Credit, collections & insolvency news
Official figures show that inflation jumped to 5.4% in December, with this the highest rate since the 7.1% recorded in March 1992. The consumer price index (CPI) measure of inflation was up from 5.1% in November, with soaring food costs and energy price increases helping drive the rate up. The Office for National Statistics (ONS)…
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The number of people finding it hard to keep up with bills and credit commitments has doubled since the start of the pandemic according to new research from StepChange Debt Charity. The charity has found the proportion of people struggling is now nearly one in three (30%) UK consumers – 15 million people – compared…
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The number of County Court Judgments (CCJs) issued against consumers in England and Wales in 2021 rose by more than one third compared to 2020, according to latest figures released by the Registry Trust. The number of consumer judgments registered in 2021 was 848,124, up by 36 percent from 625,901 in 2020. The Registry Trust…
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The number of decrees and total amount of debt registered against Scottish consumers in 2021 rose compared to 2020, according to figures released by the Registry Trust. The number increased from 13,308 in 2020 to 14,444 in 2021, a rise of nine percent. The total value rose even more, by 19 percent, from £37 million…
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The number of debt judgments registered against Northern Ireland consumers in 2021 was 3,263, a small rise of two percent from the 3,207 in 2020, according to latest figures released by the Registry Trust. The Registry Trust says it is worth noting that numbers are still well below the highs seen before Covid struck. The…
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The number of judgments registered against Irish consumers saw a small fall in 2021 compared to 2020, figures released by registrar Irish Judgments show. The number of judgments registered against Irish consumers in 2021 was 912, a fall of two percent on the 930 seen in 2020. However, the total value of consumer judgments registered…
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Older homeowners released a record £4.4 billion in property wealth last year at a rate of more than £12 million a day as customers helped family and secured their own finances by repaying debt or remortgaging existing borrowing, data from the UK’s leading equity release adviser Key shows. Around one in five equity release plans (19%) taken…
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Real wages officially began to fall in November, and the current period of shrinking pay packets is likely to get worse before it starts to ease in the second half of 2022, the Resolution Foundation said in response to the latest ONS labour market statistics. Real regular average weekly earnings wages fell by 1 per…
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Latest Statistics from the Insolvency Service show that the number of registered business insolvencies in England and Wales in December was 33% higher than the number registered two years ago, just before the pandemic. The data shows that there were 1,486 registered company insolvencies in December, with this 20% higher than a year earlier. The…
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Latest figures from the Insolvency Service have indicated that personal insolvencies in England & Wales fell by 10.1% to 8,434 in December 2021 compared to 9,385 in November 2021, and were 12.4% lower than December 2020’s figure of 9,625. There were, on average, 6,648 IVAs registered per month in the three-month period ending December 2021,…
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The number of business insolvencies (liquidations and receiverships) in Scotland increased by 63% according to latest Accountant in Bankruptcy (AiB) figures. In December 2021 there were 93 company insolvencies registered in Scotland, 63% higher than December 2020 and 4% higher than in December 2019. This was comprised of 17 compulsory liquidations, 73 CVLs and three…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies decreased in December in the latest monthly figures. In December 2021 there were 81 individual insolvencies in Northern Ireland, 48% lower than in December 2020, and 42% lower than December 2019. This consisted of 63 IVAs, 11 DROs and seven…
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Andy Smithson has been appointed to the new role of Head of Internal Control, Compliance and Legal at Startline Motor Finance. He will be responsible for ensuring a robust and effective control environment with strong ongoing legal, regulatory and operational compliance, as well as managing the interlock with the company’s legal panel and leading the…
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