Credit, Collections & Insolvency News
Research from Cornwall Insight has shown that conditions could be in place for volatile wholesale energy prices to continue into 2030 and beyond, unless the UK develops a long-term strategy to cope with changes in energy production and unstable economic, geopolitical, and ecological systems. Cornwall Insight’s Benchmark Power Curve, which looks at energy investment and…
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More people are seeking one-to-one support from Citizens Advice than at any point during the pandemic. That’s according to stark new figures released which reveal the enormous pressures facing households even before major increases to energy bills kick in this April. The charity warns that crisis support – including referrals to food banks and advice…
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Monzo has been reprimanded by the Competition and Markets Authority (CMA) for failing to specify the monthly charge in the correct document when users agreed to overdrafts. The CMA claimed that a breach between October 2018 and November 2021 meant that the app’s customers were not aware of the potential monthly fees, on exceeded agreed…
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The Online Collections Technology Think Tank 3.1 has confirmed its agenda and speaker line-up ahead of the event for Thursday (3rd February). The event takes place on a big day for cost of living announcements with Ofgem set to announce changes to its price cap limit and with the Bank of England potentially announcing an…
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Rising energy prices will risk more Scottish consumers turning to food banks, Citizens Advice Scotland (CAS) warned. The charity says more and more people in Scotland are asking for information on paying their energy bills because they are facing a ‘nightmare scenario’ as the cost of living crisis bites. The energy price cap will rise…
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Millions of people with mental health problems say they are missing out on Equality Act protections from banks and other essential services firms according to new a report by Money and Mental Health Policy Institute. The research found that many banks and other essential services providers are likely to be failing to meet legal duties set…
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Consumers are starting to run down the savings built up during the pandemic in order to sustain household spending patterns threatened according to latest Bank of England (BOE) figures. The Bank said savings stood at £3.2bn in December, less than a third of the £10.6 billion monthly average for the previous 12 months. Consumer credit…
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The Financial Conduct Authority (FCA) has appointed Direct Line Group CEO, Penny James, as Chair of its Practitioner Panel. James who has been a member of the Panel since September 2020, will take up the post from 1st March 2022. She succeeds Paul Feeney, CEO of Quilter. The FCA Practitioner Panel is an independent statutory body…
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Households are spending up to 77% of their income to cover the rental cost of living according to latest property market analysis by London lettings and estate agent, Benham and Reeves. The research shows that the average UK rental household pays £808 per month in rent, accounting for 26% of total monthly household income. The…
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Annual person insolvency figures statistics for England and Wales from the Insolvency Service have indicated that there were 110,022 personal insolvencies in 2021, a fall of 1.4% on 2020’s figure of 111,578, and a fall of 9.9% compared to 2019 (122,155). The number of bankruptcies in 2021 was 31% lower than in 2020 and 48%…
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Over half of the UK’s remaining small energy suppliers are at imminent risk of collapse, according to Price Bailey analysis. Of the 22 gas and electricity suppliers left outside of the so-called ‘big six’, 12 companies have negative assets on their balance sheets meaning they are technically insolvent and at risk of collapse. city trade…
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Here is an overview of The Money Charity’s latest statistics for January 2022 Personal debt in the UK People in the UK owed £1,754.3 billion at the end of November 202 The average total debt per household, including mortgages, was £63,122 and per adult was £33,169, around 108.6% of average earnings Net mortgage lending rose by…
Read moreBristow & Sutor Group has announced it has partnered with digital technology transformation specialist, Andrew Slade. Slade has 23 years of experience in IT architecture roles in blue-chip environments, with expertise in both hands-on solution design as well as Head of Architecture team leadership. He has a renowned track record in helping major private and…
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