Credit, Collections & Insolvency News
Government support of energy provider Bulb, which is set to continue to operate under a Special Administration Regime (SAR), is set to cost £1.7billion. The funds will allow Bulb to continue supplying energy to customers. Bulb will be run by administrator Teneo until a buyer can be found or until its customers have moved. A…
Read more
More than a quarter (28%) of UK shoppers are now regularly using Buy Now Pay Later (BNPL) services to spread the cost of purchases, and thousands more will be doing so for the first time as the festive season approaches according to new data from Equifax. The research has revealed just how much of consumers…
Read more
Over one-third (34%) of people aged 45-54 have no plan for their remaining working years according to research by carried out by Opinium on behalf of Hargreaves Lansdown. The research compares to roughly a quarter of 35-to-44-year-olds and 25-34-year-olds who had no plan for the time between age 50 and retirement. 41% of those in…
Read more
New figures from Financial Wellness Group have indicated that the number of customers seeking debt advice who have outstanding Buy Now Pay Later (BNPL) loans amongst their debts has increased fourfold since the start of the pandemic. In the past 8 months (March to November 2021), the number of customers with BNPL debts on a…
Read more
More than three in four (76%) families with children at home are worried that the impact of using the heating more will lead to higher energy costs this winter, according to research by Comparethemarket.com. More than a third (35%) of families say a large increase in energy costs over winter will lead them to cut…
Read more
New research by Money and Mental Health Policy Institute, has found that 2.5million people with mental health problems who fell into debt during pandemic considered suicide The Institute is now calling on urgent action from the government, the NHS and essential services providers is required to stop the devastating cycle of debt and mental health…
Read more
Energy regulator, Ofgem has decided to accept commitments from PayPoint and a donation of £12.5 million to the regulator’s Energy Industry Voluntary Redress Scheme, following an investigation into whether PayPoint has infringed Chapter II of the Competition Act 1998. PayPoint provides services to energy suppliers which enable their energy prepayment meter customers to top up…
Read more
Enforcement solutions specialist, Marston Holdings has announced that it has won a place on Crown Commercial Service’s Transport Technology and Associated Services (TTAS) framework. The new framework runs through to 31st October 2025 and makes it easier for government and public sector organisations to procure Marston’s full range of design, build and enforce solutions that…
Read more
Bulb Energy, which has 1.7 million customers, has announced that the firm will be put into administration. The energy firm has confirmed it will enter the special administration regime (SAR), becoming the first energy supplier to do so. The decision to place a company into a Special Administration Regime is made by the court upon…
Read more
A majority of European consumers are increasingly aware of sustainability aspects when shopping – creating new challenges for businesses. Close to half of Europe’s parents say that their interest in sustainability motivates them to limit their spending, and 42 per cent of Gen Z would not feel guilty about paying unethical firms later than agreed.…
Read moreRising costs will make it harder for families to put food on the table, according to results from PayPlan’s Autumn Income Shock Survey, commissioned to understand the growing impact of inflation on people in financially vulnerable situations. The research found that rising energy prices will affect 30% of people’s ability to put food on the…
Read more
The tax office may struggle to recoup a vast backlog of payments that have accrued during the pandemic as HMRC does not have enough staff and budget cuts to its collection department have resulted in an increasing number of debts being written off according to new analysis by the National Audit Office (NAO). The research…
Read more
Latest statistics from the Insolvency Service have shown that Northern Irish business insolvencies increased by 75% whilst personal insolvencies declined by 1% in the latest monthly figures. In October 2021 there were 102 personal insolvencies in Northern Ireland, 11% lower than October 2020 and 56% lower than October 2019. This consisted of 95 IVAs, four…
Read more