Credit, Collections & Insolvency News
Universal Credit claimants that are set to see their payments cut next month are being urged to make sure they don’t miss out on untapped support to keep their water bills affordable. The Consumer Council for Water (CCW) says water companies have a range of schemes that could ease some of the pressure on households…
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Ofgem has appointed Octopus Energy to take on supplying Avro Energy’s approximately 580,000 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. Outstanding credit balances, including money owed to both existing and former domestic customers of Avro Energy will also be honoured. Domestic customers will also…
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Citizens Advice has warned that 1.5 million working people on Universal Credit could be pushed into hardship this winter if their benefits are cut by £20 a week. The charity is anticipating a surge in families seeking its support as rising energy prices and higher living costs are compounded by the cut to Universal Credit.…
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Business processing and software provider Target Group has announced the appointment of Andrew McIntyre as a Non-Executive Director on Target Group’s board. McIntyre’s addition is just the latest senior appointment as the firm looks to meet its ambitious growth targets, following the recent appointments of John Barker as Chief Operating Officer (COO) and Bernard Conlon…
Read moreWth the relaxation of lockdown, alongside hospitality and travel industries re-opening over the summer, consumers are less likely to think the pandemic has impacted their household income, according to recent research from global information and insights provider TransUnion. In its Consumer Pulse study, which has been tracking the financial impact of the pandemic, TransUnion found…
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Deductions from Universal Credit used by the Department for Work and Pensions (DWP) to collect historic tax credit overpayments are leaving households unable to pay for rent, food and groceries, according to a new report from StepChange Debt Charity. The survey data has revealed that 98% of StepChange clients experiencing such deductions struggle to cope,…
Read moreThe Government must do more to protect low-and-middle-income households from rising energy bills, with families on Universal Credit (UC) four times as likely as the wider population to be on pre-payment meters and therefore face higher energy bill hikes in October, new Resolution Foundation research had found. The Foundation notes that 4.4 million households on…
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The winding-up of the furlough scheme on 1st October threatens to add further pressure to household finances atop the triple threat of inflation, rising energy costs and covid uncertainty according to Interactive Investor. Consumers could also face an additional challenge of reining in spending which has escalated since lockdown. In a poll of 801 interactive…
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New research by Barrows and Forrester has revealed that the total amount of arrears during the initial wave of the pandemic was dwarfed by arrears during the second wave of the pandemic There are 4.8 million private rented households in England. During wave one of the pandemic restrictions figures from the ONS estimated that 7%…
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Banks need to do more to treat people fairly when they are the victim of fraud, according to the Financial Ombudsman (FOS). The latest complaints data also revealed there had been an increase in complaints about cryptocurrencies during the pandemic. The number of customers asking the Financial Ombudsman Service for help with fraud and scams…
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The Consumer Credit Awards, run by Smart Money People, has revealed its 2021 winners. After 13 weeks of voting and 34 finalists were revealed in a digital announcement on the Consumer Credit Awards Twitter and LinkedIn accounts. The 2021 awards were concluded after a record year for voting, with over 31,000 votes received across 15…
Read moreClose Brothers Motor Finance has announced that it has promoted John Cassidy to Director of Commercial Partners, and Matt King to the newly-created role of Head of Partners. Cassidy has worked at Close Brothers for almost 12 years, most recently as Head of Brokers and Partnerships. During his time at the company, Cassidy has led…
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Following news of an 18 month high in registered company insolvencies, Purbeck Personal Guarantee Insurance, is urging the owners of small and medium-sized businesses to ensure their personal assets such as their home, bank account and savings, are protected if their business should become insolvent. Purbeck estimates that over 420,000 small business owners in the…
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