Credit, Collections & Insolvency News
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for July 2023 decreased by 20.4% to a total of 1,727 compared to July and decreased by 5.7% compared to July 2022’s figure of 1,831. Business insolvencies increased by 57.6% compared to July 2021 and increased by…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers increased slightly by 1.7% in July 2023 when compared to June. The personal insolvencies figures totalled 8,268 compared to June’s total of 8,131, and decreased by 10.1% compared to July 2022’s figure of 9,202. Personal insolvencies decreased by…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that Scottish business insolvency numbers (liquidations and receiverships) increased in July. In July 2023 there were 97 business insolvencies registered in Scotland this was 41% higher than the number in July 2022. The business insolvencies comprised of 44 compulsory liquidations, 51 CVLs and two administrations. There…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies and personal insolvencies have fallen. In July 2023 there were 13 business insolvencies registered in Northern Ireland, this was 7% lower than July 2022. The business insolvencies comprised of eight CVLs, three compulsory liquidations and two CVAs. There were no administrations…
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New research by 55Plus has found that equity release cases across the industry has rapidly increased this year, as homeowners over 55 look for solutions to combat rising residential mortgage rates. The company says it has witnessed an increase in enquiries from people looking to remortgage, as a direct result. Jan Johnson, Founder and Director of…
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Challenger bank Monzo has topped of a ranking that gauges whether customers would recommend their bank, with a satisfaction rating of 80%. Monzo had previously shared first place with Starling Bank but now leads the way, with Starling in second and First Direct in third. Virgin Money and Royal Bank of Scotland came in joint…
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NatWest and the Co-Operative Bank have been reprimanded by the competition regulator for potentially misleading customers about the quality of service they were receiving. The Competition and Markets Authority (CMA) found that both banks breached the Retail Banking Order by failing to fully inform customers about how their services and current accounts compared to rivals.…
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A new study from Juniper Research has predicted that credit scoring services will grow by 67% to $44 billion by 2028. The report anticipates emerging markets will experience greatest growth; projecting the African & Middle Eastern region to grow by 117% over the forecast period, achieving spend of $3.7 billion in 2028. Driving this growth will…
Read moreYoung people are turning away from higher education as the cost-of-living crisis prompts a shift in financially prioritising basic needs, a major study by the Co-op and children’s charity Barnardo’s has found. One of the largest studies of its kind, ‘Youth Opportunities Tracker: Fairer Futures’, was commissioned as part of a wider partnership between the…
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New analysis by the Financial Conduct Authority (FCA) has found that one in ten interest-only mortgage holders might be ‘overly optimistic’ about repaying their debt when the time comes. The number of interest-only (750,000) and part-interest-only (245,000) mortgages has halved since 2015, new Financial Conduct Authority analysis has found. The fall is a result of…
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Data released by the Office for National Statistics detailing gender balance amongst employees hows that in Q2 of 2023, has found that women made up 42.7% of staff in the Financial & Insurance Activities sector, down by 1.6% compared to Q2 in 2022, but up 0.4% since Q1 2023 which saw the lowest level since the…
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