Credit, Collections & Insolvency News
The question of whether to build up a pension or clear up the debts is a tough decision and people need more advice and guidance to make the right call – according to a new report. The report, entitled ‘Debt & Pensions Advice – Bridging the Advice Gap’ was a joint project between Money Advice…
Read moreThe Financial Conduct Authority (FCA) has said that 50% of UK adults (25.6m) display one or more characteristics that signal potential vulnerability in their latest report the Financial Lives Survey 2017. Financial Lives survey is the FCA’s largest tracking survey of consumers and their use of financial services, drawing on responses from just under 13,000 UK consumers…
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Here is an overview of The Money Charity’s latest statistics for October 2017: Personal debt in the UK People in the UK owed £1.554 trillion at the end of August 2017. This is up from £1.5 trillion at the end of July 2016 – an extra £1029.82 per UK adult. Per adult in the UK that’s an average debt…
Read moreJane Clack, Money Advisor at free debt advice provider PayPlan, has highlighted a lack of focus on those struggling with debt following the recent political party conferences. Clack believes neither Labour nor the Conservatives delivered strong enough policies that would offer additional support to the clients she works with on a daily basis. “We always…
Read moreNew research published today has found that mental health professionals are being forced to deal with patients’ wider problems rather than treating their illness, as more and more of them struggle with issues such as debt and benefits. A report by the Money and Mental Health Institute reveals mental health professionals – including psychiatrists and…
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The Financial Conduct Authority’s (FCA) has warned of a pronounced build-up of debt among young people. In an interview with the BBC, FCA Chief Andrew Bailey has highlighted the ‘growing debt burden’ on young people. The warning, which follows a tour of visits by Andrew Bailey to debt charities including National Debtline, coincides with new…
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Suppliers must do more to help those in debt, Ofgem has said, as new research shows that customers are building up on average over £600 in unpaid bills on their gas and electricity accounts before suppliers step in to help them manage paying it back. Ofgem has published its annual report on how suppliers treat…
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The Money Advice Liaison Group (MALG) has announced its line for its 30th annual Conference. The conference provides money advisers, creditors, and stakeholders with an opportunity to network and debate current and future issues in the spirit of ‘working together to improve the lives of people in debt’. The 2017 conference, sponsored by Cabot Credit…
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Ofgem has announced that around one million households will save £120 a year on average when it extends its prepayment safeguard tariff for more vulnerable people this winter. Ofgem will also work on extending price protection to at least a further 2 million vulnerable households for winter next year once the timing of the Government’s price cap…
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Latest research from the Joseph Rowntree Foundation (JRF) has highlighted how a benefits freeze will affect families- the majority of which are in work. The freeze is the single biggest policy driver behind the expected rise in poverty by the end of the Parliament. JRF is calling for the Government to target its resources better…
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A new guide for energy suppliers has been launched today by the Money Advice Trust and Energy UK to help better identify and support consumers in vulnerable circumstances. The guide, Vulnerability, mental health, and the energy sector: a guide to help identify and support consumers, provides practical tools for frontline staff to use with consumers…
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Ofwat has announced that it is going to report on how each water company serves, supports and protects customers in vulnerable circumstances. The report will show clearly those companies that are leading the field and those that are letting their customers down. Ofwat has been calling on water companies to step up their efforts to…
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Phil Andrew has been appointed as the new Chief Executive of debt charity StepChange. He will take up the post on November 20th, taking over from Mike O’Connor CBE. Andrew’s most recent role was as Chief Executive of Working Links which provides innovative interventions to disadvantaged and socially-excluded groups within the UK, Ireland and the…
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