Credit, Collections & Insolvency News
Customers of gas and electricity suppliers are being plagued by inaccurate bills research from Citizens Advice has indicated. The charity ranks energy companies based on a series of criteria including customer service which displayed was a clear divide between the best and worst-performing energy suppliers during the first three months of the year. The report…
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Water companies must improve the way they engage with their customers to ensure those that are struggling most to afford their water bills don’t miss out on support according to The Consumer Council for Water (CCWater), a statutory consumer body for the water industry. The Consumer Council for Water’s (CCW) annual Water Matters study found…
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Nearly one-fifth of consumers have experienced credit or debit card fraud with an increase of fraudulent activity being reported during the pandemic, according to research by Lowell. The research showed that despite nearly three-quarters of consumers (74%) believing that they would not give out any details to someone claiming to be from their bank, nearly…
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Customers in need of financial support are more also more likely to have poor mental health according to research by Ofwat. The research showed that those who struggle with their mental health find it much harder to ask for help with bill debt, creating a vicious circle for people in need of support exacerbated by…
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New research by Opinium for Hargreaves Lansdown suggests that the richer you are, the more likely you are to fall debt ( ‘into the red’) The research also found that higher rate and additional rate taxpayers are more likely to be in the red for at least half the month (14% compared to 9% among…
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As more consumers go online for banking and other financial transactions, new research from TransUnion has found that fraudsters are ramping up their efforts in the financial services industry. When comparing the last four months of 2020 (and the first four months of 2021 the company found the percentage of suspected digital fraud attempts in…
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The Lending Standards Board (LSB) says banks must urgently improve the way they apply a code that reimburses bank transfer scam victims. The LSB warned of systemic failings and said firms must work without delay to ensure the best outcomes for customers. It has written to the Chief Executives of banks which have signed up…
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New research by Uswitch.com has revealed impersonation scams as collectively having had the highest financial impact from fraud in the UK. with £96.6 million lost to impersonation fraud of police or bank staff in 2020, alongside £53.7 million lost to other types of impersonation scams. Unlike impersonation scams, where collectively more than half (56%) of…
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Latest research figures from FICO have shown a 12 percent increase in credit card spending and more customers exceeding their card limit in April 2021, which shows the impact of the opening up of hospitality and retail. Missed payment numbers were still below historical trends, probably due to increased savings and government support, which continues…
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Nearly a quarter (24%) of employees admit they made a bad decision about debt during the pandemic, according to a new study from Aviva which has examined experiences of personal, workplace and financial wellbeing since early 2020. The figure rise to more than half (51%) of those aged 18-to-24, dubbed ‘Gen-Z’. Amid the turmoil of…
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Urgent changes to Universal Credit are needed to stop those most impacted by the pandemic from being left behind as the economy recovers, according to a new report from Citizens Advice. The charity warns that inappropriate or stressful job-seeking requirements, a lack of support with upfront childcare costs and rigid benefit rules for disabled people…
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Research commissioned by Ofwat has indicated that consumers are more than three times as likely to pay bills by credit card than ask for help. The research also shows that a third of customers are struggling to pay household bills and this proportion rises to more than half of customers (51%) when looking at those…
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Low-paid workers are expected to face the highest risk of losing their jobs when the government’s furlough scheme ends in September, according to analysis by the Resolution Foundation. While the government’s coronavirus job retention scheme is widely believed to have prevented millions of job losses, economists are concerned that some jobs will still not be…
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