Credit, Collections & Insolvency News
Indesser has reported that it has recovered £3 billion of money for taxpayers since 2015. The company says that the figures represent a key milestone in the government’s debt recovery journey and comes as the amount of debt owed to government peaked at a record £64.5 billion immediately following the pandemic. Indesser, which is part of TDX…
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Here is an overview of The Money Charity’s latest statistics for August 2022 Personal debt in the UK People in the UK owed £1,805.7 billion at the end of June 2022. The average total debt per household, including mortgages, was £64,970 and per adult was £34,140, around 108.4% of average earnings. Net mortgage lending rose by…
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Mark Fiander, CEO of Gain Credit LLC and Consumer Credit Trade Association (CCTA) Council member, has been appointed as the new Chair of the Association. Fiander has taken up the position having been involved with the CCTA and related associations for several years. The role of the Chair is to provide strategic advice to the…
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Shell Energy Retail is to refund and compensate 11,275 prepayment customer accounts it has overcharged on its default tariffs. The total amount of customer detriment to be refunded is £106,000. Refunds will be issued automatically to affected customers. In addition, the supplier will pay £400,000 to Ofgem’s voluntary consumer redress fund and £30,970 in goodwill…
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A survey of 885 UK-based retail investors has revealed how investors are managing their portfolios in light of high inflation, low growth, subsequent recession risks and the Conservative leadership contest new research commissioned by HYCM has found. The survey found that the majority (62%) of investors believe the UK will enter a recession before the…
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MoneyPlus Advice, a Manchester-based debt advice firm offering help to people struggling with unmanageable debt says they are seeing startling data for just how much cost of living is influencing debt enquires. Between 2020 and 2022, customers citing ‘cost of living’ as their reason for seeking debt advice, increased by 450%. A sharp increase of…
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The Money and Pensions Service (MaPS) has announced the appointments to its Board of four new Non-Executive Directors. Marlene Shiels, Monica Kalia, Sara Weller CBE and Simon Hamilton will join the MaPS Board from 1st September 2022. Non-Executive members of MaPS Board are responsible for providing appropriate oversight, governance and direction to MaPS in pursuit…
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The Confederation of British Industry (CBI) (CBI) has warned that the escalating energy crisis could lead to thousands of companies collapsing without Government support. The CBI has urged the government to freeze business rates for another year and take quick and targeted action to prevent otherwise viable businesses from going bust. The lobby group said…
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Phillips & Cohen Associates, (PCA), a specialist in deceased account care servicing and technology solutions, has announced that Saima Hassan has joined as the UK Director of Operations for The Estate Registry UK (TER). Launched in 2021, TER currently provides three innovative solutions, LegacyNOW, NotifyNOW and InheritNOW offering digital, deceased servicing solutions in areas of…
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Organisations representing the UK’s independent brewers and beer consumers have called for urgent action on energy and support for the sector. The Society of Independent Brewers (SIBA) and the Campaign for Real Ale (CAMRA) have jointly signed a letter to the Chancellor highlighting the challenges which are putting the future of the UK beer industry…
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The minimum wage should be increased to £15 an hour as soon as possible to help millions of low-paid workers struggling amid the cost of living crisis according to the Trades Union Congress (TUC) The current minimum wage for those 23 and over is £9.50 – with lower rates for those who are younger. The…
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Data analysed by Mazars show the number of struggling firms striking Company Voluntary Arrangements (CVAs) with creditors has fallen 47% in the past year since a 2020 change to the law made HMRC a preferred creditor when firms go bust. CVAs, in which struggling firms strike agreements with their creditors to pay off debts, have…
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Energy bills could hit £5,300 a year by next April according to predictions by Cornwall Insight. The research has found that households will face an 80% rise in bills going into the winter period when energy use soars. The predictions show a typical household will be paying £3,553 equivalent per year for their energy bills.…
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