The Insolvency Service has published its annual performance data for 2020 about Individual Voluntary Arrangements (IVAs). The figures show that early termination rates of IVAs have dropped 11% in the past year, while total IVAs have risen by almost 20,000 since 2018 and that IVAs have risen steadily on an annual basis since 2015, although…

The Social Market Foundation (SMF) estimates that nearly 770,000 families are at risk of losing their homes if they suffer a loss in income when a ban on repossessions ends in April. The Social Market Foundation think tank analysed official data and found that of the 770,000 at risk of repossession, a quarter (26%) worked…

Branch staff at banks, building societies and Post Offices worked with the police to stop £45.3 million of fraud through the Banking Protocol rapid scam response last year, bringing the total amount of fraud prevented to £142 million since the beginning of the scheme, according to the latest figures from UK Finance. Launched in 2016, the Banking Protocol is a UK-wide scheme, developed in…

Consumer credit provider NewDay has launched Aqua Coach, which uses credit information from TransUnion to help its Aqua customers learn how to build their credit score. Through the Aqua brand, NewDay provides credit to consumers that may not be served by mainstream lenders. Aqua Coach gives these customers access to their credit score, and highlights…

Two in five families would fall into debt if the cost of their energy were to increase, according to the latest Household Financial Confidence Tracker from comparethemarket.com. If their energy bills were to rise, 44% of families with children at home believe that it would push them into debt with their energy provider– double the…

The Financial Conduct Authority (FCA) has published final guidance clarifying its expectations of firms on the fair treatment of vulnerable customers. The guidance aims to drive improvements in the way firms treat vulnerable consumers so that they are consistently able to achieve outcomes that are as good as everybody else. People can find themselves in…

New analysis published today by Standard Life Foundation has found that 1.8 million people excluded from government income support schemes have seen their total household incomes fall by at least a third during the pandemic – five times greater than the rest of the UK population. Only 9% of the rest of the population have…

Scottish personal insolvencies in December 2020 fell  38.6% when compared with January 2020 numbers. The figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland showed that in January 2021 that there were 8,412 personal insolvencies in the 12 months to January 2021 (inclusive), 5,289 (38.6%) fewer…

Fraud prevention service, Cifas is urging retailers to better protect their customer’s information as designers and fashion chains look to attract new customers during London Fashion Week. The move comes as the latest data from the National Fraud Database reveals that facility takeover fraud in the retail sector rose by an enormous 195% in 2020.…

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