Credit, Collections & Insolvency News
Citizens Advice is sounding the alarm on the impact of a cut to Universal Credit with MPs expected to debate ending the £20-a-week increase today (Wednesday 15 September). Previous research from the charity shows that 2.3 million people receiving Universal Credit will be pushed into the red by the cut. It warnspeople are one and…
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The Covid-19 pandemic has sparked a surge in people over 50 seeking professional financial advice, according to new research from Scottish Widows. Almost half (46%) of Independent Financial Advisors (IFAs) in the UK have reported an increase in the number of over 50s reaching out to them for help over the last 18 months. Some…
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Almost a third of families with children at home (32%) are struggling to pay down debt which has accrued since the first UK lockdown began in March 2020, compared to just 16% of households without children, according to the latest Household Financial Confidence Tracker from comparethemarket.com. Excluding mortgage repayments, UK households say that their debt…
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Debt advice provider, PayPlan, says that it welcomes new Government guidance which asks local authorities to improve the way they collect council tax arrears and have more consideration for residents with vulnerabilities. But the organisation also believes there should be further reform. Alistair Chisholm, Head of Advice, Sector Policy and Partnerships at PayPlan, said “We’re…
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New research from Citizens Advice has highlighted the potential impact of a cut to Universal Credit this October. The research of over 2,000 people on Universal Credit shows more than a third (38%) would be in debt after paying just their essential bills if their benefits drop by £20 a week. This is equivalent to…
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The Government Debt Management Function has launched a Vulnerability Toolkit which ensures ‘vulnerable’ citizens who are in debt to the public sector are handled with compassion and support by frontline staff. The new guidance will be accessible to government departments and public bodies, enabling them to identify and assist people whose physical or mental health…
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South East Water has announced that it has launched a data-sharing partnership with a Kent council to identify low-income customers and automatically transfer them to its social tariff. The project involves Maidstone Borough Council (MBC) sharing data with South East Water to identify householders on low income who are eligible for a social tariff. This…
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Latest monthly figures from the Insolvency Service have indicated that personal insolvency numbers across England & Wales fell by 7.8% to 9,079 in July 2021 compared to June’s figure of 9,848, and were 23.8% higher than July 2020’s figure of 7,335. There 620 bankruptcies were registered, which was 34% lower than July 2020 and 58%…
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The Government is been warned about the impact of benefit cuts and their knock-on impact on renters. Bodies such as Nationwide, the Mortgage Works, Crisis, the Big Issue, the NRLA and StepChange, have urged the Government to reverse the decision to freeze local housing allowance and cut the temporary £20-a-week rise to universal credit. The…
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The TUC is calling on the government to establish a permanent short-time working scheme as ‘a post-pandemic legacy’ to help protect working people through periods of future economic change. The trad reunion says the furlough scheme, while far from perfect, is one of the major successes of government policy during the pandemic, protecting millions of…
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Over two in five vulnerable customers feel that they have been unfairly treated by organisations in the last 12 months according to new research Vulnerability Registration Service (VRS), The findings in the research suggest that 17.7 million consumers consider themselves vulnerable with 34% of the UK population, with 13.1 million (25%) people saying they have…
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Energy regulator Ofgem has announced that the energy price cap will increase from 1st October for the 15 million customers it protects. Those on default tariffs paying by direct debit will see an increase of £139 from £1,138 to £1277. Prepayment customers will see an increase of £153 from £1,156 to £1309. The regulator says…
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Over a quarter (27%) of household bill-payers say an increase of more than £10 a month in their energy bills could force them into debt. The research by USwitch.com is just days ahead of an expected hike in the price cap which will be announced by the energy regulator, Ofgem, which is due to announce…
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