Credit, Collections & Insolvency News
New research from Citizens Advice reveals an estimated 4 million people in the UK have been charged for phones they already own, paying a total of £490 million extra on their last contracts. Three of Britain’s biggest mobile phone networks – EE, Three and Vodafone – routinely charge customers extra for their handsets after they…
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The winners of the second annual 2018 Credit & Collections Technology Awards have been revealed. There were sixteen winners from the eighteen Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation. The awards ceremony was held at Credit Services Association’s (CSA) annual Gala dinner at the…
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The UK’s younger generations have increased the amount of debt they owe over the last five years according to analysis within Arrow Global’s consumer research report(Table 1). Significant numbers of millennials also don’t know how much interest they are paying (Table 3), according to the 2018 Debt Britain research from Arrow Global. The findings reveal…
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A report by the National Audit Office (NAO) has revealed that problem debt costing the economy £847 million a year. The report has found that £248m of that sum came from increased use of housing and health services Problem debt – defined as the inability to pay debts or household bills – affects an estimated…
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One-in-five (22%) consumers in Scotland has had an outstanding credit card balance for at least six months, according to a survey by R3 in Scotland, the insolvency trade body. The research, part of a long-running survey of Britain’s personal finances by R3 and ComRes, also found that, of the 35% of Scottish adults are concerned…
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Londoners are more likely to be struggling with debt than the rest of the UK despite average higher incomes. That is according to London in the Red, a new report from StepChange Debt Charity, that reveals 100,000 Londoners sought their debt advice, meaning one in six of its clients last year came from London. The…
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People are increasingly struggling with ‘smaller but trickier’ debts on everyday household bills, according to new figures from National Debtline, run by the Money Advice Trust. The charity expects the number of calls to National Debtline to hit 189,000 by the end of the year – the highest level in five years – with webchat…
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A fear of discussing death is leading to a lack of later life planning across the nation, as two fifths (41%) of people haven’t put any financial plans including wills, funeral plans and lasting power of attorneys in place. New research by the Co-op has launched the biggest ever survey into death, dying and bereavement. The survey which received…
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The total number of county court judgments (CCJs) registered against consumers in England and Wales fell year-on-year for the first time in five years during the first half of 2018, according to figures released by Registry Trust. During Q1 and Q2 2018, 571,555 judgments were registered against consumers in England and Wales, falling four percent…
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Personal insolvencies are on track to hit 105,000 per annum by 2022, breaking highs last seen six years ago, according to the latest econometric forecast from Arrow Global’s ‘Debt Britain 2018’ research. Analysis shows that personal insolvencies have been on the increase since 2015 and rising interest rates on the back of the Bank of…
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According to new research by the Money Advice Service, in partnership with the National Association of Student Money Advisers (NASMA), around one in ten undergraduate students have fallen behind on or missed payments in the last six months. 11% of students surveyed in April had fallen behind or missed payments on university accommodation, credit cards,…
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Citizens Advice is calling for better regulation of unaccountable bailiff firms as it reveals households have fallen behind on their essential bills, such as council tax and utilities, by an estimated £18.9 billion. Last year, the charity helped one person every 3 minutes with bailiff issues. In 2014, the government introduced reforms which were meant…
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The number of households in personal debt default is set to increase to 3.8 million by the end of 2022, up from 3.3 million at the end of 2017 according to the latest econometric forecast from Arrow Global’s ‘Debt Britain 2018’ research. Arrow Global’s forecast is based upon analysis of the Office of Budget Responsibility…
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