vulnerability

Majority of consumers do not recognise their own vulnerability status

21st February 2024 Consumer Collections | #vulnerability

The majority of customers don’t even realise they are vulnerable according to research by AI customer service technology provider NICE. The study has found that only 17% of UK consumers self-identify as vulnerable, despite 67% being deemed as potentially vulnerable when assessed against the Financial Conduct Authority (FCA) criteria. This gap in awareness could have…

Ofwat outlines vulnerability plans from water companies

15th December 2023 Consumer Collections | #vulnerability

Water regulator, Ofwat has set out expectations for the minimum standards water companies should provide for all customers, specifically recognising vulnerable householders. The new vulnerability guidance recognises that some customers need extra help to access water and wastewater services, such as those who are sick, have a disability or have mental health problems. It will…

Over half people behind on payments say they’ve had suicidal thoughts

14th December 2023 Arrears and Recoveries | #vulnerability

New research published today by the Money and Mental Health Policy Institute is urgently calling on the government to introduce clear rules to stop lenders inundating people with letters, calls, texts and emails about missed payments. Money and Mental Health says this is causing unnecessary distress at at time when 50% of people who are behind…

Two thirds of households not confident on energy bill affordability

8th September 2022 Consumer Collections | #vulnerability

Before further government measures are expected to be announced later today (Thursday 8th September) new data from Comparethemarket has revealed that one in two households (56%) are not confident they will be able to afford energy bills this winter, rising to two-thirds of families (64%) with children at home. Households say, on average, they will…

Number of people financially vulnerable doubles

7th September 2022 Arrears and Recoveries | #vulnerability

The number of people classed as ‘financially vulnerable’ has risen from 2.7% to 4.4% of the population since the start of the pandemic and continues to rise as the cost-of-living crisis intensifies. That’s according to research into 13 million consumer debt profiles conducted by UK leading debt recovery specialist TDX Group, an Equifax company, which…

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