Credit, Collections & Insolvency News
StepChange Debt Charity has announced the appointment of Liz Harding, Mike Ashley and Sue Acton as Trustees, who will join its board on 1st July. StepChange conducted a comprehensive and extensive search process to find new expertise to support the future direction and strategy of the charity. In particular, the charity sought lived experience of…
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Prior to the upcoming introduction of the July Default Tariff Cap (price cap), Cornwall Insight has predicted that the energy price cap will drop, starting from October 2023, to £1,871 per annum for a typical consumer, and from January 2024, £1,900 per annum. The fall in average price cap predictions can be directly attributed to…
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Here is an overview of The Money Charity’s latest statistics for June 2023 Personal debt in the UK People in the UK owed £1,839.3 billion at the end of April 2023. The average total debt per household, including mortgages, was £65,498 and per adult was £34,580, around 103.3% of average earnings. Net mortgage lending shrunk by…
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Chancellor of the Exchequer Jeremy Hunt agreed a new action plan with regulators to try to ensure consumers are being treated fairly and help those struggling to make payments. As part of the government’s plan to halve inflation this year, the Chancellor chaired a roundtable with CEOs from the Competition and Market Authority (CMA), Financial…
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Research by the Centre for Business and Economics Research (CEBR) and Asda has revealed that wealthy households in the UK were the only group to see a rise in living standards this year, while poorer families are being pounded by soaring energy and food bills. The decrease in disposable income has been particularly stark for…
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The UK needs to move away from its simplistic and pernicious cycle of promising tax cuts while delivering tax rises, and towards reforming and improving our tax system so that it supports, rather than hinders, economic growth, according to new research Resolution Foundation. Tax planning – the 39th report of The Economy 2030 Inquiry, funded by the…
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A new research paper from Beagle Street has estimated that over £400 billion of mortgage debt is not covered by life insurance in UK Beagle Street Associate Marketing and Distribution Director, Beth Tait, said “With this study, we aimed to give intermediaries the powerful evidence they need to recommend that customers take the critical step of protecting…
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Latest analysis of credit card data from FICO has painted a picture of considerable consumer financial volatility as the dual pressures of higher inflation and higher interest rates squeeze funds. FICO says the ongoing inflationary challenges faced by consumers continue to be reflected in higher levels of credit card spend, compared to 2022 – with…
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Scottish Widows has today released new data, that shows that one in three (35%) of adults currently aged 22-65 risk having less than the minimum needed to pay for essentials when they retire. The research found that many societal groups –such as renters and young people –are disproportionately facing hardship, while others such as millennials…
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Energy regulator Ofgem has publishing measures to strengthen rules to protect struggling prepayment meter (PPM) customers, and address the issue of debt related costs. All energy suppliers signed up to a voluntary Code of Practice earlier this year after alarming evidence surrounding enforced PPM installations came to light. Now, today, the regulator is launching a…
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Second charge mortgage distributor, Freedom Finance Mortgages has announced the appointment of Richard Sharp as Managing Director. Sharp has over twenty years of executive experience in the consumer lending sector and joins FFML from Tandem Bank, where he was Managing Director of Unsecured loans and Customer Proposition Director. He previously held operational and leadership roles…
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New research shows that eight in ten (79%) middle class parents are helping support their adult children financially, one in four of whom are helping with mortgage payments specifically, according to the fourth Saltus Wealth Index Report. The average rate for a two-year fixed deal has recently surpassed 6% which pushed the average repayment on a 25…
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Advisers from Money Wellness, the wellbeing platform specialising in free debt advice and ongoing support, have taken part in a resilience training programme to help support their own mental wellbeing when helping people deal with complex debt problems. The programme, which was delivered by the Samaritans to Money Wellness advisers, is designed to help participants…
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