Credit, Collections & Insolvency News
Real average weekly earnings fell by 3 per cent in the three months to June, the biggest fall since 1977 according to the Resolution Foundation in response to the latest ONS labour market statistics. The latest data is dominated by near double-digit inflation, which according to the Foundation’s analysis of longer-term ONS and Bank of…
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Millions of students face a rise in living costs far in excess of the slight increase in support from maintenance loans when the new academic year begins according to new research by interactive Investor. This follows a 9% annual increase in the prices of popular student basics over the year to June 2022. For students…
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New data from the Office for National Statistics (ONS) shows that the Consumer Price Index (CPI) rose to 10.1% in the twelve months to July, up from 9.4% in June. With the October energy price cap rise fast approaching and real wages failing to keep pace with inflation. With the real value of wages falling…
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Peer to peer lending and investing platform financial crime management specialist Assetz Capital announced a partnership with LexisNexis Risk Solutions to adopt the LexisNexis® RiskNarrativeTM platform across its business. The platform leverages automation, AI and machine learning to provide a market-leading, sophisticated, configurable and accessible financial crime lifecycle management solution. This will allow Assetz Capital…
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New research on inequalities, carried out for the IFS Deaton Review of Inequalities and funded by the Nuffield Foundation, finds that disadvantaged pupils start school behind their better-off peers, and the education system is not succeeding in closing these gaps. Educational inequalities result in substantial differences in life chances, leaving millions disadvantaged throughout their lifetime.…
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Broadband bills could be cut for millions of low-income households under Government plans to encourage ‘social tariffs’. A new service, which will go live next week and be run by the Department for Work and Pensions (DWP), will allow internet service providers to verify, with customers’ permission, whether they are in receipt of a relevant…
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The Government would need to find £12 billion simply to achieve what it was aiming to do with the £24 billion package announced in May according to new analysis by the Institute for Fiscal Studies (IFS), funded by the Nuffield Foundation as part of the forthcoming IFS Green Budget. The analysis says that the figures…
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Specialist lender Together has announced the appointment of two new Business Development Managers. Ian Hoggart and Martin Bloe will both be bolstering the group’s regional teams and increasing its footprint across Scotland and South Wales. Their remit will include supporting their existing partners and developing new relationships with brokers, helping to find solutions for their…
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People who say they ‘live for today’ are less likely to have enough cash left over at the end of the month (42%) according to research from Hargreaves Lansdown Savings & Resilience Barometer, produced with Oxford Economics in July 2022. The research has found that they will be hit harder by the cost-of-living crisis too,…
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Trustfolio has announced that it has partnered with Equifax to launch a new feature powered by Open Banking. The new Debt Adviser Support Portal feature will allow advisers to gain instant access to bank transaction data in an income & expenditure-friendly format, mapped to the Standard Financial Statement. Alongside the client credit reports from multiple…
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Equity release is helping to fund one in every £90 spent by retired people within the UK currently, according to a new report by Legal & General. The report, found that people are increasingly making the most of property wealth. It also forecasted that the equity release market will surpass £12 billion in 2030, with…
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New analysis published by the TUC has shown that energy bills are now expected to cost more than two months of average take-home pay in 2023 – without government intervention. Average take-home pay (after tax) will be £2,054 per month in 2023 based on Bank of England forecasts, so at £4,108, two months’ pay will…
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New Aegon research tracking adults’ relationship with their finances since the start of the Covid-19 pandemic has found that financial worries are already significantly worse since the beginning of the cost-of-living crisis than experienced during the pandemic. The latest research* shows nearly two thirds of adults (63%) said they are worried about their finances during…
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