Credit, Collections & Insolvency News
The Government has announced vulnerable renters struggling due to the impact of the pandemic will be helped by a £65 million support package. The funding will be given to councils in England to support low-income earners in rent arrears, helping to prevent homelessness and support families get back on their feet. Renters across the country…
Read more
New research by the Joseph Rowntree Foundation (JRF) has found that a third of low-income households are unable to pay their bills, The research found that 3.8 million low-income households are behind on rent, bills or debt payments, which is up threefold since the pandemic hit, revealing the growing cost of the living crisis facing…
Read more
New research from the Consumer Council for Water (CCW) has found that two-thirds of complaints to water companies involve concerns over bills. CCW says that households have a right to expect clear and accurate water bills and be treated with empathy by water companies if they slip into debt. Bill concerns dominated two-thirds of the…
Read more
New analysis of data by Lloyds Bank has found that its customers spent a fifth more on household energy (24%) and fuel (20%) in the last fortnight, compared to the two weeks before. Fuel spend peaked on 24th September (the day after one of the biggest UK petrol station operators said a number of its forecourts…
Read more
The Credit Services Association (CSA), the UK trade association for organisations active in the debt collection and purchase industry, has written to Ofgem to seek clarification in respect of the standards customers should expect in regards to the practices of administrators and accounts in arrears. It has also asked for reassurance that the integrity and…
Read more
New research by Yorkshire Building Society has shown that more than one in five UK consumers feel worse off financially since the start of the pandemic. The research has indicated that two-thirds of those whose finances, who have been affected had suffered a negative impact on their mental health. Whilst over one in five (23%)…
Read more
Latest ONS figures have highlighted that private renters on median income could expect to spend 23% of their income on a median-priced rented home in England. These figures are down from a recent high of 26.3% in 2016 because recently average wages have grown faster than average rents. The figures showed that East Midlands and North…
Read more
The Government will today (Wednesday 6th October) withdraw £20 a week in support from Universal Credit claimants in a move that debt charity, StepChange says will have devastating consequences for its clients. Before today’s cut, among StepChange clients who rely on Universal Credit, the majority (59%) had more income than outgoings each month. Now, just…
Read more
Nearly two thirds (64%) of furloughed adults have received some form of support beyond financial while being on furlough, research from Canada Life has revealed. With the scheme drawing to a close at the end of September, the findings demonstrate employers’ commitment to supporting their employees throughout the pandemic. Among those workers who received consistent…
Read more
As the furlough scheme comes to an end this month, research from Canada Life has revealed how currently furloughed workers have boosted their income throughout the pandemic. The most common way of boosting finances was borrowing money on credit cards, with two in five (44%) saying they have considered or done this. This was closely…
Read more
The Money and Mental Health Policy Institute have awarded Halifax and Bank of Scotland it’s Mental Health Accessible’ accreditation for businesses. They are two of the first three organisations to receive this accolade, following the accreditation of Lloyds Bank in 2020. This follows a comprehensive assessment by Money and Mental Health of how accessible Halifax…
Read more
45% of vulnerable adults in the UK have experienced mental distress after being chased by organisations for missed payments or debt according to independent research carried out on behalf of the Vulnerability Registration Service (VRS), a not-for-profit company providing the UK’s first central vulnerability database. VRS says that the FCA’s guidance has been clear, organisations must…
Read more
Citizens Advice has warned that 1.5 million working people on Universal Credit could be pushed into hardship this winter if their benefits are cut by £20 a week. The charity is anticipating a surge in families seeking its support as rising energy prices and higher living costs are compounded by the cut to Universal Credit.…
Read more