Accountant in Bankruptcy (AiB) has released official statistics reporting personal insolvencies in Scotland for the fourth quarter (January to March 2018) of 2017-18. Provisional estimates show that in 2017-18 personal insolvencies in Scotland increased by 4.7% to 10,503 from 10,032 in 2016-17. Estimates for 2017-18 are provisional until final figures are published in July 2018.…
Further to the independent Review of the Funding of Debt Advice, led by Peter Wyman in January, the Debt Advice Steering Group (DASG) has announced its considered responses in detail and priorities which includes: increasing capacity in the sector by 50%; broadening the base of organisations who contribute to funding; measures which ensure high-quality advice;u…
Levels of arrears and repossessions are expected to grow this year, according to Jackie Bennett, Director of Mortgages at UK Finance, at the UK Finance Speaking at a UK Finance annual mortgage lunch, Bennett noted that arrears were at a historic low in 2017 with 89,000 people with arrears balances of 2.5% or more of their…
New research has found severely low levels of awareness about the support systems available to utility customers who find themselves in circumstances of vulnerability. The study, completed by outsourced customer contact specialist Echo Managed Services, surveyed 1,000 UK residents on their experiences, knowledge and attitudes to household arrears. Key amongst the report findings was that…
The Financial Conduct Authority (FCA) is urging the public to be alert to the growing threat of loan fee scams targeting borrowers. This plea comes as last year over £3.5 million was lost to loan fee fraud and reports to the FCA consumer helpline increased by 44%. Victims of loan fee fraud are often targeted…
New research from Citizens Advice has found that 140,000 households in Great Britain (around 400,000 people) have been left without gas or electricity because they didn’t have enough money to top up their prepayment meter (PPM). The vast majority of these households (120,000) have people living there who may be particularly vulnerable to being without…
National free debt advice provider PayPlan has announced that it is continuing its commitment to tackling the stress and stigma of financial problems head-on with the launch of a new campaign. ‘Debt Heroes’ has been designed to encourage those with money issues to reach out for free help sooner. Hosted on the PayPlan website, it…
Here is an overview of The Money Charity’s latest statistics for April 2018: Personal debt in the UK People in the UK owed £1.578 trillion at the end of February 2018. This is up from £1.53 trillion at the end of February 2017– an extra £1,169.92 per UK adult. Per adult in the UK that’s an average debt of…
Latest government figures indicate that the UK unemployment rate fell 0.1 percentage point from the previous quarter to 4.2%. Responding to the figures Campbell Robb, Chief Executive of the independent Joseph Rowntree Foundation said “More people in work, but many still trapped in poverty. Whilst it is welcome that more people are in work than…