Credit, Collections & Insolvency News
A new survey by credit management company Lowell revealed that British Gen Z adults owe on average £5,069 of debt, with 13% owing more than £10,000, a further 61% of people admitting financial decisions they have made are already starting to affect their future goals. With almost half (48%) of Gen Z outlining credit card debt as their main…
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Oriel Collections has announced it has appointed Janice King as Head of Sales. King joins Oriel Collections as a seasoned industry leader with a career in debt recovery spanning over 30 years. King has prior experience working within the recovery sector as a Sales Director. Commenting on her appointment King said “I am thrilled to…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures increased by 22.8% in January 2024 to a total of 8,089 compared to December 2023’s total of 6,585, and increased by 4.3% compared to January 2023’s figure of 7,756. There were 8,089 insolvencies in January 2024, 4% higher…
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Research by Phoenix Group has found achieving a comfortable retirement is the top long-term savings goal for people in midlife, but many face an uphill challenge to meet this standard. Midlife is a key life stage which often prompts people to think about their future finances, with retirement less than 10 years away for some…
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Two years of the cost of living crisis has caused a 50% rise in the number of people who are pessimistic about their financial future, according to new figures released today by StepChange Debt Charity. The research indicates a difficult year ahead for people’s finances, as more than two in five adults (43%), around 22…
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Millions of pounds recovered from energy firms by Ofgem were used to help communities across the country in 2023. The energy regulator steps in when energy companies breach their licence conditions or are found to be failing customers. In 2023, the regulator recovered a total of £77.2m in fines, customer refunds, compensation and alternative action…
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Here is an overview of The Money Charity’s latest statistics for December 2023 Personal debt in the UK People in the UK owed £1,846.5 billion at the end of October 2023. The average total debt per household, including mortgages, was £65,756 and per adult was £34,716, around 100.7% of average earnings. Net mortgage lending increased by…
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The Confederation of British Industry (CBI) does not expect the Bank of England to cut interest rates until 2026, predicting that the base rate will stay at 5.25% for at least two more years. The CBI’s forecast is based on projections showing that consumer price inflation will not reach the Bank’s 2% target until Q3…
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New research by the British Retail Consortium (BRC) has found that cash use has grown for the first time in ten years as shoppers keep a close eye on their budgets while prices rise, retailers have said. The research found that 19% of purchases were made with money last year with retail sales rising 4.3%…
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The number of invoices being paid after their due date in Northern Ireland fell more than 35% in September 2023 compared to the same period in 2022, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that overdue invoice numbers in Northern Ireland…
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Research by the British Chambers of Commerce (BCC) has found that almost half of all firms (48%) have no plans to use Artificial intelligence (AI) technology. The research found that customer-facing businesses (B2C) are even less likely to use AI, with 58% stating they have no plans to use it, with pne in four respondents…
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Latest figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in June 2023 by 18% compared with the same month in 2022. In the first half of 2023, new business was 15% higher than in the same period in 2022. The business…
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Thousands of companies are running out of time as the burden of rising interest rates, unmanageable debt, subdued consumer confidence, higher material and labour costs, and wider economic uncertainty combine to put considerable pressure on businesses across the country, according to the latest Begbies Traynor Red Flag Alert. The latest data is sourced from a…
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