Credit, Collections & Insolvency News
Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers decreased by 2%. The total number of individual insolvencies was 9% lower when compared to figures from Quarter 1 (Q1) 2022. During Q1 2023, there were 29,017 personal insolvencies these comprised of 20,246 Individual Voluntary Arrangements (IVAs), 7,034…
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Latest quarterly figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales decreased by 4% but rose 18% year-on-year in Quarter 1 (Q1) when compared to Q1 2022. The figures show between 1 January and 31 March 2023, there were 5,747 company insolvencies made up of 4,739 creditors’…
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Latest quarterly statistics have indicated that Scottish business insolvencies increased whilst personal insolvencies remained static in Quarter 1 (Q1) of 2023. The figures showed that there were 297 total business insolvencies in Scotland in Q1, 41% higher than in the same quarter of 2022. These business insolvencies comprised 113 compulsory liquidations, 176 CVLs, seven administrations…
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Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies and business insolvencies decreased in Quarter 1 (Q1) of 2023. The figures showed that there were 40 business insolvencies in Northern Ireland in Q1 2023, a decrease of 29% from the same quarter of 2021. The insolvencies comprised 28 CVLs, four…
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A survey of consumers by NewDay has highlighted concerns about the lack of regulation in Buy Now, Pay Later (BNPL) options, with only 16% of UK consumers deeming BNPL’ trustworthy’. Almost half (45%) worried that unregulated BNPL could get them into debt, and 58% of respondents had never used BNPL options and wouldn’t consider using…
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Research from HSBC and housing charity Shelter has found that one in five people feel less confident than they did six months ago about being able to pay their rent or mortgage on time for the rest of the year. The survey of more than 2,100 adults across the UK shows that those in the…
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PwC has joined the Bank of England and Office for Budget Responsibility in forecasting that Britain will avoid a recession this year. PwC estimates that the UK economy will grow by 0.1% this year before returning to 1% growth by the end of 2024 and 1.6% by end of 2025. It believes GDP will rise…
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A consultancy boss claimed £25,000 Bounce Bank Loan before closing the business in an effort to avoid repaying taxpayer loan has been sentenced to six months in prison, suspended for 18 months, after pleading guilty to fraud by abusing the Bounce Back Loan scheme. Rajesh Vaghela as ordered to pay £2150 court costs. He had repaid…
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Latest data from the Federation of Small Businesses (FSB) has found that business confidence has recovered strongly in the first quarter of 2023, with FSB’s Small Business Index (SBI) headline confidence measure bouncing back significantly from the depths of lockdown-equivalent levels back up to lightly negative territory at -2.8 points. This is a significant upturn…
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New data from the Bank of England has found that the total Credit Union borrowing hit a record £2 billion in 2022 with all-time high membership of unions at nearly 2 million. The data showed Credit Union membership rose by 60,863 to reach 1,980,964 at the end of 2022 as more borrowers widened their net…
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