Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) and MoneyHelper are urging consumers to get help as soon as possible if they are struggling financially because of the rising cost of living. Millions of people get help with their finances every year. However, new research suggests many borrowers are missing out on available support. The research reveals some…
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The UK’s biggest mobile and broadband companies have agreed on a plan to help customers struggling to pay bills amid the cost of living crisis. The Telecoms industry agreed to the new plan following a government summit led by Digital Secretary Nadine Dorries. The new measures such as allowing customers struggling with bills to move…
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The Enforcement Conduct Board, the new oversight body for the enforcement sector, has announced the appointment of four new non-executive board members. The four new board members are Alan Cavill is Director of Communications and Regeneration at Blackpool Council, supporting a town that has 8 of the ten most deprived neighbourhoods in England and is…
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The Advertising Standards Authority (ASA) has published a new Enforcement Notice about Debt Management (IVA/PTD) adverts (ads) by Insolvency Practitioners and Lead Generation Companies. The ASA has published several rulings about ads which offered consumers a way to write off debt in government-approved schemes. These ads were not placed by FCA-authorised debt advisers but by lead generation…
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Customers will need to pay an estimated £2.7 billion to cover the costs of 28 energy suppliers failing since June 2021, in addition to the cost of running Bulb Energy. While the supplier failures were caused by substantial increases in wholesale prices, Ofgem’s approach to licensing and monitoring suppliers over previous years increased the risk…
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Latest statistics quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies numbers increased by 23.3% compared to May 2021’s figure of 8,496 and increased by 11.2% to 10,476 in May 2022 compared to 9,417 in April. There were 2,030 DROs and 566 bankruptcies. For individuals, 566 bankruptcies were registered, which was…
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Energy regulator Ofgem has announced the next steps in their plans to prevent the kind of energy supplier failures we saw last year and to better protect consumers’ money if they do fail. The plans set out tough new measures to improve the financial health of energy suppliers meaning they can stand up to future…
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More than 2 million households face increased mortgage payments after the latest Bank of England interest rate rise. The Monetary Policy Committee (MPC) voted by a majority of 6-3 to increase the bank rate by 0.25 percentage points, to 1.25%. The members in the minority voted to increase the bank rate by 0.5 percentage points,…
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The Financial Conduct Authority (FCA) has written to more than 3,500 lenders to remind them of the standards they should meet as consumers across the country are affected by the rising cost of living. With household bills expected to continue to rise into the autumn, it is important that firms act now to make sure…
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Work and Pensions Secretary Thérèse Coffey has sets out detailed plans so that more than eight million households across the whole of the UK will get a cash payment from July to ease cost of living pressures. Millions will receive the first of two cost of living instalments totalling £650 from 14 July 2022, part…
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CIVEA gave evidence this week to the House of Commons Levelling Up, Housing and Communities (LUHC) Select Committee inquiry into Council Tax collection. The primary trade association for civil enforcement agencies in England & Wales, representing more than 95% of the industry, highlighted recent advances in technology and directed MPs to Cabinet Office work on…
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The Government has announced a £15 billion package of support for UK households as inflation hits a 40-year high and energy bills soar. Measures, including a £400 discount on energy bills for all households and a £650 one-off payment for the poorest, will be partly funded by a windfall tax on oil and gas companies. These…
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New research by Institute for Fiscal Studies (IFS) has found that inflation for the poorest households is likely to increase even faster than for the richest, and could hit 14% in October. The IFS analysis incorporating an £800 increase to Ofgem’s tariff cap in October shows that the pattern of poorer households being hit harder…
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