Credit, Collections & Insolvency News
Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures increased by 9.9% in April 2024 with a total of 9,651 personal insolvencies registered. Personal insolvencies increased by 4.7% when compared to April 2023’s figure of 9,222. The personal insolvencies consisted of 648 bankruptcies, 3,436 debt relief orders…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales in April 2024, increased by 18.4% than in March 2024 (1,838) and 5.4% higher than the same month in the previous year (2,193 in March 2023). The number of registered business insolvencies totalled 2,177. The business insolvencies…
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Asset finance solutions provider, Time Finance has announced the launch of its new ID&V (Identity Verification) technology in partnership with Nivo Solutions. The technology provided by Nivo also includes E-signature functionality. Enabling Time Finance to increase its E-signature document limit from £100k to £250k. Speaking of the partnership and the technology Time Finance has adopted,…
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Latest figures from Accountant in Bankruptcy (AiB) have shown that business insolvencies in Scotland fell by 4% in April 2024. In April 2024 there were 109 company insolvencies registered in Scotland, 4% lower than the number in April 2023. The insolvencies comprised of 48 compulsory liquidations, 59 CVLs, and 2 administrations. There were no CVAs or…
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Cornwall Insight has announced its final forecast for the July-September Quarter 3 2024 Default Tariff Cap (price cap) indicating that for the typical dual fuel household it predicts that the July price cap will be £1,574.37 per annum. This is a fall of approximately 7% from the current price cap which was set at £1,690…
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Latest monthly statistics from the Insolvency Service have shown that business insolvencies increased three-fold, whilst personal insolvencies remained stable in Northern Ireland in April 2024. The data showed that there were 33 company insolvencies registered in Northern Ireland, more than three times as many as (267% higher than) in April 2023. The insolvencies comprised of…
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New research by Ofcom has found that four in five telecoms customers who look for information about debt support turn to their telecoms provider for information. Ofcom says that it keeps a close eye on levels of debt in the UK telecoms market and monitors how vulnerable customers are treated by providers. Last year, our data showed…
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Latest analysis of insolvency statistics by the RSM UK has found that the construction industry experienced the highest number of insolvencies in the 12 months to March 2024, reaching a total of 4,273. Kelly Boorman, National Head of Construction at RSM UK, said “As expected, in the 12 months to March 2024, construction continued to…
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New research conducted by YouGov on behalf of StepChange Debt Charity reveals that one in four (24%) adults have recently used a form of credit to pay for essentials such as household costs and groceries. StepChange’s analysis estimates this is the equivalent of 13 million people. Analysis shows among the one quarter (24%) of UK…
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Fraud prevention service Cifas has officially launched its ‘Fraud Pledges 2024’ with proposals requesting that the government commit to reforms and prevention strategies that better protect communities and businesses from fraud. Fraud represents approximately 38% of all crime in England and Wales and has more than doubled in Scotland over the past nine years, recent…
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