Credit, Collections & Insolvency News
Here are some numbersthat should cause every debt collection agency to sit up and take notice: 60% of borrowers are failing to catch up on their repayments; 3.8 million households in the United Kingdom will be in default by 2022, a 9% increase from 2017; 51% of credit cards aren’t being paid off in full.…
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January 2018 saw the arrival of Open Banking, landmark legislation that hands ownership of financial account information and data from the bank or building society to the customer. One year into what was heralded as the start of a revolution in financial services, slow implementation by banks and building societies has prompted criticism that the…
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Bailiffs are not being held to account when they break the rules because the complaints system is complicated and intimidating, according to new research from Citizens Advice. Figures obtained by Citizens Advice from the Ministry of Justice show just 56 complaints were made through a court-based process introduced as part of the bailiff reforms in…
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A new report from Euler Hermes has warned that company’s need to prepare for another year of rising insolvencies with based upon the collateral damage of low growth and tightening financial conditions. The report says that in 2018, global insolvencies confirmed an upward trend which started in 2017 after seven consecutive years of sizable declines.…
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New data obtained by Royal London reveals nearly a third of public health funerals carried out were as a result of bereaved families being unable to afford the cost of a funeral. A public health funeral is held by a local authority if the deceased has no family or the family are unable or unwilling…
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Stafford Borough Council is set to write-off business rate and tax debts worth more than £77,000. The authority’s cabinet agreed to write off eight cases at a meeting last Thursday. A cabinet report said that there were five council tax cases totalling £22,037.64 and three business rate cases totalling £55,027. Councillor Ken Williamson, cabinet member for…
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