Credit, Collections & Insolvency News
Nearly six million households are struggling to afford essential telecoms services according to a new analysis by Which?, as it calls on the government to cut the amount of VAT paid on mobile, broadband and telephone services. The consumer champion found that millions of households reported issues affording essential telecoms services such as mobile phone…
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New figures released by the Finance & Leasing Association (FLA) have indicated that second-charge mortgage new business volumes grew by 24% in June 2022. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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The Resolution Foundation has warned that inflation could hit more than seven times the Bank of England’s 2% target, with the think-tank saying it could pass the 15% mark in early 2023. Inflation currently stands at 9.4% and the Bank’s Monetary Policy Committee is expected to increase interest rates further as it looks to tackle…
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New research from the University of Edinburgh’s Smart Data Foundry, supported and funded by abrdn Financial Fairness Trust has found that as revealed that the over-50s are being hit hardest by the current financial crisis and could face a lifetime of financial insecurity. According to the report, economic inactivity rates have risen a third amongst…
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Latest figures fromcomparethemarket.com’s Household Financial Confidence Tracker, has found that nearly half (46%) of households with children at home, the equivalent of 3.8 million families, struggled to pay their bills over the last month, reflecting the worsening conditions for millions of families across the UK as the cost-of-living crisis deepens. Financial anxiety is highest amongst…
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The Consumer Council for Water (CCW) has called for renewed urgency in putting in place a new universal water affordability scheme to provide fair, consistent and sustainable financial help for the 1.5 million households across England and Wales living in water poverty. the call follows a report which has revealed a steep rise among the…
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Latest Bank of England data has shown that people borrowed an extra £1.8 billion in June, up from £900 million in May showing that consumer credit growth rose 6.5 percent in June 2022. The annual growth rate of credit card borrowing was 12.5 percent with outstanding balances for consumer credit now standing at £203.9 billion.…
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The UK’s three largest debt charities have called on the energy regulator Ofgem to urgently increase protections for people with energy arrears, as rising costs continue to impact households. Citizens Advice, the Money Advice Trust and StepChange Debt Charity are warning that with a further substantial rise in the energy price cap coming in October,…
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The average household was £175.80 worse off in June this year than they were in the same month in 2021, according to the Centre for Economics and Business Research (Cebr) June’s fall in disposable income marks the eighth consecutive month of decline and leaves the average household with £200 left to spend after taxes and…
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1.7 million single parent families, representing 57% of all single parent households with children at home, struggled to pay their bills in recent weeks, reflecting the worsening conditions for millions of families across the UK, according to comparethemarket.com’s Household Financial Confidence Tracker. The research found that four in ten (43%) two parent households with children also found…
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Male victims of financial abuse in Scotland will finally be able to take back some control over their finances without placing themselves at further risk of abuse from partners with the help of a new partnership between the Vulnerability Registration Service (VRS) and Abused Men in Scotland (AMIS), Scotland’s charity helpline for male domestic abuse. Abused…
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StepChange debt charity guided, advised or supported more than half a million people last year, according to the charity’s impact report for 2021. The support included providing full debt advice to over 157,000 people, helping clients to repay more than £402 million of debt, and seeing over 24,000 people becoming free from problem debt with…
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Credit Connect’s hosted its fifth Online Collections Technology Think Tank 3.2 last week which saw collections strategies and the impact of cost of living economic stresses discussed by twelve collections professionals from a variety of industry sectors. The themes of collections risk, customer engagement, affordability and the future of collections were discussed by panellists and…
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