Credit, Collections & Insolvency News
Over two-thirds of adults are planning to cut back on festive spending this year due to a worsening cost of living crisis, according to a survey by Accenture. Despite concerns around Brexit, spending on Christmas purchases is likely to increase in the U.K. this year, with more than a third (37 percent) of consumers planning…
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Here is an overview of The Money Charity’s latest statistics for October 2022 Personal debt in the UK People in the UK owed £1,816.1 billion at the end of August 2022. The average total debt per household, including mortgages, was £65,346 and per adult was £34,337, around 107.4% of average earnings. Net mortgage lending rose by…
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Paylink Solutions has announced that it has appointed Ammer Malik as Head of Business Development. Malik has more than 21 years of experience working in the credit and debt sectors, building, leading and maintaining strategic relationships. He will help deliver Paylink’s new business development strategy. Malik joins Paylink following 14 years at StepChange Debt Charity…
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New data from Account in Bankrupcy (AiB) has revealed a quarterly and yearly rise in Scottish personal insolvencies. Overall, personal insolvency numbers (bankruptcies and protected trust deeds) in Scotland for Quarter 2 2022-2023 increased by 7.7% compared with Quarter 2 2021-2022. The number of personal insolvencies (bankruptcies and protected trust deeds) increased by 1.3% compared…
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Business process outsourcing provider Sigma Connected has announced that it has appointed finance specialist Colin McMahon as Director of Financial Services. With over three decades of experience in the finance and banking sector, McMahon will manage and strengthen relations with Sigma’s existing clients in the financial services sector and work with the company’s growing number…
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Uswitch is calling on the Government to ensure that prepayment meter customers at risk of self-disconnection are considered the highest priority for additional support beyond April 2023. Uswitch says that the energy crisis has reversed a long-term trend for falling numbers of prepayment meters, putting thousands more households at risk of self-disconnection. From the middle of…
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Portsmouth Water has announced a new strategic partnership with the nationwide bereavement service Settld. Settld will streamline end-of-life account administration for those handling the affairs of a Portsmouth Water customer who has died. The partnership has also initiated a new support service for the water company’s vulnerable customers. Bereaved individuals who use Settld’s form to…
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European credit management services provider, Lowell Group has announced that it has completed the acquisition of Hoist Finance UK following receipt of regulatory approval. The transaction includes the operations of Hoist Finance UK and its entire unsecured non-performing loan portfolio, comprising of over 2 million consumer accounts, which had approximately £585m 180-month Estimated Remaining Collections…
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The cost of some lowest-priced food items rose by more than 50% as new ONS figures show many people struggling to pay energy bills and rents. The analysis found that the cost of the lowest-priced vegetable oil and pasta have both risen by almost two thirds in the last year, The new experimental figures, which…
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New findings from the HL Savings & Resilience Barometer in July 2022, produced with Oxford Economics have found that the higher the level of education your parents reached, the more likely you are to have money. The research found that 69% of those whose father went to university have enough cash at the end of the…
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The joint administrators The IVA Advisor have secured the transfer of approximately 8,000 individual voluntary arrangement (IVA) clients to insolvency management firm Anchorage Chambers. The IVA Advisor, which was based in Cheadle, provided advice and support for people across the UK to help them manage debt. Anthony Collier and Simon Farr of specialist business advisory…
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Almost half (47%) of the Uk population struggle to talk about debt with family and friends, new research by Go.Compare Loans has revealed The current cost of living crisis has left 41% of UK adults worried about whether they will be able to pay their bills on time. For this reason, financial transparency with loved…
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Paylink Solutions and Inbest have announced a new partnership that aims to help customers across the UK access £16 billion worth of unclaimed benefits. Paylink says that over 8 million households in the UK are currently missing out on benefits worth £16 billion. The most common reason for this is that people are either unaware…
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