index increased by just 2 points to minus 42 in December compared with November. This represents a record eighth month in a row that the measure of financial optimism gave a reading of -40 or worse on an index where a minus score represents negative confidence. Britons’ confidence in their personal finances…
Read more
More than a quarter of people will be seeing in the new year in debt according to new research by Tesco Bank. The types of debts covered included informal debts such as borrowing from friends or family, as well as credit card spending, overdrafts, loans or buy now pay later spending, On average, people expect…
Read more
Credit Connect has announced its annual Credit & Collections Technology company power list for 2022. The fourth edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Each year Credit Connect identifies the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies.…
Read more