Credit, Collections & Insolvency News
A new survey by the Credit Services Association (CSA), the UK trade body for debt collection and debt purchase, found that firms expect to either explore or adopt new communications technologies in the coming years, which will afford customers a broader range of options to engage and discuss their debt. Despite this move toward digital…
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Variious news outlets have reported that open banking specialist, Credit Kudos has been acquired by Apple as it increases its drive into the payments space. Reports suggest that Apple closed the deal with Credit Kudos this week, marking its first move into the UK open banking space, It is predicted that the acquisition could related to a…
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New analysis from Age UK has indicated that one-in-five (21 per cent) older households are living in poverty or just above the poverty line and/ or are in receipt of income-related benefits. The Charity is warning that these older households, which include some of the poorest and most vulnerable older people in England, will miss…
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The Chancellor delivered a Spring Statement which will reduce fuel duty on petrol and diesel by 5p per litre for the next year and announces a £5 billion income tax cut from 2024. The National Insurance starting thresholds will rise to £12,570 from July. The Government says that the tax cut, worth over £6 billion,…
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Digital fraud checks could have significantly reduced the £11.8 billion pounds now estimated to have been lost by the government to fraudulent and erroneous applications for Covid-19 support, according to anti-money laundering specialist, SmartSearch. New figures from the House of Commons library show that fraud and errors involving coronavirus support schemes such as furlough and…
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The Chancellor’s failure to support families through the cost of living crisis will mean that absolute poverty is expected to rise by 1.3 million people next year according to the Resolution Foundation’s analysis of Spring Statement 2022. Inflation Nation shows that faced with an unprecedented squeeze on family’s household finances and a significant boost to…
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JPMorgan Chase announced a £1.2 million philanthropic commitment to help low-income and underserved communities across the UK access affordable loans and build financial resilience. This new commitment will help Fair4All Finance expand its No Interest Loan Scheme (NILS) pilot to a sixth region in the UK. The scheme, the first of its scale in the…
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People aged between 20 and 39 are the most likely to have reported being scammed in the past year, Which? research reveals, with many young victims losing huge sums of money to online shopping scams, pyramid schemes and rental fraud. The analysis found that between November 2020 and December 2021, individual victims lodged a total…
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Energy providers could receive up to £2.4 billion for taking on the customers of firms that have collapsed since 2021 according to written evidence given to the Business, Energy and Industrial Strategy Committee by industry regulator Ofgem. The Committee published the figures as part of its inquiry into energy pricing and the future of the…
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People experiencing problem debt tend to have more complex situations than in the past, so the scope and delivery of debt advice also needs to evolve according to StepChange Debt Charity. As part of debt charity’s launch of its new strategy, StepChange has revealed that 158,000 clients were given full debt advice in 2021, with the…
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New analysis by Jubilee Debt Campaign has found that the number of households struggling with a heavy debt burden has increased by a third in 2021. According to the analysis of the Bank of England’s household survey, the percentage of households reporting that loan and interest payments were a heavy financial burden increased by 35%…
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More than three-quarters of Scottish adults impacted by debt during the pandemic say their mental health has been negatively impacted by it according to new polling for Citizens Advice Scotland (CAS). Polling for the charity by YouGov found that 77 per cent of Scottish adults in debt or at risk of debt since the Covid-19…
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New research commissioned by the Post Office has found that seven in ten people are left feeling overwhelmed by the amount of jargon used around money and savings. Half admitted they did not understand personal loans, APR (Annual Percentage Rate), interest rates, tax codes, dividends, rebates or the stock market. Whilst just a fifth are…
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