UKFinance News & Analysis
2 articles
Market Mood
CCJs Rise 17.5% in Q1 as Energy Debt Reaches £4.5bn
In the first quarter, 270,537 County Court Judgements (CCJs) were recorded in the UK, reflecting a 17.5% increase year-over-year according to Registry Trust data. Energy debts in Britain have surpassed £4.5 billion, contributing to a surge in court actions against unpaid debts. Many individuals, like a father who racked up over £2,000 following soaring energy bills, are facing severe financial strain. The rise in CCJs and the increase in reliance on credit cards for everyday expenses indicate growing economic pressure on consumers amid high living costs.
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£20,000 Fraud Case Highlights 13-Month Reporting Rule Flaws
Sarah reported £20,000 stolen in a sophisticated investment fraud, discovering the scam 17 months later. Lloyds Bank initially only refunded her £1,000 due to a 13-month limit on reporting such scams. Following a review by BBC Radio 4's Money Box, the bank refunded the full amount. National Trading Standards is calling for a review of this 13-month rule to better protect consumers affected by fraudulent transactions. UK Finance notes that victims can complain to the Financial Ombudsman Service if they miss this deadline.
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