Credit, Collections & Insolvency News
French Duncan LLP estimated that last year, approximately 12,000 people in Scotland became insolvent, the highest level since 2013. The firm says the figure could be even higher by the end of 2019, with rising household bills, food costs and stagnating wages contributing to an estimated 230 bankruptcies each week. Eileen Blackburn, French Duncan’s Head…
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One in five British adults (20%) would find it somewhat difficult, very difficult or impossible to immediately pay an unexpected bill for an amount as little as £20, without assistance from an external source, according to new research from R3, the insolvency trade body, and ComRes. Around 1 in 20 (6%) of British adults said…
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UK Finance has published its latest Household Finance Update for November 2018 which has revealed that £11.3bn of credit card spending in November was 7.5 per cent higher than November 2017. Over the past twelve months, the outstanding level of credit card borrowing grew by 5.3 per cent. Personal borrowing through loans and overdrafts grew…
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Here is an overview of The Money Charity’s latest statistics for December 2018: Personal debt in the UK People in the UK owed £1.613 trillion at the end of October 2018. This is up from £1.564 trillion at the end of October 2017, an extra £928.44 per UK adult and £142.69 higher than the previous month. The average…
Read moreConsumers would leave it up to three years or more before seeking professional help if they were in debt, new research has revealed. A survey of 1,000 UK adults, carried out by Creditfix, the UK’s largest personal insolvency practice, found that 59% of consumers would wait over two years before asking for help, while almost half (48%)…
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A new survey of 1,001 UK adults carried out by Oaksmore ISA has found that even those households that claim to live comfortably throughout the rest of the year will to struggle to cover the stream of Christmas costs this year. Of those surveyed, 80% admit that Christmas expenses put them under financial strain. This is even…
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Data from the winners and finalists of the second annual Credit & Collections Technology have been collated and are now available as part of a report reviewing the 2018 event. The Awards report highlights the unique and transparent ethos of the scheme by providing graphs, statistics and judges comments which highlight the results. The Awards event,…
Read moreThe latest European Consumer Payment Report from European credit management firm Intrum presents a worrying picture when it comes to rising indebtedness and the ability of consumers to meet their financial obligations. Over 1,000 UK consumers took part in the survey of more than 24,000 Europeans. While more and more people are able to save…
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With research showing families with children under the age of 18 will spend anything from £1,000 to more than £2,700 in total at Christmas, with gifts making up the vast majority of the spend, consumer debt specilaist WB Debtcare is advising Santa to plan ahead for the true cost of a family Christmas. And with…
Read moreUK Finance has published its latest Mortgage Trends Update for October 2018 which reveals that remortgaging is at its highest level since 2008. The figures show that there were 50,500 new homeowner remortgages completed in the month, some 23.2 per cent more than in the same month a year earlier. The £9.2bn of remortgaging in…
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According to new research, an estimated £143 million’s worth of unwanted Christmas presents will be returned this year. However, only around two thirds of people will be successful in returning items. The research, commissioned by GoCompare Money, found that 30% of UK adults have returned a Christmas present they had been given, with 8% doing…
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Money Advice Service research has revealed that 45% of parents say their children are more likely to pester them for money or to buy them things in the lead up to Christmas. ‘Pester power’ is the ability children have to convince their parents to buy something, by asking for something repeatedly. A third of parents…
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Millions of Brits are worried about the cost of Christmas this year, with half revealing they plan to borrow money just to cover expense, a new study has found. While most will budget just £449 for the festive period – the reality is that we’ll each spend up to a whopping £1,086 on presents, food…
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