Credit, Collections & Insolvency News
New research has found that the majority of the public opposes the welfare changes announced by the Government this year. Twice as many people feel the Government’s changes were the ‘wrong choice’ (54%) than the ‘right choice’ (26%). Over half (53%) of 2024 Labour voters felt that the Government had made the wrong choice, but…
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New polling commissioned by charity Independent Age, reveals that 82% of people think the UK Government should be providing more support to older people. The polling also shows the importance of this issue at the ballot box, with more than four in five (81%) saying that policies to support older people in poverty would influence…
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Latest data from UK Finance has found that the total interest-only mortgage stock (including part and part) fell by 17 per cent in 2024 and has reduced by 78 per cent in number and 61 per cent in value since 2012 (when this data was first collected) There were 541,000 pure interest-only homeowner mortgages outstanding…
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A large number of people across the UK report facing financial hardship, with one in five adults having less than £100 in cash savings, a figure that has remained unchanged for two years, according to research by Royal London. With little or no financial buffer, individuals are highly vulnerable to rising costs and unexpected expenses. The report…
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The Government has announced in a Written Ministerial Statement that the Ministry of Justice will be consulting on how to implement regulation of the enforcement sector. The Government says the review will aim to increase protections for those facing debt enforcement action and raise fees recoverable by bailiff firms. Setting out plans to overhaul to…
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The Government has announced that more than three-quarters of pensioners will receive the winter fuel payment this year. The change wil mean that around nine million pensioners with an income of, or below, £35,000 a year receiving the benefit. The threshold is well above the income level of pensioners in poverty and is broadly in…
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New research by abrdn Financial Fairness Trust has found that over a third of households (34%) are cutting their use of water instead, with one-in-five (19%) reducing the number of showers or baths they take. The data showed that 24% report their energy bills have increased ‘a lot’ and 29% say their water bills have risen…
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Nearly one in four UK adults (23%), around 12.5 million people, have no savings to fall back on in a crisis, according to new research from StepChange Debt Charity. Four in five (78%) of those with no rainy day savings say they find it difficult to keep up with living costs. As cost of living…
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Eight energy suppliers have committed to compensation and debt write off for at least 40,000 consumers who had an involuntary prepayment meter installed for issues including poor data quality and record keeping, and unfair treatment of customers following an Ofgem investigation. The investigation found that suppliers that fell short of required standards when trying to…
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The winners of the 2025 Credit & Collection Industry Awards have been announced following a live in-person event yesterday (Thursday 22nd May) at the Milner Hotel in York There were eighteen winners (four of which were partnership wins) from the twenty awards categories, which were presented by awards compare’ Brennan Reece. The Credit & Collections…
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More than £1 billion in incorrect Universal Credit (UC) payments have been blocked by the Department for Work and Pensions (DWP) in a drive to stop people falling into financial difficulties. The milestone was reached after a programme to review payments was ramped up last summer, with more than one million cases now looked at.…
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The annual cost of household bills has risen by £112 on average year-on-year, according to new research by Compare the Market. The research analyses the cost of energy, water, home insurance, motor insurance, and council tax. It reveals that the combined cost of these household bills has risen by 2% on average, compared to 12…
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UK Finance has releaseed its latest mortgage arrears and possessions data for Quarter 1 (Q1) 2025, which shows that there were 90,140 homeowner mortgages in arrears fell by two per cent in Q1 2025 compared to the previous quarter. The number of Buy-to-let (BTL) mortgages in arrears also fell, down six per cent compared…
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