Credit, Collections & Insolvency News
The UK Competition and Markets Authority (CMA) has released its provisional findings on the proposed merger between Vodafone and Three, raising concerns that the deal could lead to higher prices and reduced service quality for millions of UK mobile customers. The investigation, led by an independent inquiry group, has provisionally concluded that the merger would…
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New research by SunLife has found that millions of people could be left struggling to achieve a ‘minimum’ standard of living if the state pension age rises earlier. The research found that 24% of retirees are living on the state pension alone. If the state pension age were to rise to 68 earlier, millions could…
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One in eight women who held a joint mortgage in the last two years experienced joint mortgage economic abuse from a current or former partner – equivalent to over 750,000 people, according to a new report by the charity Surviving Economic Abuse. The report, ‘Locked into a mortgage, locked out of my home’, funded by…
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Vulnerable customers will be able to access support services more quickly and easily, thanks to a project driving forward Priority Services Register (PSR) data-sharing between energy and water companies. At a summit meeting, Ofgem and Ofwat announced plans bring together suppliers, customer groups and experts to work towards a transformation in customer service culture across…
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Energy regulator, Ofgem is urging the government to grant it more powers so it is better placed to take action against suppliers which fail to meet the required standards of customer service. As well as new powers, the regulator is also exploring the introduction of a consumer duty which is similar to that adopted by…
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Cabinet ministers including the Deputy Prime Minister, Chief Secretary to the Treasury as well as ministers for the devolved nations have joined the taskforce’s co-chairs, the Work & Pensions and Education Secretaries, to confront the wide-ranging and deep-rooted causes of child poverty. The government says the ministerial taskforce will harness all available levers to drive…
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Credit Connect has published its first-ever annual Credit & Collections Industry Awards Review. The annual review highlights why the judges decided the winners at this year’s Industry Awards which were announced in July. The review provides background and context for the awards results recognising companies for the progression of industry standards and excellence. The review…
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More than 1.3 million households in the UK are no longer paying council tax, resulting in local authorities failing to collect a record £6bn annually, according to a report by the Centre for Social Justice (CSJ) think tank. The report highlights that council tax debt has doubled in the past six years, with the debt…
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More than 2.7 million debts were referred to bailiffs by local authorities in England and Wales during the 2022/23 financial year, according to new research conducted by the Money Advice Trust, the charity that runs National Debtline, and the Centre for Social Justice think-tank. The findings, based on Freedom of Information requests to local authorities,…
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New analysis by Policy in Practice has shown that one million households will miss out due to the changes announced to the Winter Fuel Payment. The data also showed that over 850,000 older people are eligible for but not claiming Pension Credit whilst another estimated 130,000 older people miss out because they are just £500…
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Winter fuel payments will be scrapped for most pensioners in a move expected to save the Treasury £1.5 billion per year, Chancellor Rachel Reeves has announced Those in receipt of Pension Credit, Universal Credit, Income Support, income-based Jobseeker’s Allowance and income-related Employment and Support Allowance will continue to receive winter fuel payments. Responding to the…
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A new report from the Institute for Fiscal Studies (IFS) estimates that an extra 320,000 people have been pushed into poverty as they moved onto more expensive deals, as a result of the rise in mortgage rates in 2022 and 2023. The rise in mortgage rates saw the average rate for a two-year fixed mortgage…
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Phone, broadband and pay-TV companies are to be banned from imposing mid-contract price increases linked to inflation following a new crackdown announced by the Ofcom. Under the new consumer protection rules telecoms customers must be told upfront in pounds and pence about any price rises their provider includes in their contract,. Ofcom says that in…
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