Credit, Collections & Insolvency News
Over 2.8 million people with mental health problems fell into council tax debt during pandemic according to new research by Money and Mental Health. The research shows that people with mental health problems have been hit particularly hard financially during the pandemic, with two in five suffering a drop in income, and three in ten…
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More than two in five (41%) young people said that their money worries had increased because of the Covid-19 pandemic, new research YouGov, as part of a partnership between youth charity The Mix and global information services company Experian. Over a third (35%) of young people surveyed agreed that the impact of the pandemic on…
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Energy giant Utility Warehouse has been ordered to pay £1.5 million in redress to its customers an investigation by Ofgem found it failed to adequately support those who were struggling in debt. The investigation by the energy regulator found that customers were not consistently offered support, such as debt repayment plans and energy efficiency advice,…
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Ofgem has appointed five energy suppliers to take on the more than 70,600 customers of six recently failed energy retailers. The news follows the announcement by Yu Group earlier in the week that it had taken over the supply of the 600 domestic and 2,000 non-domestic customers of Ampower. The suppliers will take on a…
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The impact of welcome changes to Universal Credit (UC) announced in the Budget will leave 1.3 million families better off than before the withdrawal of the £20 a week boost to UC last month and make 330,000 more families eligible for support, but 3.6 million families will remain worse off, according to new research the…
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New figures released today by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 67% in September 202 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA),…
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The winners of the 2021 Credit & Collection Technology Awards have been announced following a live in-person event yesterday (Thursday 4th November) at the Midland Hotel in Manchester. The awards are the flagship event for innovational technological professionals working in credit and collections and the fifth annual event honoured the UK’s technological innovators, celebrating outstanding…
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More than three million households are entering winter in debt to their energy supplier, half a million more than last year according to new research from Uswitch.com. Households are going into the coldest time of year owing £510 million, a rise of £77 million since 2020, with many feeling additional pressures caused by the rising…
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New research by NerdwWallet has found that over a quarter of consumers have borrowed due to gambling The research found that 46% who gamble daily have taken a loan or credit because of gambling, the highest of any category. Whilst 28% who gamble at least once a month have taken a loan or credit because…
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Business energy supplier. CNG Energy has announced they are ceasing to trade after almost three decades supplying power to non-domestic customers. The company, which served around 41,000 businesses, is the sixth supplier to exit the market so far this week and the 22nd to enter the supplier of last resort process this year. Under Ofgem’s…
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First Locate has announced the appointment of Neil Burrows as its new Head of Sales. Burrows will look to broaden the company’s existing portfolio of premium clients by expanding our reach into other key sectors across the Banking, Financial Services and Utility offerings with a focus on key services and White Label solutions. Darren Guest…
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Digital bank Zopa has announced that it has appointed Graham Robinson as its new Chief Risk Officer. Robinson joins Zopa as it completes its first year as a digital bank and sets its sights on further growth. With over 20 years experience of leadership across credit risk, operations and digital, Robinson brings a wealth of…
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Omni Energy, MA Energy, Zebra Power and Ampoweruk have announced they are the latest energy companies ceasing to trade. Omni Energy supplies around 6,000 domestic pre-payment customers, MA Energy supplies around 300 non-domestic customers, Zebra Power supplies around 14,800 domestic customers, Ampoweruk supplies around 600 domestic customers, and around 2000 non-domestic customers. Under Ofgem’s safety…
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