Latest figures from the Insolvency Service have indicated a 60% rise in personal insolvency rates across England & Wales. Personal insolvencies increased by 60.2% to 10,941 in March 2021 compared to February’s figure of 6,828, and were 40% higher than March 2020’s figure of 7,815 There were 1,591 Debt Relief Orders (DROs) and 1,028 bankruptcies in…

Scottish personal insolvencies figures continued to decline in March 2021  according to latest figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland. The figures .showed that there were 7,600 personal insolvencies in the 12 months to March 2021 (inclusive), 5,891 (43.7%) fewer than in the previous…

Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies continue to remain low in comparison to previous years. In March 2021 there were 184 personal insolvencies in Northern Ireland, this was 82% higher than March 2020 but 19% lower than March 2019; this consisted of 140 IVAs, 36 DROs and 8…

The impact of the Covid-19 pandemic was the fifth most common reason for debt according to StepChange’s Statistics Yearbook 2020, The report also reveals some noteworthy shifts in client trends and characteristics in 2020 compared with previous recent years. However, the debt charity says that what is equally striking is that all the debt pressures…

A year on from the start of the pandemic, new research from StepChange Debt Charity has revealed that nearly a quarter (23%) of the 1.6m people who’ve accessed credit payment deferrals have subsequently missed repayments, while half (50%) say they have resumed repayments but with difficulty. Since last week people struggling financially as a result…

New research by Key has indicated that retired households saw their average disposable incomes fall by 12% last year. The analysis shows average disposable incomes for retired people fell in the financial year ending 2020 from the previous year by nearly 12% with much of the cut coming from lower private pension income and investment…

Here is an overview of The Money Charity’s latest statistics for March 2021 Personal debt in the UK People in the UK owed £1,700.2 billion at the end of January 2021. The average total debt per household, including mortgages, was £60,999 and per adult was £32,087, around 107.6% of average earnings. Net mortgage lending rose by…

One in five consumers in the UK (20 percent), equating to an estimated 10.2 million people, say they are worried their finances will not fully recover from the impact of Covid-19, according to new research from the Money Advice Trust. The research, based on a poll of more than 2,000 adults conducted online by YouGov,…

Nearly a third (31%) of credit cardholders have been unable to repay their balance in full each month since the pandemic began, which can lead to further interest and debt accruing due to high APR rates, according to new research from comparethemarket.com. Among 25-34-year-olds, this figure increases to more than two-fifths (41%). Millennials are the hardest…

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