Accountant in Bankruptcy (AiB) has published its latest figures which indicate that in October 2020 Scottish personal insolvencies decreased by 32%. The figures show that there were 7,799 personal insolvencies in the year to the end of October 2020, 3,707 (32%) fewer than in the same period the year before. Bankruptcies decreased by 37% in…

Northern Irish personal insolvencies fell by over a half (51%) according to the latest Insolvency Service figures which indicate that in October 2020 there were 114 individual insolvencies in Northern Ireland, down 51% from October 2019. The figures consisted of 77 IVAs, 18 DROs and 19 bankruptcies. Meanwhile, company insolvency numbers showed that there were…

New research has found that one in eight families have struggled to cover funeral debts, with a shortfall of almost £2,000 on average causing financial issues. According to SunLife’s ‘Cost of Dying Report 2020’, two in five of us don’t make any financial provision to pay for our own funeral, leaving loved ones to pick…

New credit card accounts plummeted following the start of the first UK lockdown, but potentially riskier sub-prime approvals have bounced back hardest, more than doubling since August 2020, according to data from the new Equifax Market Pulse series. The overall volume of new credit card accounts bottomed out in May, 86% below March levels when…

New research by Royal London has revealed a startling picture of people’s personal finances during the pandemic. the figures above show, household incomes have fallen while bills have risen, with many people believing that things are going to become even bleaker. The company found that the self-employed have been more acutely affected by Covid-19 than…

The Credit Services Association (CSA), the voice of the debt collection and debt purchase sector, has launched a new video to promote Five Steps that people can take if they’ve fallen into debt. Building on its previous #heretohelp campaign, the video explains the importance of engaging with those a customer owes money to and urges them to be as open and…

Latest figures from the Financial Ombudsman Service (FOS) have indicated that there was a surge in complaints about consumer credit services in the three months to September, with claims management companies said to have driven a big rise in complaints being upheld. FOS says that between July and September 2020, there was a continued increase…

New data from global analytics software provider FICO has revealed that consumers found contact with lenders difficult in the early days of the pandemic. Now, as another country-wide lockdown begins and the number of financially vulnerable customers rises, the FICO research highlights the importance of timely, tailored communications with customers in financial stress. The data…