Credit, Collections & Insolvency News
Funeral costs have increased at almost twice the rate of inflation over the past 20 years, according to research by SunLife.The latest data shows that after two years of lower funeral costs – in part due to the pandemic – prices are on the rise again. In 2023, the average funeral cost was £4,141 –…
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According to a new survey from Nationwide, 84% of people expect this January to be the toughest yet financially due to Christmas spending added to debt from the cost of living crisis. More than half (52%) believe January is the time of year that causes the most financial stress. While 51% blamed Christmas spending for…
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New research by Hargreaves Lansdown has found that the financial resilience gap has widened as with the debt crisis impacting low earners. The debt position of the lowest fifth of earners has deteriorated since the onset of the pandemic, but improved for everyone else. Since the onset of the pandemic, there has been a rise…
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The UK is suffering the worst decline in living standards of any G7 country – according to new TUC analysis. The analysis shows the UK is only G7 economy where real household disposable income per head hasn’t recovered to its pre-pandemic levels. Real household disposable incomes in the UK were 1.2% lower in the second…
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Chief Executive Officer’s of Energy suppliers have been reminded of their responsibility to treat customers fairly when installing involuntary prepayment meters, ‘Pay as you Go’ meters, and that they must follow Ofgem’s new rules or face tough action and fines. The warning from Ofgem’s Director General for Markets, Tim Jarvis, in a letter, comes as…
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Research by the Trades Union Congress (TUC) has warned that households face a ‘debt timebomb’ with analysis showing that borrowing is set to increase by £1,400 on average in 2024. The TUC analysis shows that unsecured debt – which includes personal loans, credit cards, and overdrafts – is set to rise from £13,361 to £14,792…
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Household bills have surged by £326 on average in the past 12 months according to 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 increased by up to 6% in the past year.…
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Forecasts for the April 2024 Default Tariff Cap (price cap) show a fall of 14% in the second quarter of the year, with a typical dual fuel consumer expected to pay £1,660 per annum, a £268 decrease from January bills of £1,928 according to Cornwall Insights. The trend is currently expected to persist throughout the year,…
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Ofgem has announced that energy debt has reached £2.9 billion and may look to recover this by raising the price cap and increasing energy bills. The energy regulator says that the scale of energy debt means that they must take action to protect market and ensure customers are protected from uncontrolled rises This follows an…
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New rules which mean that energy suppliers will now have to help struggling customers with their energy bills have now come into effect. Energy regulator says the new rules will make it easier for domestic customers to contact their supplier, help provide support for domestic customers who are struggling with their energy billsand compel suppliers…
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Water regulator, Ofwat has set out expectations for the minimum standards water companies should provide for all customers, specifically recognising vulnerable householders. The new vulnerability guidance recognises that some customers need extra help to access water and wastewater services, such as those who are sick, have a disability or have mental health problems. It will…
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New research published today by the Money and Mental Health Policy Institute is urgently calling on the government to introduce clear rules to stop lenders inundating people with letters, calls, texts and emails about missed payments. Money and Mental Health says this is causing unnecessary distress at at time when 50% of people who are behind…
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Latest figures from UK Finance have predicted that mortgage arrears as set to rise in 2024. The research also found that there has been an estimated 4,400 repossessions in 2023, noting that this was ‘an incredibly low number by historic comparisons.; It also highlighted that over 99% of the 10.8 million mortgages in the UK…
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