Credit, Collections & Insolvency News
The latest UK Consumer Prices Index (CPI) figures, published by the Office for National Statistics, show that CPI rose to 7 percent in the twelve months to March, up from 6.2 percent in February. Recent research from the Money Advice Trust on the impact of rising costs on households, found that one in seven (an…
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Household saving is expected to fall by 71% year-on-year to an average of £26 a week in the second quarter of 2022, as inflationary pressures drastically reduce families’ ability to save. A new study by Scottish Friendly and the Centre for Economics and Business Research (Cebr) estimates households would need to earn an extra £80…
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Real average weekly pay packets fell by 1.3 per cent in February, with a far deeper squeeze coming in the months ahead, despite the jobs market continuing to tighten and last year’s furlough flattering the headline pay data, the Resolution Foundation says in response to the latest ONS labour market statistics. The UK jobs market…
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The new level of state pension payments which has come into effect today will see the full new state pension rise to £185.15 from £179.60 a week. The basic state pension full amount has risen from £137.60 to £141.85 – a rise of 3.1%, compared with a current inflation rate of 6.2%. That’s an extra…
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New research has found that one in four people spent their lockdown savings on paying bills. The research by Opinium on behalf of Hargreaves Lansdown found that 47% of people saved something during the lockdowns, of those who saved something, and could remember how much, around a third saved more than £3,000. Only a third of…
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McCambridge Duffy is set to be one of the first Insolvency Practitioners (IPs) in the UK & Ireland to adopt a new solution, to create a more transparent and effective process for both consumers and creditors. The recently launched Trustfolio Debt Solutions Provider Portal is the first digital tool that enables IPs, Debt Management Companies, and…
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The latest UK economic outlook from PwC predicts inflation will hit 8.4% later this year. PWC says that the rise in living costs will wipe 2% off household incomes, equivalent to about £900 or as much as £1,300 for the poorest families. If the Ukraine crisis worsens, inflation could peak at 11%. It is predicted…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes grew by 59% in February 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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Over 1.2 million subscription payments have been cancelled since the summer of last year as households feel the squeeze of the cost of living crisis, research from Lloyds Bank shows. Popular TV, film and music streaming services made up almost half (47.1%) of regular payments cancelled, with households taking further stock of their discretionary spending,…
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Customer service standards in the energy sector plummeted in the final quarter of 2021, with even the best-performing suppliers scoring less than four out of five stars. Citizens Advice’s latest star ratings table, which covers Q4 2021indicates that customer service in the energy sector is the worst it has been on average since 2017. The…
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February saw a spike in remortgaging activity as borrowers sought to beat interest rate rises, according to new research from Legal & General Mortgage Club’s SmartrCriteria tool. Searches for homeowners wanting to remortgage after just 6 months climbed by 30%, suggesting that rises in the Bank of England’s base rate to curb inflation could be…
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The Government has launched a wide-ranging £375 million package of support for innovative energy technologies that will power British homes and businesses for decades to come and further strengthen the nation’s energy security. The strategy includes £240 million to support the production of hydrogen as a clean, low-cost energy technology, £2.5 million of funding to…
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More than a third of customers (34%) struggle to pay bills fairly frequently, yet only 4% of billcpayers reported receiving financial help from their water company over the past year according to research by Ofwat and CCW. The research also highlighted that engagement with water companies was found to be fairly low, with 44% of…
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