Credit, Collections & Insolvency News
The Government has approved a deal between the administrators of Bulb and Octopus Energy to acquire the failed supplier. It will see the Government meet the cost of buying energy for Bulb customers over the winter, with a profit-sharing agreement put in place until Octopus has paid off the debt. The move comes after an…
Read more
Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies numbers decreased by 4.9% to 27,927 in Quarter 3 (Q3) 2022 compared to 29,361 in Q2, and were 2.3% higher than Q3 2021’s figure of 27,302. Q3 2022’s figures fell 12.4% when compared to Q3 2019’s total of 31,864.…
Read more
Financial education charity, The Centre for Financial Capability, is calling on the Government to intervene in the growing cost of living crisis, as households across the North of England in particular struggle to make council payments. New research published by The Centre has found that over the last five years, the number of households struggling…
Read more
Latest quarterly figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales, fell by 0.9% compared to Quarter 2s (Q2) figures of 5,645 and a 40.3% increase compared to Q3 2021 (3,987). Q3 2022’s figures were also 27.9% higher than Q3 2019’s figure of 4,375. The number of…
Read more
Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies and business insolvencies increased in Quarter 3 (Q3) of 2022. The figures showed that there were 50 business insolvencies in Q3 2022, an increase of 47% from the same quarter of 2021. The business insolvencies comprised 38 CVLs, five compulsory liquidations,…
Read more
Britons looking to grow their families and struggling to do so are dipping into their savings (34%), swiping their credit cards (19%), or borrowing money from friends and family (19%) to finance their fertility treatment. What’s more, 73% of those who have already undergone treatment say they were willing to take on debt to do…
Read more
New research from Allianz has found that the rebound in global business insolvencies is already a reality with insolvencies set to rise 10% in 2022 and they predict to rise a further 19% in 2023. Allianz says that 2023 will see a catch up with pre-pandemic levels by the end of next year. High energy…
Read more
New research by money.co.uk has shown that there has been a 49.7% rise in consumers looking to get interest free credit cards this year, likely due, in part, to the cost of living crisis. According to a recent survey, 12% of UK card holders are now using credit cards more than usual, to cope with…
Read more
Consumers seeking to reduce essential bills by cutting back on energy usage are facing serious impairment to their financial resilience levels. Recent research shows that 45% of UK adults, around 23 million people, have found it difficult to keep up with household bills and credit commitments over the past few months. This is up from…
Read moreOne in four (26%) consumers are worried about the cost of living crisis that it’s costing them a good night’s sleep, according to new research from Novuna Consumer Finance. The study into the nation’s sleeping habits, found that the economic climate, and in particular fears about family finances, were front of mind for 17.5million people struggling…
Read more