Credit, Collections & Insolvency News
A new report published today by Royal London, shows significant increases across housing, energy and food bills, and childcare, since February 2023 meaning the average family with young children have seen their expenses rise by over £1,000 a month, leaving almost a fifth (18%) of parents with no money for unexpected bills or emergencies. The…
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New research by Uswitch has found that the UK’s attitudes to credit cards are changing, as nearly one in three (31%) young people perceive them as ‘potential debt traps.’ Only one in five (20%) of Gen Z say they have ‘no concerns regarding credit card usage’, with the remaining 80% stating their main concerns as…
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Latest data from the Financial Ombudsman (FOS) has shown that financial complaints have risen by 20% according in the last 6 months according to latest half-yearly data figures. The data from the second half of 2023 showed that overall FOS received a total of 95,349 complaints between 1st July and 31st December 2023, compared to…
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Latest analysis of applications for personal guarantee insurance in Q1 2024 by Purbeck Personal Guarantee Insurance has shown that there has been a 49% rise in business owners seeking Personal Guarantee Insurance (PGI) for a small business loan with most of these were for loans to simply keep their business running. Purbeck Personal Guarantee Insurance…
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Three in ten SME finance experts (28%) report that the most requested loan amount at the start of 2024 was over £100,000, 56% higher than the same period last year, according to iwoca’s Q1 2024 SME Expert Index. The new research showed that seven in ten (70%) brokers are optimistic about SMEs prospects in 2024,…
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Summer energy bills will fall to their lowest level since the beginning of 2022 as a result of the latest Ofgem price cap for July to September 2024 falling to £1,568. But the legacy of a 60 per cent rise in average energy bills in 2024 compared with three years ago still casts a long…
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Coventry Building Society has agreed to a takeover of the Co-operative Bank for £780 million under the agreement the firms have signed a share purchase agreement under which the building society will acquire the entire issued share capital of Co-operative Bank. The combined group will be led by the mutual’s chairman David Thorburn and…
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The Financial Conduct Authority (FCA) has confirmed that several firms have been permitted to recommence their sales of Guaranteed Asset Protection (GAP) insurance, following action by the regulator to improve fair value. To restart sales, firms need to demonstrate that their GAP products provide fair value to customers, in line with FCA rules. …
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Here is an overview of The Money Charity’s latest statistics for May 2024 Personal debt in the UK People in the UK owed £1,843.9 billion at the end of March 2024. The average total debt per household, including mortgages, was £64,296 and per adult was £34,372, around 97.4% of average earnings. Net mortgage lending increased by…
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A former electrician has had his bankruptcy restrictions extended for 11 years after claiming a £45,000 Bounce Back Loan to support his business during the pandemic despite not being self-employed at the time. Andrei Moise from Mitcham in Surrey, received a £45,000 Bounce Back Loan in July 2020 to support his role as a self-employed…
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