Credit, Collections & Insolvency News
Prices in shops rose by 5.1% in August according to latest analysis by the British Retail Consortium. The analysis showed that shop Price annual inflation accelerated to 5.1% in August, up from 4.4% in July. This is above the 3-month average rate of 4.1%. This marks a new record for shop price inflation since this…
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Beverley Building Society has announced that it has appointed Christopher White as Chief Financial Officer. White takes up the position following the promotion of Janet Bedford, who previously held the position, to the role of Chief Executive. White, a Fellow of the Institute of Chartered Accountants in England and Wales, has significant experience in financial services…
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NatWest is set to refund hundreds of business customers after it wrongfully forced them to open current accounts to secure a loan, which cost money. The Competition and Markets Authority (CMA) has found that NatWest breached banking rules by forcing business customers to open a business current account, which incurs fees, in order to secure…
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More people in the UK aged between 65 and 74 are still working compared to six years ago new research from Aviva has found. The survey, conducted earlier this year, shows a marked increase in the number of people over 65 who remain in the workforce compared to 2016, and a fall in the number…
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Employees will pay an extra £131 a month in energy costs to work from home this autumn, meaning that those who spend less than £30 on their weekly commute could save money by going to their workplace according to new analysis from Uswitch.com. A typical household will run up a £363 monthly bill for gas…
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On average, working households are only 19 days from the breadline, according to a report from Legal & General. The new research has shown that households have seen the amount of time they can fund basic expenses decrease by 21%, five days less than in April 2020. Households have average savings of £2,431 and debts…
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Latest data from the Bank of England has indicated that credit card borrowing grew by £730 million in the 12 months to July. The 13% rise on borrowing on cards is the fastest rise since October 2005. The annual growth rate for all consumer credit, which also includes overdrafts, personal loans and car finance, increased…
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The Government has announced new proposals to cap rents on social housing to support tenants with the cost of living. Under the proposals, a cap on social housing rent increases would be put in place for the coming financial year, with options at 3%, 5% and 7% being considered. The move would prevent rents for…
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The average amount owed to small businesses with at least one overdue invoice has risen 6% year on year to £22.7k in May 2022, up from £21.4k the previous year – which is 65% of the average small business’ typical monthly turnover according to new data from the Intuit QuickBooks Late Payments Bulletin. The research has…
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A majority of consumers aren’t confident in managing their money due to the cost of living crisis, according to research by Hodge Bank. The research from the specialist lender has found that four out of five (80%) respondents aren’t confident in managing their money at the moment – with mortgage, energy and recreational costs all…
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During the first half of 2022, the value of alleged fraud cases exceeding £100k heard in UK Crown Courts soared by almost 300% compared to the first six months in 2021, rising from £137.4m to a staggering £532.6m. This is above the total value of alleged fraud seen in Crown Courts during the whole of…
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Yorkshire Building Society has announced that Susan Allen OBE has been appointed as Chief Executive Officer (CEO). Allen has more than 25 years of experience in financial services having held senior executive positions at a number of large retail banks in the UK. She is currently Head of Customer Transformation at Barclays where she is…
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New StepChange clients are increasingly citing the cost of living as their main reason for debt. In July, 20% of clients who completed full debt advice said the cost of living was their primary reason for contacting StepChange, up from 18% in June. Meanwhile, for the first time in several months, the proportion of new…
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