Credit, Collections & Insolvency News
People experiencing problem debt tend to have more complex situations than in the past, so the scope and delivery of debt advice also needs to evolve according to StepChange Debt Charity. As part of debt charity’s launch of its new strategy, StepChange has revealed that 158,000 clients were given full debt advice in 2021, with the…
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New analysis by Jubilee Debt Campaign has found that the number of households struggling with a heavy debt burden has increased by a third in 2021. According to the analysis of the Bank of England’s household survey, the percentage of households reporting that loan and interest payments were a heavy financial burden increased by 35%…
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More than three-quarters of Scottish adults impacted by debt during the pandemic say their mental health has been negatively impacted by it according to new polling for Citizens Advice Scotland (CAS). Polling for the charity by YouGov found that 77 per cent of Scottish adults in debt or at risk of debt since the Covid-19…
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Business outsourcing provider Sigma Connected has announced the appointment of a new Managing Director (MD) to lead the company’s newly-formed credit services business. Jaco Snyman has been appointed to spearhead the company’s new Birmingham-headquartered debt collection agency, McLaren Credit Services. Reporting to Group CEO Gary Gilburd, Snyman will take responsibility for the growth and strategic…
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Paylink Solutions has partnered with online banking provider, Ecospend in a new partnership that will allow customers who’ve fallen behind with repayment plans to make instant payments and get back on track with their arrangements. Customers will be sent a link for them to make the previously failed payments, either over the phone with an…
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Pepper European Servicing, a UK-headquartered loan servicing company has announced a major business transformation and investment programme through which it will become a global credit intelligence provider under a new brand: Pepper Advantage. The business transformation programme will result in the integration of its European and Asian servicing businesses as it further expands into a…
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A new report from Demos, produced in partnership with Lowell has identified a number of areas subject to the ‘double whammy’ of high financial vulnerability and limited access to affordable credit. As UK households are hit by rising prices, the latest update to the UK Financial Vulnerability Index (FVI), a joint project of Lowell and…
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New analysis from the independent Joseph Rowntree Foundation (JRF) highlights the stark impact of a scheduled real-terms cut to benefits next month, as rising energy costs threaten to devastate the living standards of families on the lowest incomes. The analysis shows the impact of rising energy costs on household budgets. It finds that once housing…
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One in seven (an estimated 7.9 million) UK adults is behind on at least one household bill and one in eight (an estimated 6.2 million) have gone without heating, water or electricity in the last three months as a result of rising costs, according to new research from the Money Advice Trust. The charity, which…
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New polling from StepChange Debt Charity has indicated that millions of people expect to fall into problem debt this year due to the rise in the cost of living, energy price caps and National Insurance contributions . The representative survey, conducted by YouGov, shows that one in five people (21%) thinks that external financial pressures…
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C&R Software and award-winning Fintech start-up IE Hub have agreed on a partnership to help consumers in financial stress. C&R Software has announced an integration with IE Hub’s online affordability system, creating sustainable payment plans for consumers meeting financial obligations. The partnership increases engagement and humanizes the collections process, making it easier for consumers struggling…
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New research published by Citizens Advice has predicted that £145-a-month hikes to energy costs in October could mean one in four adults, equivalent to 14.5 million people, will be unable to afford their bills. The figure is up from around five million saying they already can’t afford April’s price increase of £60-a-month. The charity included…
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People suffering financial hardship should receive better support from phone and broadband providers under proposals published by Ofcom. Ofcom’s recent research, around 1.1 million households (5%) are struggling to afford their broadband. That rises to around one in ten among the lowest-income households. With affordability problems only likely to worsen this year because of the…
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