Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for September 2021 Personal debt in the UK People in the UK owed £1,741.7 billion at the end of July 2021. The average total debt per household, including mortgages, was £62,670 and per adult was £32,931, around 109.3% of average earnings. Net mortgage lending fell by…
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Audit accountancy firm Grant Thornton (GT) has been fined £2.34 million after an investigation found ‘serious lack of competence; in its audits of cake chain Patisserie Valerie. The audits carried out in 2015, 2016, and 2017 gave the company a clean bill of health – before it disclosed potential fraud in 2018 and subsequently collapsed,…
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The end of furlough coinciding with the finish of the stamp duty holiday could be bad news for the finance sector according to KIS Finance. The company says that the Coronavirus Job Retention Scheme has been a lifesaver for many businesses in the finance sector, enabling them to retain experienced staff during an incredibly challenging…
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Begbies Traynor has announced that experienced Insolvency Practitioner, Michaela Daly will be stepping up to lead the company’s operation in Staffordshire alongside partner Diane Dunion. Begbies Traynor says that since the acquisition of Dunion and Co in March 2019, Begbies Traynor has gone from strength to strength in Staffordshire and is now a six-strong specialist…
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Credit management group Intrum has announced that it will return to the contingency collections market in the UK. The company now offers a full UK debt collection service, allowing clients to benefit from its continuous investment in technology and analytics as well as customer care support. The move complements Intrum’s established early arrears, white-label and…
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The Resolution Foundation has warned that economic pressures could squeeze household budgets over the next six months, with the think-tank pointing to a ‘triple-whammy’ of inflation, rising energy bills and the health and social care tax. The think-tank said low income families may be left more than £1,000 a year worse off despite an increase…
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Ofgem has appointed Shell Energy to take on supplying Green Supplier’s approximately 255,000 domestic customers, and a small number of non-domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. Outstanding credit balances, including money owed to both existing and former domestic customers of Green Supplier will…
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