Credit, Collections & Insolvency News
The Bank of England has forecasted a prolonged recession and a deep income squeeze next year, as it scaled back expectations of future interest rate rises despite raising interest rates by 75 basis points to 3 per cent. The Monetary Policy Committee voted to raise Bank Rate by 75 basis points – the biggest single…
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The Money Charity has announced that 250,000 young people have been taught financial education since 2010 with their money workshop While Financial Education as a subject has officially been on the Curriculum since 2014, many schools and colleges still lack the resources and confidence to deliver this themselves. The Money Charity meets this need through…
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Credit Connect has confirmed the line-up for the Credit & Collections Technology Think Tank and Awards which takes place at the Midland Hotel in Manchester in two weeks’ time on Thursday 17th November. The awards are judged by a panel of industry experts who have reviewed technological excellence in four different sections: creditor and lender,…
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One in four (28.4%) children with care worker parents are growing up in poverty according to research by the TUC. The analysis carried out by Landman Economics shows that 220,000 kids with at least one social care worker as a parent are in poverty. The union body warned this number is on course to rise…
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The Money and Pensions Service (MaPS) has appointed two new people to its Advisory Group. Bernie Hickman, Chief Executive of Legal & General Retail and Steve Hughes, Chief Executive of Coventry Building Society, have joined twelve other top-level executives from the finance, consumer rights, research and technology sectors. The Advisory Group, established in May 2020,…
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Consumers are planning to go into debt this Christmas, with parents and low-income families most at risk, according to SurveyMonkey research from Momentive. The research looked at how consumers were planning to shop this Christmas, and found that 77% of lower-income consumers (earning under £22,000 a year) are worried they won’t be able to purchase…
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Debt charity, StepChange has reported that once again, September saw the cost of living being the most commonly cited reason for debt among new clients, with more than one in five (22%) saying it was a cause of difficulty. The proportion of clients with energy bill arrears also continued to creep up. Among clients with…
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More than a quarter of mortgage holders wouldn’t be able to afford their monthly repayments if they increased by £100 a month, according to new research from Citizens Advice. The research found that nearly half (45 per cent) would be unable to make their payments if they rose by £250 a month. In September, 49…
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The Government has approved a deal between the administrators of Bulb and Octopus Energy to acquire the failed supplier. It will see the Government meet the cost of buying energy for Bulb customers over the winter, with a profit-sharing agreement put in place until Octopus has paid off the debt. The move comes after an…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies numbers decreased by 4.9% to 27,927 in Quarter 3 (Q3) 2022 compared to 29,361 in Q2, and were 2.3% higher than Q3 2021’s figure of 27,302. Q3 2022’s figures fell 12.4% when compared to Q3 2019’s total of 31,864.…
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Financial education charity, The Centre for Financial Capability, is calling on the Government to intervene in the growing cost of living crisis, as households across the North of England in particular struggle to make council payments. New research published by The Centre has found that over the last five years, the number of households struggling…
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Britons looking to grow their families and struggling to do so are dipping into their savings (34%), swiping their credit cards (19%), or borrowing money from friends and family (19%) to finance their fertility treatment. What’s more, 73% of those who have already undergone treatment say they were willing to take on debt to do…
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One in four (26%) consumers are worried about the cost of living crisis that it’s costing them a good night’s sleep, according to new research from Novuna Consumer Finance. The study into the nation’s sleeping habits, found that the economic climate, and in particular fears about family finances, were front of mind for 17.5million people struggling…
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