[INSIGHTS]: Using Claimant Data For Actionable Insights

LINK: Using Claimant Data For Actionable Insights

About

Rising water bills spell trouble for debt-laden consumers, analysis reveals.

Summary

In a recent analysis by Registry Trust, the spotlight turns to the financial strain on consumers, particularly with the impending 7.5% hike in water bills come April 2023. The study highlights an alarming trend, using the Consumer Prices Index with Housing costs (CPIH) and consumer CCJ data, pointing out a 31% surge in consumer judgments’ total value in the last quarter of 2022. The absence of comprehensive claimant data, especially from England and Wales, hampers a full understanding of the debt landscape. However, insights from Scottish and Northern Ireland data reveal significant debts owed to water suppliers, underscoring the utility sector’s role in the growing consumer debt crisis.

Key Points and Ideas

  • Consumer financial struggles are escalating, particularly due to rising living costs.
  • A 7.5% rise in water bills is anticipated from April 2023, exacerbating the financial burden.
  • The CPIH for Water Supply indicates a notable inflation measure, reaching a peak in 2022.
  • Consumer CCJ data from the last quarter of 2022 shows a 31% increase in judgment values.
  • Lack of claimant data for England and Wales creates a gap in understanding sector-specific debt impacts.
  • Analysis of Scottish claimant data highlights water suppliers among the top claimants for high-value debts.
  • Scottish judgment data, though only 2% of the total, is crucial for identifying significant debt contributors.
  • In Northern Ireland, water suppliers also feature prominently in judgment values.
  • England and Wales, accounting for 96% of total judgment data, lack accessible claimant information.
  • Access to comprehensive claimant data could revolutionize debt analysis and decision-making processes.
  • The current data underscores the significant role of utility bills, especially water, in consumer debt issues.
  • Enhanced data access is a multi-faceted win, enabling informed, data-driven decisions across sectors.
See also  [INSIGHTS]: Vulnerability - A guide for lending

Key Statistics

  • Anticipated 7.5% increase in water bills across the UK from April 2023.
  • The highest CPIH index for Water supply recorded in 2022.
  • A 31% year-on-year surge in the total value of consumer judgments in Q4 2022.
  • Scottish judgment data comprises only 2% of the total, yet reveals critical debt insights.
  • Northern Ireland’s judgment data, at 0.55% of the total, shows water suppliers as key debt claimants.
  • England and Wales contribute 96% to the total judgment data pool.

Key Take Aways

  • Consumers face heightened financial distress with rising utility bills, notably water.
  • Comprehensive claimant data is essential for a holistic understanding of consumer debt.
  • Significant insights can be drawn even from a minimal percentage of judgment data, as seen in Scotland and Northern Ireland.
  • Utility providers, particularly water suppliers, are major players in the landscape of consumer debt.
  • The impending hike in water bills is likely to worsen the debt scenario for many consumers.
  • There is an urgent need for claimant data accessibility, especially in England and Wales, for accurate debt impact analysis.
  • Current data limitations hinder effective, sector-specific debt impact assessments.
  • Enhanced claimant data access would facilitate strategic, data-informed decisions across various sectors.
  • The analysis underscores the necessity of integrated data for actionable insights into consumer debt.
  • Stakeholders in both public and private sectors stand to benefit from a more robust data set.
  • The situation calls for immediate attention to data accessibility to mitigate escalating consumer debt crises.
  • Proactive measures are needed to address the sources of mounting debts, especially in the utility sector.
See also  [INSIGHTS]: The Digital Pound: Technology Working Paper

RO-AR insider newsletter

Receive notifications of new RO-AR content notifications: Also subscribe here - unsubscribe anytime