Credit, Collections & Insolvency News
The latest UK Consumer Prices Index (CPI) figures, published by the Office for National Statistics, show that CPI rose to 11.1 percent in the twelve months to October, up from 10.1 percent in September A jump in energy costs, despite the Energy Price Guarantee (EPG), and rising food prices, which rose by 16.4 per cent…
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1.7 million people across the UK are borrowing from high-cost lenders in order to pay off existing debts, according to research by Creditspring. The research found that a quarter of people (24%) who borrowed from high-cost lenders sought credit so they could repay other debts. The same proportion (24%) who borrowed from high-cost lenders admitted…
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The Civil Enforcement Association (CIVEA) has welcomed the launch of a ground-breaking oversight body Enforcement Conduct Board (ECB). A new unique partnership between the debt advice sector and the enforcement industry, with support from the Centre for Social Justice (CSJ), has led to the establishment of the ECB. The ECB was formed as an independent,…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies increased by 4.9% to 10,514 in October 2022 compared to 10,023 in September, The figures were 8.6% higher than October 2021’s figure of 9,682 and were also 4.6% higher than October 2019’s total of 10,056. There were 531 bankruptcies were…
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International fintech solutions provider Qualco has announced partnered with customer engagement specialist, Webio to add conversational Artifical Intelligence (AI) to their existing collections and recoveries software offering. The solution offers a seamless omnichannel customer journey by preserving customer activity information across touchpoints in a single customer view. By empowering customers to self-serve in a few…
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Intrum’s annual European Consumer Payment Report has shown that inflation is a major concern for consumers. Consumer confidence has plummeted, and more than a third are struggling to make ends meet. Surging inflation has created a wave of financial anxiety as households struggle to meet their commitments. Two out of every five believe they will…
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New consumer research from Go.Compare Energy has revealed that a sixth (16%) of UK households won’t be putting up their Christmas lights this year, to save on energy costs. This number has increased by a third since December 2021, when just 12% of people told Go.Compare that they wouldn’t be decking the halls with lights.…
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Older people will spend a higher share of their income on energy bills this winter than other age groups – with the over-75s expected to spend 8 per cent of their total household income on bills, even with significant government support – but younger households are most at risk of being unable to pay bills…
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New research from specialist lender Hodge has found 88% of British householders is concerned about the rising cost of energy. When asked if they have changed the way they run their homes in light of increased energy costs, 69% revealed they had done that too. Hodge asked 2,000 people how they felt about the current state…
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Over a quarter of consumers want a more affordable approach to debt repayment from banks and credit lenders according to new research from Sopra Steria. The research found that over one in four (27%) UK respondents said they’d like creditors and banks to take a more flexible approach to debt management, allowing repayments to vary…
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New research by Lowell has found that 69% of people in debt don’t talk about it with a majority saying it’s because they are embarrassed. The company’s latest Financial Vulnerability Index has shown that borrowing has risen dramatically since the beginning of the year with over one in five consumers have mental health difficulties caused…
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A report by the Public Accounts Committee has called on the Department for Business, Energy and Industrial Strategy (BEIS) and Ofgem to say how they will make the energy retail market work in the best interests of customers during the transition to net zero” after finding that failures at the energy regulator have come at…
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New figures released by the Finance & Leasing Association (FLA) have indicated that the value of new second charge business secured in September increased by 42% compared to the same period last year. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and…
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