Credit, Collections & Insolvency News
New research by Compare the Market has revealed that more than half of the OECD countries surveyed have household debts greater than their annual net disposable income. The research showed that Nordic countries take out the top two places with Denmark and Norway have the two highest household debt to disposable income ratio respectively. Russia,…
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The All-Party Parliamentary Group (APPG) for Financial Resilience, has found a quarter (24%) of working-age adults (18-64 years old) didn’t save any money during the pandemic sparking major concerns about financial insecurity. The revelations have led to Co-Chairs of the APPG, Shaun Bailey MP and Tonia Antoniazzi MP, to issue a call for evidence to…
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Credit management group Intrum has announced it has signed an agreement to manage the collections and recoveries functions for the Sainsbury’s Bank and Argos Financial Services portfolios. Under the agreement, Intrum will assume responsibility for collections and recoveries on a white label basis for loan, credit card and store card products. The deal means the…
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The Insolvency Service punished 32 individuals who went bankrupt as a result of excessive gambling or unnecessarily extravagant spending last year according to new analysis by Mazars. The Insolvency Service secured Bankruptcy Restrictions Orders (BROs) against these 32 individuals to prevent them from resuming the gambling, rash speculation or extravagant spending that contributed to their…
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StepChange Debt Charity and OVO Energy have announced a new partnership that will provide a package of support to the charity worth up to £2 million over the course of 2022 to support people facing financial difficulty. To help provide the immediate resource StepChange needs, OVO will be funding additional frontline services in 2022, worth…
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The TUC has warned that millions of low-income workers face a “perfect storm” this April with universal credit (UC) falling behind the cost of living as energy bills and taxes rise. The warning comes as new TUC analysis reveals that the number of workers on UC has increased by 1.3 million since the eve of…
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Skills Minister Alex Burghart MP will open the Trade Body Skills Summit as part of 2022 National Apprenticeship Week. The Minister’s speech will form part of the Credit Services Association’s (CSA) third Learning and Development annual event, which will be free of charge to attend and take place on Zoom from 10am on Thursday 10…
Read moreDebt purchaser, Lantern has received its third consecutive ‘gold’ award from customer experience experts, Investor in Customers (IIC). The ‘gold’ award means Lantern excelled at all four principle themes – understanding customer needs, meeting customer needs, delighting customers and engendering loyalty. The Lantern team took on board feedback from its first IIC assessment in 2018,…
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Water UK has announced that water bills are set to rise from April, adding to the cost of living crisis due to hit households across the country. As water companies issue customers’ water bills for next year, showing an average increase of 1.7%, or about £7, Ofwat has called on water companies to make providing…
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Global information and insights company TransUnion announces it has teamed up with Leeds United to be part of Challenge90 with the club’s official charity partner, Yorkshire Cancer Research. Challenge90 encourages the Leeds United community to exercise for 90 minutes – the duration of a football match – every week until the end of the football season in May. The aim…
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The Bank of England (BoE) has increased interest rates to 0.5% from 0.25% as it looks to restrain a surge in the cost of living. With inflation soaring, the Bank opted to increase rates at successive policy meetings for the first time since 2004. Forecasts suggest inflation, as measured by the consumer prices index, is…
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Research by KIS Finance has revealed that as a direct result of the rising cost of living, 57% of people are either already struggling financially, or expect to do so in the very near future. With inflation jumping to 5.4%, its highest level in almost 30 years, increasing numbers are finding it challenging to make…
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Rents rose to hit a three month high in January, as the lack of stock and high tenant demand continue to fuel demand for properties across England according to new research by Goodlord. The average cost of rent across England rose during January, with averages hitting £993 per property. This is up from an average…
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