Credit, Collections & Insolvency News
Energy bills for a typical household could hit £4,266 next year, according to new predictions by Cornwall Insight. The higher estimate means the average household would be paying £355 a month, instead of £164 a month currently. Cornwall Insights says that the increase in forecasts since last month reflects both the increase in the wholesale…
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Ahead of the autumn bill hikes, household energy debt is already standing at an all-time high of £1.3 billion – nearly three times higher than it was in September last year according to new research from Uswitch.com, the comparison and switching service. Six million homes – almost a quarter of households (23%) – owe an average of…
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The latest Bank of England figure has revealed that quoted household interest rates on credit cards rose significantly in July and are now at their highest level in nearly two and a half decades. New analysis from Freedom Finance has found that average credit card rates jumped 0.23 percentage points from June to hit 21.66%…
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New research by the Post Office indicates that people are turning back to cash to help them keep tighter control on their spending as living costs soar. Latest figures show that Post Offices handled £801 million in personal cash withdrawals in July, the most since records began five years ago, an increase of almost 8%…
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The number of companies in ‘critical financial distress’ has increased by 37% in the past year, insolvency specialists Begbies Traynor has warned. The latest Begbies Traynor Red Flag Alert report has revealed the financial strain continuing to be faced by thousands of British businesses. The research found that the number of companies rated as being…
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Digital provider Atom bank has announced that it has committed to the Lending Standards Board’s (LSB) practice for business customers, which drives fair outcomes for business banking customers. The outcomes focussed standards apply across a range of business models, from digital to high-street banks. They were first recognised by the FCA as an industry best…
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New data from specialist lender Hodge has found the average age of its 50+ mortgage customer has dropped by eight years since 2017. Analysing data from the past five years, the lender found since 2017 the average age of its 50+ mortgage customer has dropped from 73 to just 65 in 2022. Hodge also saw…
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The knock-on impact of soaring energy prices is being felt strongly by the UK construction sector as businesses face delays to new work while continuing to operate with disrupted global supply chains. According to the latest PMI data by IHS Markit and CIPS, the headline construction PMI fell to 48.9, down from 52.6 in June, showing…
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Around 1 million children with key worker parents are living below the breadline, new research by the TUC has found. In some parts of the UK, more than two-fifths of children in key worker households are living below the breadline with one in five (19%) key worker households having children living in poverty. The research,…
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HMRC is to revise late payment interest rates after the Bank of England increased its base rate to 1.75%. The Bank of England Monetary Policy Committee voted on 4th August 2022 to increase the Bank of England base rate to 1.75% from 1.25% HMRC interest rates are linked to the Bank of England base rate. As…
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Nearly six million households are struggling to afford essential telecoms services according to a new analysis by Which?, as it calls on the government to cut the amount of VAT paid on mobile, broadband and telephone services. The consumer champion found that millions of households reported issues affording essential telecoms services such as mobile phone…
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Five individuals have separately been made subject to bankruptcy restrictions totalling 48 years as the Insolvency Service continues to identify and tackle abuse of the Bounce Back Loan scheme. In each of the five separate cases, the Bounce Back Loans were either wrongfully obtained through overstating their businesses turnover, or on behalf of a company…
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A new study from Juniper Research has predicted that the number of BNPL (Buy Now Pay Later) users will surpass 900 million globally by 2027, increasing from 360 million in 2022. The research says that the substantial growth of 157% will be driven by the anticipated economic downturn, which will increase the demand for low-cost…
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