Credit, Collections & Insolvency News
New research from Aegon shows that, for the rest of 2022, adults’ top financial priorities will be meeting the rising cost-of-living (41%) and ‘just getting by’ (31%) as they grapple with the soaring cost of household staples. These findings are in stark contrast to the outset of the year when the mood of the nation…
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Ofgem has announced the energy price cap will increase to £3,549 per year for dual fuel for an average household from 1st October 2022. The increase is up 80% from the current cap of £1,971, and up 178% from the £1,277 cap in March this year. The price cap increase comes as Ofgem’s CEO warns…
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Indesser has reported that it has recovered £3 billion of money for taxpayers since 2015. The company says that the figures represent a key milestone in the government’s debt recovery journey and comes as the amount of debt owed to government peaked at a record £64.5 billion immediately following the pandemic. Indesser, which is part of TDX…
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Here is an overview of The Money Charity’s latest statistics for August 2022 Personal debt in the UK People in the UK owed £1,805.7 billion at the end of June 2022. The average total debt per household, including mortgages, was £64,970 and per adult was £34,140, around 108.4% of average earnings. Net mortgage lending rose by…
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Shell Energy Retail is to refund and compensate 11,275 prepayment customer accounts it has overcharged on its default tariffs. The total amount of customer detriment to be refunded is £106,000. Refunds will be issued automatically to affected customers. In addition, the supplier will pay £400,000 to Ofgem’s voluntary consumer redress fund and £30,970 in goodwill…
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MoneyPlus Advice, a Manchester-based debt advice firm offering help to people struggling with unmanageable debt says they are seeing startling data for just how much cost of living is influencing debt enquires. Between 2020 and 2022, customers citing ‘cost of living’ as their reason for seeking debt advice, increased by 450%. A sharp increase of…
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The Money and Pensions Service (MaPS) has announced the appointments to its Board of four new Non-Executive Directors. Marlene Shiels, Monica Kalia, Sara Weller CBE and Simon Hamilton will join the MaPS Board from 1st September 2022. Non-Executive members of MaPS Board are responsible for providing appropriate oversight, governance and direction to MaPS in pursuit…
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Phillips & Cohen Associates, (PCA), a specialist in deceased account care servicing and technology solutions, has announced that Saima Hassan has joined as the UK Director of Operations for The Estate Registry UK (TER). Launched in 2021, TER currently provides three innovative solutions, LegacyNOW, NotifyNOW and InheritNOW offering digital, deceased servicing solutions in areas of…
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The minimum wage should be increased to £15 an hour as soon as possible to help millions of low-paid workers struggling amid the cost of living crisis according to the Trades Union Congress (TUC) The current minimum wage for those 23 and over is £9.50 – with lower rates for those who are younger. The…
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Energy bills could hit £5,300 a year by next April according to predictions by Cornwall Insight. The research has found that households will face an 80% rise in bills going into the winter period when energy use soars. The predictions show a typical household will be paying £3,553 equivalent per year for their energy bills.…
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A new peak in the number of people looking for a home to rent is fuelling a rise in renters choosing to renew their existing tenancies rather than moving according to new research by Propertymark The research found that 73 per cent of agents say they have seen an increase in the number of tenants…
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Interpath Advisory has announced the appointment of a new Director to its growing Transaction Services team. Leonard Cripps joins Interpath with over nine years of experience specialising in buy-side and sell-side financial due diligence for private equity and corporate clients in the UK and the USA. He joins Interpath from Swedish investment firm Storskogen, where…
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According to comparethemarket.com’s latest Household Financial Confidence Tracker, more than a third (38%) of households with children at home are having to take on additional debt or borrowing specifically over the summer holidays to afford everyday bills and childcare. The research found that to try and save on childcare costs, almost one in two parents (46%) are relying…
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