Credit, Collections & Insolvency News
New research from the Centre for Economics and Business Research (Cebr) commissioned by equity release lender, more 2 life, has revealed that the later life lending market is set to almost double in size over the next decade. By the end of 2019, lending is expected to reach £295bn – rising to more than half…
Read more
Here is an overview of The Money Charity’s latest statistics for June 2019: Personal debt in the UK People in the UK owed £1,637 billion at the end of April 2019. This is up from £1,588 billion at the end of April 2018, an extra £946.00 per UK adult over the year. The average total debt per…
Read moreNew research from the Centre for Economics and Business Research (Cebr) commissioned by equity release lender, more 2 life, has revealed that the later life lending market is set to almost double in size over the next decade. By the end of 2019, lending is expected to reach £295bn – rising to more than half a…
Read more
British energy customers are facing a potential bill of £172 million from the collapse of 11 suppliers since January 2018. On top of this, thousands of people who owed money to failed suppliers lost out on consumer protections and faced aggressive debt collection as a result, according to new research by Citizens Advice. Energy suppliers…
Read more
The Government has announced a new breathing Space scheme which will protect Individuals and families struggling with problem debt. Under the new scheme, consumers will be given extra help and time to get their finances under control, City minister John Glen has revealed. The new plans will see the introduction of a 60-day Breathing Space…
Read more
Firms that overcharge or mislead their customers could be hit with direct fines without the need to go through a court, under plans unveiled by Business Secretary Greg Clark. The government has confirmed it will consult on giving the Competition and Markets Authority (CMA) new powers to decide itself whether consumer law has been broken,…
Read more
The Top 3 worst areas (out of 174) in the UK for increasing rates of personal insolvencies over the last five years were all steel towns according to new research by UHY Hacker Young. With the collapse of British Steel there are concerns over what impact this will have on the last remaining steel towns.…
Read more
M&S Bank research has revealed that almost half (49 percent) of millennials (23-38 year olds) have provided financial support to their parents. This increases to 54 percent for the younger Gen Z-ers (16-22 year olds), who have supported their parents more than any other age group. The insight debunks common misconceptions about the bank of…
Read more
Shell Energy Retail is to refund and compensate around 12,000 customer accounts it overcharged on its default tariffs when the price cap was introduced. In addition, the supplier will pay £200,000 to Ofgem’s consumer redress fund, equating to a total payment of £390,000. The price cap for 11 million customers on poor value default tariffs…
Read more
Over two fifths (44%) of consumers in Scotland are worried about their current level of personal debt, a new survey of over 2,000 British consumers by insolvency trade body R3 in Scotland and ComRes has found. This is notably higher than in April last year when 35% of consumers in Scotland said the same thing.…
Read more
Households have been pushed nearly £2,000 into the red in the period since Theresa May became prime minister, according to TUC analysis as she prepares to resign the Conservative Party leadership. In every reported quarter since her arrival in Downing Street (2016 Q4 to 2018 Q4), families’ outgoings have outstripped their incomes. This has resulted…
Read more
The Credit Services Association (CSA) has expressed dismay at suggestions that seemingly only the Financial Services community should be ploughing even more money into the debt advice before current concerns have been properly addressed. The CSA says that calls from Sir Hector Sants for creditors to pay more than the ‘£80 million’ they already contribute…
Read more
Debt charity, StepChange has raised concerns that consumers with long-standing debts on credit cards, who have received letters encouraging them to make more than the minimum payments are could be unclear in their messaging. Rules set by the Financial Conduct Authority (FCA) mean that many people will now be receiving a second reminder suggesting they…
Read more