Credit, Collections & Insolvency News
Britain’s toxic combination of low growth and high inequality has left it trailing behind the comparable economies of Australia, Canada, France, Germany and the Netherlands, with disastrous consequences for low- and middle-income households according to a new report from the Resolution Foundation. The report notes that the country is approaching a decisive decade of economic…
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New forecasts from Cornwall Insight are predicting that typical gas and electricity bills in England, Wales and Scotland could reach £3,363 in the new year. The figures have increased significantly from the £3,003 figure forecasted two weeks ago. Predictions for the Q4 2022 (Oct-Dec) Cap, have also seen a steep increase, and now sit at…
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Ofgem has appointed Octopus Energy to take on supplying UKEIH’s 3000 domestic customers following a competitive process run by Ofgem to get the best deal possible for customers. Funds that current and former domestic customers of the supplier have paid into their accounts will be protected, where they are in credit. Domestic customers will also…
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Two in five need an inheritance to pay for retirement according to research by Opinium for Hargreaves Lansdown. The research found that more than one in four people expect an inheritance or have already received one (29%). Two in five people who expect to inherit say they need the money to fund their retirement (38%).…
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Specialist data supplier, MorganAsh has announced a new partnership with Infiinian. Its new partner, Infinian, is a provider of lending insights and data analytics for the consumer finance sector. The new partnership will mean that financial services firms will be able to gain a better understanding of the characteristics of individual customers, so that they…
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Some 49% of people surveyed by the Office for National Statistics say they had purchased less food than normal between 22 June and 3 July. This was up from 8% of those polled last September. Another 48% said they had been forced to spend more than usual on their food shopping. Overall, 91% of 2,300…
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High levels of inflation and the deepening cost of living crisis have prompted further slowing of retail sales growth, according to new figures by accountancy and business advisory firm BDO LLP. The High Street Sales Tracker (HSST), total like-for-like (LFL) sales, combined in-store and online, increased by +8.4% in June compared to the equivalent month…
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Consumer sentiment has continued to decline as the cost-of-living crisis escalates, according to the latest update to PwC’s Consumer Sentiment Survey. Sentiment is now at -36, falling a further 16 points from the last iteration in March. Sentiment is now lower than at the start of the first national lockdown in March 2020 (-26%) but still higher than…
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One-in-six UK households (4.4 million) are now in ‘serious financial difficulties’ compared to one-in-ten (2.8 million) in October 2021 according to research by abrdn Financial Fairness Trust. The figures are worse than at any point during the pandemic. Of those 4.4 million in serious financial difficulties, to make ends meet 71% have reduced the quality…
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An estimated 2.1 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in the last month according to new research from consumer group Which? This marks the sixth month this year that an estimated 2 million or more households have missed a payment. Although those on lower incomes…
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The Consumer Council for Water (CCW) has published a report charting the progress that has been made over the past year in delivering the proposals set out in its independent review of water affordability on behalf of the UK and Welsh Governments. The report shows 6 of its 10 key recommendations have been implemented as part…
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While the majority of older households own their home outright, a quarter still have either rent or mortgage payments, according to the Department for Levelling Up, Housing and Communities’ latest survey. The research found that the majority of older households own their home outright, but a quarter still have either rent or mortgage payments. In…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes grew by 43% in May 2022. 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…
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