Credit, Collections & Insolvency News
The Office for National Statistics (ONS) latest results of its Business Impact of Coronavirus Survey have found that that two-thirds of businesses currently trading have a ‘low to severe risk’ of insolvency. The ONS analysis shows that 64% of businesses are at risk of insolvency, with 43% running on less than six months’ cash reserves.…
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A change to business rates, and targeted support to industries most in need, will help limit the economic damage caused by the pandemic according to chartered accountancy body ICAEW. The results of a survey to ICAEW members, found that a third of businesses would need government support over the next six months – and some…
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Energy company, Utilita has agreed to pay £500,000 in redress for overcharging its customers. Utilita overcharged almost 40,000 of its prepayment customers by over £125,000. The company has since refunded customers affected and agreed to pay a further £500,000 in redress. As a result of the redress, Ofgem has agreed to take no further action…
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The Government should commission a full review of the debt options available to people in financial difficulty in England and Wales, according to a new briefing from the Money Advice Trust. The charity says that action is needed to provide ‘robust and effective debt options that work within the new context of Covid-19’ – with…
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Here is an overview of The Money Charity’s latest statistics for October 2020 Personal debt in the UK People in the UK owed £1,684 billion at the end of August 2020. The average total debt per household, including mortgages, was £60,526 and per adult was £31,972, around 111.5% of average earnings. Net mortgage lending rose by…
Read moreThe Government is being urged to create a private-public taskforce to help the millions of people facing serious debt issues with Covid-19 pandemic continuing to cast a destructive financial toll on households across the UK according to personal insolvency provider Creditfix. The company says the taskforce is required as the nation braces itself for the…
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