Credit, Collections & Insolvency News
Despite signs of recovery in 2021, consumers’ wealth has seen a sharp decline in the first quarter of 2022 as the cost-of-living crisis takes its toll, according to the latest data from LifeSearch. The Index – compiled by modelling a range of data sources covering health, wealth, and happiness and monitoring changes over time – shows that…
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Following confirmation from the Environment Secretary, Iain Coucher has been appointed as the new Chair of Ofwat, the economic regulator for the water sector in England and Wales. Coucher will take up the post on 1st July 2022. During the pre-appointment hearing held by Parliament’s Environment, Food and Rural Affairs Committee (EFRA) Coucher set out…
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A Financial Services and Markets Bill aimed at cutting red tape was among the flagship measures announced in the Queen’s Speech. The new bill revokes retained EU law on financial services and updates the objectives of the Financial Conduct Authority and the Prudential Regulation Authority to bring about a greater focus on growth and international…
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The average UK household will be short of a £100 a month by 2024, as the cost of living crisis means expenses will outpace incomes. The figures come from a Yorkshire Building Society’s Inflation Nation report and reveal that weekly household spending is set to rise to £705 in just two years’ time. However, the…
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The Government has announced it will launch a new Renters Reform Bill with the aim of delivering the biggest change of improving the lives of millions of renters by driving up standards in the private and socially rented sector, delivering on the government’s mission to level up the country. The change will impact 4.4 million…
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Bristow & Sutor has announced that it has hired two leading industry experts as Client Development Managers, representing the latest step in the company’s ongoing commitment to growth and innovation. Michelle Giles and Peter Haywood, who share extensive respective careers in local authorities and across revenues and benefits, will now contribute to an exciting new…
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European investor and alternative asset manager in credit and real estate, Arrow Global has announced the appointment of Seamus Corbett as Director of Asset Management to its Dublin-headquartered Mars Capital Finance. Corbett has over 20 years of experience in Banking and Servicing in Ireland, joining Mars from BCM Global where he held a similar senior…
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More than one in seven UK households have cut back on food or skipped meals in the past month according to new research by The Food Foundation. The data has shown a 57% jump in the proportion of households cutting back on food or missing meals altogether in just three months. In April, 7.3 million…
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Charities have warned the Secretary of State for the Department of Work and Pensions (DWP), Thérèse Coffey, that plans to restart ‘managed migration’ must immediately be halted. In an open letter, the coalition of charities have urged the DWP to stop the process due to the risk of cutting off people’s incomes. ‘Managed migration’ is…
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Demand for credit from households is expected to rise this year as cost of living pressures bite, according to the latest EY ITEM Club UK Bank Lending Forecast, which predicts consumer borrowing will grow to a five-year high of 7.9% in 2022 (equivalent to almost £16 billion in net terms). This is a trajectory reversal…
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New data from StepChange Debt Charity shows that the cost of living pressure continues to rise for financially stretched households, as it was the third most commonly cited reason for debt in March, up from the fourth most common in February and the sixth most common in 2021. While 6% of StepChange clients in 2021…
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Debt resolution specialist, Ophelos has announced a partnership with lifestyle credit card company Yonder. The partnership will see Ophelos manage the support of Yonder customers who may find themselves in arrears. The startup selected Ophelos as it reflected Yonder’s business values centred around fairness, transparency and customer respect. Ophelos’ machine learning-driven debt resolution platform will…
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Europe credit management services provider, Lowell has announced that it has made four senior appointments. The company has appointed Louis Brook as UK Chief Information Officer, Jill Maples as UK People Director, Kevin Peirson as Head of Customer Relations and Naynesh Patel as Customer Insights and Strategy Director. They join at a period of significant…
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