Credit, collections & insolvency news
New forecasts from Cornwall Insight have seen price cap predictions rise to £1,762 a year for a typical dual fuel consumer. This would represent a 1% increase from January’s price cap of £1,738 announced in November. Cornwall Insight says that the increase in the cap forecast largely reflects the movement in the wholesale market, where…
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A poll by Skipton Building Society has found that 85 per cent worry they will give their children bad financial advice. The data also found that many aren’t confident to give advice when it comes to investing (29 per cent) budgeting (25 per cent) and credit scores (23 per cent). While 21 per cent have…
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Energy regulator Ofgem is been urged to do more by Citizens Advice to protect consumers as soaring energy costs drive billing issues. Citizens Advice helped over 52,000 people with energy bill problems between January and October this year – equivalent to one person every two minutes. This is an 83% increase compared with the same…
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Here is an overview of The Money Charity’s latest statistics for November 2024 Personal debt in the UK People in the UK owed £1,868.1 billion at the end of September 2024. The average total debt per household, including mortgages, was £65,777 and per adult was £34,594, around 95.3% of average earnings. Net mortgage lending increased by…
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New research by Legal & General study has found that nearly half of parents (47%) report being shocked by school-related expenses. Unexpected expenses are a common challenge for parents, with 44% dipping into savings to cover surprise childcare costs and 39% relying on credit cards for additional support. During school holidays, nearly half (47%) of…
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New research by StepChange Debt Charity has found that low pay, unemployment and high housing costs are driving debt problems among its clients aged 18-24. A new from the charity shows incomes are 28% lower among its clients aged 18-24 compared to all StepChange clients, equating to £490 less per month. With rent taking up…
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One in three are unhappy with their finances and 35% fear they won’t be able to afford the retirement they want according to research by Oxford Risk. The data showed that over-55s are struggling in the run-up to retirement with just two out of five (38%) clear on how much money they will need when…
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Energy regulator Ofgem has announced a 1.2% increase of the energy price cap for the period covering January-March 2025. The change to the price cap – which sets a maximum rate per unit and standing charge that can be billed to customers for their energy use – will rise by £21 for an average household…
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Two-thirds of consumers have used or plan to use retail credit during the Christmas season according to research by Moneyhub. The report has revealed that retail credit users spend an average of £1,012.55 over the holidays, with £759.71 with nearly three-quarters financed through retail credit. The data showed that 64% of people are struggling to…
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Latest figures from the Office for National Statistics (ONS) have shown inflation surged to 2.3% in October, up from the three year low of1.7% in September. The increase was driven largely by higher energy costs and increased housing costs. For a typical household, annual gas and electricity bills went up by about £149 last month…
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E.ON Next has paid £14.5 million after failing to provide final bills and refund customer credit balances to prepayment meter customers. An investigation by the energy regulator, Ofgem, found almost 250,000 prepayment meter customer accounts were affected between February 2021 and September 2023 due to an error within its billing system, which E.ON Next self-reported…
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A recent poll by MoneyMagpie reveals that almost 40% of parents rely on credit at Christmas – despite also being more likely to save ahead of time for the festive season. The data showed that 37% of parents rely on credit cards to spend on Christmas, while 27% of childfree people do. While it’s to…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell in October with 8,952 individuals entering into insolvency, this was 14% lower than in September 2024. The personal insolvencies consisted of 596 bankruptcies, 3,793 debt relief orders (DROs) and 4,563 individual voluntary arrangements (IVAs). Monthly DRO numbers between…
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