Credit, Collections & Insolvency News
Lenders are expecting debt defaults to rise by nearly £788 million to over £19 billion this year, according to transaction analytics group Fuse. Analysis of the most recent financial statements of 20 of the UK’s largest lenders indicate that lenders are expecting losses to exceed £19bn compared to the Expected Credit Loss (ECL) in the…
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Members of the UK Regulators’ Network (UKRN) the Financial Conduct Authority (FC) FCA, Ofgem, Ofwat, and Ofcom, have published a joint letter setting out shared expectations in relation to debt collection and customers experiencing financial difficulty. The letter calls on companies to improve their debt collection practices, after identifying shortcomings across the financial services industry,…
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Outstanding debt on credit cards increased by nearly 10% in the past year, as households turned to borrowing to cope with inflationary pressures and rising living costs. according to latest UK Finance date. The number of credit card transactions rose by 3.8% to 371.4 million in December, with a total spend of £19.2 billion in…
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A new repor from charity Mental Health Innovations, has revealed the extent that the cost-of-living crisis is having on the mental health of the nation. A third of those who are struggling with financial difficulties also tell us they have suicidal thoughts. The report analysed data from two million text conversations over five years, taken…
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Wylie & Bisset, Accountants and Business Advisers, is forecasting an explosion in the number of winding up orders and company insolvencies as HMRC tackles a massive backlog of debt by enlisting private debt collectors to pursue billions of pounds in unpaid taxes. Under Chancellor Jeremy Hunt’s proposals, as part of a major crackdown spearheaded by…
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New research from independent SME funder, Bibby Financial Services (BFS) has revealed that interest rates and political uncertainty are holding back many businesses from investing in the long-term business growth the economy needs. The data showed that over half (53%) of SMEs are putting off making major investments until interest rates fall, while four in…
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New polling by Debt Justice indicated that a record 6.7 million people in Britain are now in financial difficulty. The polling conducted for Debt Awareness Week indicates that 13% of people have missed three or more credit or bill payments over the past six months. Debt Justice’s ,anifesto calls on all political parties to make a…
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