Credit, Collections & Insolvency News
The Work and Pensions Committee has pressed the Prime Minister on his pledge to consider raising the level of Universal Credit and other benefits to help people cope with the rapidly rising cost of living, with MPs also inviting submissions on how the Government could offer additional support. The letter to Boris Johnson and calls for evidence are part of…
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The cost of living gap between rich and poor household is at its highest level since records began in mid-2000s according to the Resolution Foundation. The Foundation’s research found that the gap in the inflation experienced by the richest and poorest tenth of households grew to 1.5 percentage points in April – the largest gap…
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Aberdein Considine has announced that it is to merge with Edinburgh law firm and solicitor estate agent Russel+Aitken Edinburgh LLP. The combined businesses which will trade under the Aberdein Considine brand, will together employ over 480 staff and have a turnover of more than £32 million. Russel+Aitken Edinburgh LLP, which is based in the West…
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Nationwide has become the first bank or building society to offer ReachOut – a free service for the Society’s members to provide support, reassurance and confidence to those impacted by financial hardship. Britain’s biggest building society is building on the ways it can help its members who are struggling financially to get back on track.…
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Latest figures from the Registry Trust have shown that there was a decline in consumer County Court Judgments (CCJs) in England & Wales in the first quarter of 2022. The report shows that CCJs fell by 17% from 234,891 in Q1 2021 to 194,744 in Q1 2022. The total value of consumer CCJs also fell…
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Households spent 7% more on their energy bills in April compared to March, as the increase in the energy price cap first hit household budgets. According to the latest Spending Power Report, which includes regular standing order and direct debit payments alongside card payments in its analysis, energy spending increased by almost a third (28%)…
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Latest data from the Ministry of Justice (MoJ) have indicated that mortgage possession actions in Quarter 1 (Q1) have dropped significantly compared to Q1 2019. Compared to 2019, pre-Covid-19, mortgage possession claims, orders, warrants and repossessions by county court bailiffs have decreased by 53%, 47%, 55% and 57% respectively. However, compared to the same quarter in…
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The Money Advice Trust has announced that a number of its training programmes across both its vulnerability training and consultancy and Wiseradviser services, have achieved the City & Guilds Assured Quality Mark. On the charity’s vulnerability training and consultancy side, the courses that have achieved the Quality Assured Mark are, its ‘Supporting customers in vulnerable…
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More than half of older people living in rural areas (51%) are now concerned about paying their bills, according to research from insurer NFU Mutual. The figures have shot up in the past six months from 22%, as rising inflation impacts elderly rural dwellers. The number of people in rural communities concerned about their pension…
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TransUnion has strengthened its partnership with credit management company, Lowell which will provide a personalised toolset for monitoring and improving their financial standing via the Lowell app for free. Powered by TransUnion’s CreditView platform, Lowell’s Credit Information Services are available via the new Lowell app on mobile and tablet devices for free, giving customers a clear understanding of what…
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Ophelos has announced it has partnered with Plend, an ethical consumer lender using Open Banking to provide affordable loans to those struggling with access to credit. The partnership will see Ophelos help Plend manage the support of customers who may find themselves in arrears. Launching in 2022 with registrations for Early Access now open, Plend…
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Arrow Global has announced the launch of a portfolio diagnostic solution for creditors. The company says that it will partner with creditors to help them better support customers through an enhanced understanding of fair-treatment and data solution strategies. The Portfolio Diagnostic Solution supports creditors by helping them assess risk within their portfolio, designing detailed strategies…
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A survey by KIS Finance has found that over 22% of those aged 18 to 35 have been forced to take on an additional job in order to make ends meet, as the cost-of-living crisis deepens. Whilst recent figures from the ONS show that unemployment fell to 3.7%, its lowest level in nearly 50 years, many are…
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