Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for July 2023 Personal debt in the UK People in the UK owed £1,840.1 billion at the end of May 2023. The average total debt per household, including mortgages, was £65,529 and per adult was £34,597, around 103.3% of average earnings. Net mortgage lending increased by…
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Lates figures from Accountant in Bankruptcy (AiB) have indicated that personal insolvency numbers in Scotland rose by nearly 2.9%, to a total of 2,098. The personal insolvency numbers in Scotland decreased by 40.5% when compared to pre-pandemic levels in 2019. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland for Q1 2023-2024…
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Energy suppliers’ enquiry lines may need to stay open for longer, including evenings and weekends under new proposals from regulator Ofgem. The new measures are part of a series of proposed reforms to improve standards of customer service both for businesses and households, and follows extensive engagement with suppliers, businesses, consumers and other organisations. The…
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New data from Accountant in Bankruptcy (AiB) has revealed that business insolvencies jumped 19.7% in Quarter 1 (Q1) when compared to the same period last year. Sottish business insolvency numbers in Scotland also increased by 21.7% when compared to pre-pandemic levels in 2019. The number of business insolvencies (liquidations and receiverships) decreased by 15.6% compared…
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Almost two in ten buy-to-let landlords (18%) said they would not raise rents for their tenants if their own mortgage rate increases when they come to remortgage whilst two in ten landlords (21%) were unsure what to do and 61% said they would raise the rent, according to research undertaken by Landbay. Over the past…
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Money laundering is big business. The United Nations Office on Drugs and Crime estimates that between 2% and 5% of global GDP – up to 1.87 trillion Euros – laundered each year. A report from Transparency International estimates that in the UK alone it exceeds £325 billion per annum. From comparatively small beginnings, money laundering…
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With raising rates and high inflation dominating the headlines over the past year, many renters are putting off their buying plans until property becomes more affordable, according to the latest research from The Mortgage Lender (TML). Almost one in five (19%) renters say that high mortgage rates mean they can’t afford to buy now and…
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Over £55.5 million of fraud was prevented last year thanks to the Banking Protocol rapid scam response scheme, according to the latest figures from UK Finance. The Banking Protocol is a UK-wide scheme developed by UK Finance, National Trading Standards and local police forces. Bank and building society staff are trained to spot the warning…
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Water regulator Ofwat has made three senior director appointments to strengthen its senior leadership team. The role of Senior Director in Sector Performance will be taken by Helen Campbell, Lynn Parker will be Senior Director, Casework, Enforcement and Customers and Kate Kendall will be Senior Director in Major Projects & Markets for a 12-month interim…
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