Credit, Collections & Insolvency News
Nearly half of consumers(44%) want urgent help in managing their own money, according to a new opinion poll highlighting the dire state of the personal finances of millions of people. The findings come from a poll by Opinium of 4,000 people commissioned by the leading think-tank, the Centre for Social Justice (CSJ), and credit management company…
Read more
Black Friday and Christmas has helped card average spending to increase to a new over two-year high according to new analysis of UK card trends for November 2021 by FICO. With average spending and cash usage rising, the data was typical of previous festive seasons. However, a drop in the percentage of payments to balance…
Read more
Households have suffered the sharpest fall in the amount of cash they have available to spend for almost eight years, amid a worsening cost of living crisis driven by high inflation and rising energy bills. Research by Scottish Widows’ Household Finance Index found that surging living costs hit people’s pockets and led to the steepest…
Read more
New research by the Officer for National Statistics (ONS) has found that one in four people whose cost of living has increased are using their savings to counter rising energy and fuel prices. The research also shows that two in three people surveyed said their cost of living has increased in the last month. Fuel…
Read more
Debt solutions specialist Back2Credit has announced the launch of their consumer debt advice platform, designed to provide individuals with quick access to the financial recovery and restructuring options available to them. Dedicated to transparency and helping consumers better understand and manage their options, the Birmingham-based firm is an FCA authorised debt solution provider with over…
Read more
IE Hub has been appointed as a supplier of Crown Commercial Service’s (CCS) Debt Resolution Services (DRS) framework. Designed to bring together a range of debt collection and data services into a single commercial agreement, DRS framework has been built to provide a more consistent and integrated approach to debt resolution. It aims to improve…
Read more
Just, the enforcement market integrator, has been named as a supplier on Crown Commercial Service’s (CCS) Debt Resolution Services (DRS) framework to provide Enforcement Services and Managed Enforcement Services. The framework can be used by central and local government departments to contract services for the enforcement of public sector debt. CCS supports the public sector…
Read moreConsumers using Buy Now, Pay Later (BNPL) are much more likely to be struggling according to latest research by debt charity StepChange. In response to the HM Treasury’s consultation on how to regulate BNPL StepChange is pointing to clear evidence that BNPL products are being widely used by people experiencing financial difficulty. For example, consumers…
Read more
The Bank of England data for November showed a significant net increase in borrowing on credit cards, which StepChange Debt Charity warns may be an indicator of increasing underlying financial stress among some households. Credit cards remain the most common type of unsecured debt held by new StepChange clients at the time they take advice.…
Read more
More than four in five (82 per cent) people have seen their living costs such as grocery or energy bills and day-to-day essentials increase in the past few months, according to new research by TSB. The bank’s research, through its money confidence barometer, indicated that as a result of the cost of living rises, nearly…
Read more
New research by TotallyMoney has shown that more than half (54%) of customers with an outstanding monthly credit card balance are paying interest, indicating that it could be costing consumers £1,831 by not transferring a credit card balance. The esearch shows customers are 31% more likely to be eligible for a credit card now than…
Read more
Industry professional Amir Ali has been recognised as part of the New Year Honours List 2022. Amir Ali has been recognised with an OBE for his 11 years of services to Court Users and the Law. Ali said “I am deeply touched, humbled and ever so grateful that I get to work with some amazing…
Read more
New rules home and motor insurance renewal rules brought in by the Financial Conduct Authority (FCA) are expected to save consumers £4.2bn over the next 10 years. From 1st January 2022 insurers will be banned from quoting customers a higher price for renewing their home or motor insurance than they would pay if they were…
Read more