Credit, Collections & Insolvency News
Low-income households will be left an average of £209 short on their energy bills this financial year, new Which? research has found, as the consumer champion calls for an energy social tariff to protect the most financially vulnerable. Even with the government’s decision to keep the Energy Price Guarantee at £2,500 for an average household…
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This weekend’s increase in the minimum wage won’t ‘lift the pressure’ on hard-pressed families, the TUC has warned. The TUC highlighted that the minimum wage will rise below inflation and far lower than soaring food prices. Analysis by the union body shows that minimum wage workers will miss out on £124 this year as a…
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UK trade body for debt collection and purchase industry, the Credit Services Association (CSA) launched a new online training module on the consumer duty. The new course will be developed by CSA Learning, offers users an interactive and accessible learning resource to assist with their understanding of the consumer duty and how it can be…
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New Government research has found that over 94,000 prepayment meters were forcibly installed in homes under warrant last year without customer consent – on average over 7,500 meters a month. After calling on suppliers to stop forcibly installing prepayment meters, the Energy Security Secretary Grant Shapps has now revealed the most overzealous suppliers, as part…
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The Bank of England has raised interest rates for an 11th consecutive time to 4.25% following the surprise rise in inflation. The Monetary Policy Committee (MPC) voted for this change by a majority of 7-2, with the minority vote wishing to keep the rate at 4%. Commenting on the rise, Paul Broadhead, Head of Mortgage…
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Figures from the Office for National Statistics (ONS) show inflation rose more than expected last month to hit 10.4%, up from 10.1% in January. Economists had predicted a slight drop to 9.9%. The rise was driven by a continued rise in food costs, which increased by 18.2% in the year to February, the fastest rise…
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Research by Citizens Advice has suggested that bailiffs are breaking the rules on a massive scale and raking in huge fees, all while driving people into deeper hardship. The charity says that it is raising the alarm over bailiff behaviour, as its latest cost of living survey found one in four people (27%) have fallen…
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Citizens Advice is calling on the government to introduce an energy social tariff by 2024. The charity believes targeted financial support in the form of a social tariff is the long-term solution to millions of people spending excessive amounts on their bills, both now and during what could be a decade of record prices ahead.…
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Age UK is leading calls for a pre-payment meter (PPM) amnesty amid concerns that forced installations are leading to vulnerable older people ‘self-disconnecting.’ The research shows that well over half a million older households one in four of pre-payment meter customers are now dependent on this form of pricier, pay-as-you-go energy Older households account for…
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The Chancellor is set to receive a short-term borrowing boost in his Budget, some of which he will use to prevent a spike in energy bills and petrol prices next month. But in the face of a longer-term weak outlook he faces tough choices on how to resolve public sector strikes and boost Britain’s growth…
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A new report suggests that the Government made £2.4 billion by selling mortgages from collapsed lenders to investment firms, with 200,000 mortgages sold to firms that cannot offer new deals. With other lenders refusing to accept these homeowners, they have been left as so-called ‘mortgage prisoners,’ trapped on high rates. The London School of Economics…
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People in deep financial trouble are being misled by profit-making firms into unsuitable debt solutions which are often leaving them worse off according to a new report from Citizens Advice. With the cost-of-living crisis pushing more people into debt, Citizens Advice has found worrying numbers of people in Individual Voluntary Arrangements (IVAs) unable to keep…
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Credit Connect’s hosted its sixth Online Collections Technology Think Tank 4.1 last week which saw collections strategies and the impact of cost of living economic stresses discussed by thirteen collections professionals from a variety of industry sectors. The themes of collections risk, customer engagement, affordability and the future of collections were discussed by panelists and…
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