Credit, Collections & Insolvency News
The monthly housing costs for first-time buyers are now £115 (13%) lower than the cost of renting an equivalent home, and the difference could add up to more than £27,600 over a 25-year mortgage, according to analysis by Halifax. The Halifax Buying vs Renting Review is based on the housing costs associated with a mortgage…
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New polling from StepChange Debt Charity has indicated that millions of people expect to fall into problem debt this year due to the rise in the cost of living, energy price caps and National Insurance contributions . The representative survey, conducted by YouGov, shows that one in five people (21%) thinks that external financial pressures…
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C&R Software and award-winning Fintech start-up IE Hub have agreed on a partnership to help consumers in financial stress. C&R Software has announced an integration with IE Hub’s online affordability system, creating sustainable payment plans for consumers meeting financial obligations. The partnership increases engagement and humanizes the collections process, making it easier for consumers struggling…
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New research published by Citizens Advice has predicted that £145-a-month hikes to energy costs in October could mean one in four adults, equivalent to 14.5 million people, will be unable to afford their bills. The figure is up from around five million saying they already can’t afford April’s price increase of £60-a-month. The charity included…
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People suffering financial hardship should receive better support from phone and broadband providers under proposals published by Ofcom. Ofcom’s recent research, around 1.1 million households (5%) are struggling to afford their broadband. That rises to around one in ten among the lowest-income households. With affordability problems only likely to worsen this year because of the…
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A Property Tracker Report from the Building Societies Association (BSA) has highlighted that mortgage affordability is a growing barrier to buying a home. The data reveals that just 18% of people think now is a good time to buy a property. This is the lowest figure seen since the Report began at the height of…
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The Bank of England (BoE) has raised interest rates from 0.5% to 0.75% as it looks to tackle soaring inflation, which has hit a three-decade high of 5.5% and is set to climb higher still. The rate increase, the third in four months, takes rates to the highest level since March 2020. The Bank has…
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Nine in ten (95%) of adults are concerned about the rising cost of living, with households across the earnings spectrum worried with as much concern among those with six-figure incomes as lower-earners according to new research by mutual insurer, Royal London. Women are the most worried, with a third (33%) mentioning they are extremely worried…
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STAR Asset Finance Group Has appointed Paul Slapa as its Group Commercial Director. Slapa was previously a founder and commercial director at Praetura Enterprise Finance and brings over 15 years of experience to the STAR Asset Finance Group. While at Praetura, Slapa was focused on creating partnership style relationships with customers, helping ease their cashflow…
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Ecospend has announced a partnership with Anglian Water where it will begin processing customer payments using open banking technology. Pay-by-bank technology will enable Anglian Water to receive instant account to account payments, which will reduce the utility provider’s processing costs. The partnership will also enable a range of new payment functionalities for Anglian Water customers…
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Vulnerability Registration Service (VRS), has agreed a new partnership with data-driven technology company, Connected Data. The partnership with the Vulnerability Registration Service means that organisations working with Connected Data will now have access to the only UK wide database that provides a view on those individuals who are registered as vulnerable. This means that both…
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UK Finance’s latest card spending data shows the average amount spent per contactless card transaction rose by almost 30 per cent following the contactless limit increase to £100 in October 2021. In September 2021, when the contactless limit was £45, the average spend per contactless payment was £11.86, this increased to £15.30 in December. The…
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UK households spent 2% more on essentials in the last three months (December, January and February), according to the latest Lloyds Bank Spending Power Report. Fuel spend has seen the sharpest immediate increase, up 16% in the three months, as a result of both people returning to offices and rising prices. For similar reasons, commuter…
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