Credit, Collections & Insolvency News
Users of alternative financial products, like home-collected loans and payday loans, are four times more likely to be contacted by a debt collector, according to a new study of customers by Lowell. One in five adults who use alternative financial products were contacted by a debt collector in 2023, while one in twenty people in…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales in February 2024 totalled 2,102, this was 17% higher than in the same month in the previous year (1,801 in February 2023). Of the 2,102 registered business insolvencies 1,707 CVLs, which is 12% higher than in February…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures increased by 25.1% in February 2024 to a total of 10,136 compared to January’s total of 8,103 and increased by 23% compared to February 2023’s figure of 8,239. Personal insolvencies increased by 3% from when compared to February 2022’s…
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Latest figures from Accountant in Bankruptcy (AiB) have shown that business insolvencies in Scotland rose by 9%. In February 2024 there were 94 company insolvencies registered in Scotland, 9% higher than the number in February 2023. The business insolvencies comprised of 33 compulsory liquidations, 58 CVLs, and three administrations. There were no CVAs or receivership…
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Latest monthly statistics from the Insolvency Service have shown that business insolvencies doubled and personal insolvencies increased in Northern Ireland in February 2024. The data showed that there were 26 company insolvencies registered in Northern Ireland, twice as many as (100% higher than) in February 2023. This was comprised of nine CVLs, 14 compulsory liquidations, and…
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Small firms are hampered by late payments and have dampened growth expectations for 2024, according to the Small Business Index (SBI) for Q4 2023, published in full by the Federation of Small Businesses (FSB). The report is a temperature check of small firms’ sentiment and experiences at the end of last year, and analysis of…
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The Insolvency Service has published its latest monthly Insolvency Statistics, showing personal insolvencies were up by 23% compared to February 2023 at 10,136. The rise was driven by a 44% increase in Debt Relief Orders (DRO) applications compared to February 2023. In the Spring Budget, the Chancellor announced an end to fees for DRO’s from…
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