Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for September 2024 Personal debt in the UK People in the UK owed £1,860.6 billion at the end of July 2024. The average total debt per household, including mortgages, was £65,515 and per adult was £34,457, around 95.8% of average earnings. Net mortgage lending increased by…
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New Which? research has found energy and broadband customers lost an estimated £298m and 27.3 million hours to poor customer service in a year, as the consumer champion challenges firms to make urgent improvements. Which? surveyed more than 4,000 people to uncover how many people had a customer service issue in the year to May…
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Latest figures from Ofgem show energy debt levels have broken records again, with £3.69bn now owed. Debt charity, Money Advice Trust has highlighted the need for urgent debt help with energy arrears breaking record levels. The figures come ahead of the latest energy price cap increase, which comes into effect on 1st October, when energy…
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More than half (57%) of households with children have not taken significant action to save more than £100, despite many seeing their household bills increase recently according to Compare the Market’s latest research. To combat rising prices, households could save up to £756 by switching their car and home insurance through price comparison sites. Nine…
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Almost two in five (37%) 18–24-year-olds who are already in debt are struggling to pay it off, according to a two year-study by Fair4All Finance. The research found that over the last year, 29% of 18–24-year-olds say they have taken on more debt, and a worrying 22% say they have had an application for a…
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Half of adults have cut back spending on two or more essentials, including energy, water, broadband and car insurance, in the last year according to latest research by the Citizens Advice. The data has also revealed that people are in the dark about almost £2 billion of available financial support. Social tariff schemes, which reduce…
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New research commissioned through YouGov by StepChange Debt Charity of UK adults (of whom 185 live in Scotland) has revealed two in five (41%) Scots have found it difficult to keep up with bills and credit commitments in the last few months. This is up by twelve percentage points year-on-year, from three in ten (29%)…
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Energy company OVO is to pay £2.37m in compensation for customer complaint failures. Energy regulator Ofgem said OVO will pay £378,512 directly to affected customers, with an additional £2 million to the Energy Industry Voluntary Redress Scheme in recognition of the severity of consumer detriment caused. The regulator identified that 1,395 OVO customers were affected…
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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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New Bank of England data shows that the value of outstanding mortgages in arrears hit £21.9 billion in the second quarter of this year. This marks a 32% increase on Q2 2023 and is the highest total since 2014. On a quarterly basis, the value of outstanding mortgage balances with arrears increased by 2.9% compared…
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Credit Connect is pleased to announce the companies, individuals, partnerships, teams and initiatives that have been shortlisted in this year’s seventh Credit & Collections Technology Awards 2024. The Credit & Collections Technology Awards is the UK’s celebration of tech innovators in credit and collections. The technology-focused award scheme seeks to champion innovation and best customer…
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