Credit, Collections & Insolvency News
Average private rents in Britain have hit record highs, jumping by more than 20% in some areas. Data from Rightmove shows that the average advertised rent outside London is 11.8% higher than a year ago, while in the capital it is up by 15.8%. Between April and June the average advertised asking rent outside London…
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Research by EY shows that consumers are cutting back their spending as inflation hits household budgets. Over a third (37%) of low and middle-income consumers are now only buying essential items, with this an increase of 11% compared to February, while 32% have switched to cheaper brands to try and save money. While almost half…
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Credit Connect’s hosted its fifth Online Collections Technology Think Tank 3.2 last week which saw collections strategies and the impact of cost of living economic stresses discussed by twelve collections professionals from a variety of industry sectors. The themes of collections risk, customer engagement, affordability and the future of collections were discussed by panellists and…
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With the latest projections from Cornwall Insight pointing to the next price cap exceeding £3,300 this winter, Energy UK is calling the Government to again look at actions that could reduce customer bills. These could include removing VAT from bills, moving existing levies onto general taxation and seeing whether other costs can be spread over a…
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Early Payment FinTech specialist, Saltare has announced that it has appointed its second Commercial Manager. Chris Wilson, a former small business owner and leadership coach, joins Saltare after owning and running several businesses over the course of his career. Wilson will bring valuable first-hand experience of managing business cashflow to the Saltare team. Ant Persse,…
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Energy regulator Ofgem has told a number of energy suppliers to take immediate and urgent action after a review found a range of weaknesses or failings in the way they charge customers direct debits. Out of a total of 17 large suppliers in the market, the majority were found to only have minor issues, but…
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The latest Bank of England household interest rate figures reveal the cost of borrowing continued to increase in June across consumer credit products following a warning from the Financial Conduct Authority (FCA) for people in financial difficulty. The analysis from Freedom Finance found that average credit card rates jumped to 21.43% and are now approaching…
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Latest Cifas data shows that levels of fraudulent conduct increased by over 11% in first half of 2022 with a warning that consumers and businesses face a growing risk of identity fraud as criminals prepare to target consumers during the cost of living crisis. The warning comes as 200,000 cases of fraudulent conduct were filed…
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The Credit Services Association (CSA), the UK trade body for the debt collection and debt purchase industry, has cautiously welcomed the Government’s recent announcement of their intention to reform and modernise the now almost fifty-year-old Consumer Credit Act. In a new report, the trade body draws attention to the mismatch between the requirements of the…
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Registry Trust, the not-for-profit organisation which maintains the Register of Judgments, Orders and Fines, is calling on stakeholders from across the credit and debt landscape to support its project to create a Register of Partial Settlements. Registry Trust’s monetary judgments data is used for public good in millions of credit and lending decisions every year…
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The Financial Conduct Authority (FCA) has told banks to improve the treatment of struggling small business borrowers. As part of its work in response to the increased cost of living, the FCA has told banks they must treat small business customers fairly when collecting and recovering debts. A review of 11 bank’s collection practices identified…
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Citizens Advice has raised concerns over unregulated debt collection by the administrators of failed energy suppliers and called for an urgent review of the interactions between insolvency rules and the Supplier of Last Resort (SoLR) process. Customers of failed suppliers are at risk of aggressive debt collection tactics from administrators because they’re not bound by…
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Britain’s toxic combination of low growth and high inequality has left it trailing behind the comparable economies of Australia, Canada, France, Germany and the Netherlands, with disastrous consequences for low- and middle-income households according to a new report from the Resolution Foundation. The report notes that the country is approaching a decisive decade of economic…
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