Inflation falls to lowest level in nearly 3 years – consumer credit industry reaction

The Office for National Statistics (ONS) has published its latest Consumer Prices Index, which shows that the rate of inflation fell to 2.3 percent in the 12 months to April 2024, down from 3.2 per cent in March.     Prices were up 0.3% in a month (compared to 1.2% a year earlier). CPI is the…

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Energy price cap forecasted to fall 7%

Cornwall Insight has announced its final forecast for the July-September Quarter 3 2024 Default Tariff Cap (price cap) indicating that for the typical dual fuel household it predicts that the July price cap will be £1,574.37 per annum. This is a fall of approximately 7% from the current price cap which was set at £1,690…

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Mortgage possessions grow by 28%

Mortgage and landlord possession volumes in the first quarter of 2024 have increased when compared to the same quarter last year new Ministry of Justice (MoJ) figures have shown. Mortgage possession actions have continued their gradual upward trend with mortgage claims at their highest since 2019. Compared to the same quarter in 2023, mortgage possession…

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Call for change to help victim-survivors of economic and financial abuse

17th May 2024 Consumer Collections |

UK Finance is leading a call. for changes are needed to help victim-survivors of domestic abuse regain control of their finances. Economic abuse occurs when the abuser restricts, exploits and sabotages their victim’s resources, such as mobile phones and transportation, to maintain power and control. Financial abuse is a subset of economic abuse and includes…

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Over 3m people admit to borrowing from an illegal lender in the last year

Over 3 million people across the UK admit they have been forced to borrow from illegal lenders in the last 12 months, reveals research from responsible lender Creditspring. A third (31%) of people in the UK say they currently feel stuck and that there is nothing they can do to improve their financial situation, this…

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Government launches Share Once Support Register

17th May 2024 Consumer Collections |

Debt advice charity, the Money Advice Trust, has welcomed the Government’s announcement on the introduction of a Share Once Support Register, calling the move a key part of ensuring protections for customers in vulnerable circumstances when dealing with firms providing essential services. The register is aimed at improving the experience vulnerable and disabled customers have…

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Interest rates remain at 5.25% – consumer credit industry reaction

The Bank of England has opted to hold the base rate at 5.25%, this marks the sixth consecutive meeting where the Monetary Policy Committee has opted against raising or cutting interest rates. Commenting on the announcement, Steve Vaid, Chief Executive at the Money Advice Trust said “High interest rates have already added to the pressure…

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Higher interest rates could add £29bn to household energy bills

Higher interest rates could add £29 billion to household energy bills, according to new research published today (Monday) by the Resolution Foundation. The research considers how to fund the major power sector upgrade needed to cope with rising demand for electricity in a decarbonising economy. By 2040, Britain’s homes will consume 45 per cent more electricity…

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Renters Reform Bill returns to the House of Commons

The Renters Reform Bill returns to the House of Commons for its third reading this Wednesday (24th April 2024). The legislation will abolish Section 21 ‘no fault’ evictions, tighten rules around landlord repossessions, improve housing conditions and strengthen local council powers to regulate landlords. A bill was finally published last May, setting out major changes…

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Inflation fell to 3.2% in March – consumer credit industry reaction

17th April 2024 Consumer Collections | #inflation

Latest data from the ONS has found that CPI inflation fell to 3.2 per cent in March, lower than the 3.4% reported in February. Commenting on the data, Steve Vaid, Chief Executive of the Money Advice Trust, the charity that runs National Debtline, said “Falling inflation is welcome news and will provide some relief for…

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Scottish Power to pay £1.5m for overcharging customers

16th April 2024 Consumer Collections | #energy

Scottish Power Energy Retail says it will pay £1.5 million in refunds and compensation after it charged customers above the price cap during the height of the energy crisis. Ofgem agreed the redress package after the supplier confirmed that between 2015 and 2023, it mistakenly overcharged 1,699 direct debit customers a higher rate, which should…

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Call for Universal Credit change

Universal Credit (UC) is on track to be fully rolled-out to seven million families by the end of the next parliament, with working renters the main winners and those with disabilities the main losers from the reform as it faces up to new challenges like rising long-term sickness, according to new Resolution Foundation research. With…

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CMA raises concerns over big tech’s AI dominance 

The Competition and Markets Authority (CMA) has expressed concerns that the biggest technology companies are using their dominance in artificial intelligence (AI) in a way that could harm consumers. As AI develops rapidly with the potential to create social disturbance, such as replacing jobs, global regulators want to ensure that big tech is not able…

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