Credit, Collections & Insolvency News
The Bank of England’s Monetary Policy Committee has voted to increase interest rates to 3.5 percent, a rise of 0.5 percentage points. The latest rate increase marks the ninth hike this year and the highest level since the financial crisis 14 years ago. Around three quarters of mortgage customers are on a fixed rate mortgage…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 18% in October. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said “The…
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Analysis by Legal & General suggests that more than 2.5 million over-55s plan to delay retirement as a result of the cost-of-living crisis, with up to 1.7 million of these saying they expect to have to keep working indefinitely. On average, over-55s expect to stay in work for an extra three years. Nearly two-thirds of…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies doubled whilst personal insolvency numbers fell. In November 2022 there were 20 business insolvencies registered in Northern Ireland, this is more than double the number in November 2021, but 35% lower than in November 2019. The business insolvencies comprised of 16…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies decreased by 0.6% to 10,465 in November 2022 compared to 10,528 in October, but were 11.4% higher than November 2021’s figure of 9,390, and 8.9% from November 2019’s total of 9,606. There were 2,269 DROs which was 10% higher than…
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Latest figures from The Office for National Statistics (ONS) consumer price index (CPI) shows that inflation stood at 10.7 per cent in November, down from its 41-year high of 11.1 per cent in October. Inflation has slowed thanks to an easing in costs of second-hand cars and motor fuel. Commenting on the date Joanna Elson…
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A new report from Cornwall Insight and Complete Strategy has shown domestic energy suppliers could be exposed to approximately £1.9bn of debt1, of which a significant portion could be unrecoverable. The amount of unrecoverable debt, known as bad debt, facing suppliers is increasing with the cost-of-living crisis leaving more households unable to pay their bills.…
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Utilita Energy has agreed to pay out £830,000 after a robust assessment by regulator Ofgem suggested the supplier was not taking individual circumstances into consideration when deciding whether or not to provide additional support credits needed for customers topping up prepayment meters. The assessment was based on a review of scripts of employees talking to…
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The Government has announced its support for a new independent bailiff regulator, the Enforcement Conduct Board, Commenting on the support Adam Butler, Public Policy Manager at StepChange said “It’s encouraging to see the Government renew its commitment to raising standards in the bailiff enforcement industry, especially at a time when millions are struggling with the…
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The Financial Conduct Authority (FCA) has published the feedback it received to its call for input on the framework for protection provided through the Financial Services Compensation Scheme (FSCS), following concerns about increasing costs. The FSCS provides compensation when certain authorised financial services firms are unable to meet claims against them. The FSCS provides vital protection for consumers and…
Read moreThe Enforcement Conduct Board (ECB), the new independent oversight body for the enforcement industry (bailiffs) in England and Wales has announced that it has appointed Chris Nichols as the organisation’s first Chief Executive Officer. Nichols joins from the Legal Services Board, where he has served as Director of Policy and Regulation since September 2018 and…
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At some point in 2022, 74% of households have avoided turning on the heating despite wanting to. In addition, 55% have turned down the temperature in their home, 50% have reduced the use of their oven and 31% are only heating part of their homes according to new research by abrdn Financial Fairness Trust. The…
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A study by the New Economics Foundation think-tank suggests that 30 million people in the UK will be unable to afford a decent standard of living by the time the current parliament ends in 2024. The report warns that rising prices, below-inflation increases in earnings and projected increases in unemployment would result in 43% of…
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