Credit, Collections & Insolvency News
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales in December 2023 was 2,002, 2% higher than in the same month in the previous year (1,965 in December 2022). The business insolvencies consisted of 153 compulsory liquidations, 1,731 creditors’ voluntary liquidations (CVLs), 103 administrations and 15…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures were 20% lower than in the same month in the previous year. There were 6,584 insolvencies in December 2023, compared to i8,254 in December 2022). The lower number of individual insolvencies compared to December 2022. The personal insolvencies…
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Latest figures from Accountant in Bankruptcy (AiB) have shown that business insolvencies in Scotland fell by 5%. In December 2023 there were 108 business insolvencies registered in Scotland, 5% lower than the number in December 2022. The insolvencies comprised of 40 compulsory liquidations, 65 CVLs and three administrations. There were no CVAs or receivership appointments.
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Latest monthly statistics from the Insolvency Service have shown that business insolvencies increased whilst personal insolvencies fell in Northern Ireland in December 2023. The data showed that there were 25 business insolvencies registered in Northern Ireland, this was 67% higher than December 2022. The insolvencies comprised of 17 CVLs, six compulsory liquidations, one CVA and…
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The Insolvency Service has announced it is launching an investigation to understand the experience of some consumers when taking out an Individual Voluntary Arrangement (IVA). The Insolvency Service says that IVAs support a valid public policy objective by providing debt relief for individuals in financial distress. However, specific issues and concerns have been raised which…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 6% in November 2023. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in November 2023 was 2% higher than in the same month in 2022. In the eleven months to November 2023, new business was also 2% lower than in the same period in 2022. The credit card and personal loans…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in November 2023 by 12% compared with the same month in 2022. In the eleven months to November 2023, new business was 13% higher than in the same period in 2022. The…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in November 2023 by 7% compared with the same month in 2022. The corresponding value of new business was 5% lower over the same period. In the eleven months to November 2023, new business volumes were…
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Two years of the cost of living crisis has caused a 50% rise in the number of people who are pessimistic about their financial future, according to new figures released today by StepChange Debt Charity. The research indicates a difficult year ahead for people’s finances, as more than two in five adults (43%), around 22…
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The UK’s poorest people now owe twice as much to energy suppliers as they did during the 2022 energy crisis, according to figures from management consultancy Baringa. Barings says that an energy bill price spiral where customers increasingly default on debts, leads to costs being passed onto others in the form of higher bills, further…
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