Credit, Collections & Insolvency News
The government has confirmed that the new statutory Breathing Space scheme will launch in May next year. The government has published draft regulations titled The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020. The news will mean that people in problem debt will be able to access 60…
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One in four renters behind on payments according to new research by Paypoint. The survey has revealed significant concerns regarding the future ability of renters to pay on time. 25% of respondents are already at least a month behind on their rent, and a third are concerned about the impact COVID-19 has had on their…
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Banks are being urged to help create a new and more resilient model of prosperity that will enable the UK to ‘build back better’ in the wake of the COVID-19 pandemic, in a new report published by the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political…
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One in three parents are concerned they do not have enough financial understanding to run the Bank of Mum and Dad properly according to new research by Openwork. The survey found that 32% of parents would value advice on how best to give money to children – and would also like Government support with guidance…
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The Insolvency Service has published its latest insolvency statistics which show that personal insolvencies continued to decline in England and Wales in June 2020. There were 1,775 debt relief orders (DROs) and 454 bankruptcies in the three months ending June 2020 there was a monthly average of 8,428 registered individual voluntary arrangements (IVAs). Bankruptcies were…
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Scotland is facing a ‘personal debt time bomb’ as the country deals with the fallout from the Covid-19 pandemic, Citizens Advice Scotland (CAS) has warned. The latest wave of Scotpulse polling for the charity has reveals that 27 per cent of people in Scotland are concerned about making debt repayments during coronavirus. CAS is warning that as the furlough scheme…
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New Resolution Foundation research has called on the Chancellor to give every household in Britain High Street Vouchers worth £500 per adult and £250 per child, in order to kickstart the economic recovery by focusing support on the firms and workers hardest hit by the covid-induced economic crisis. The proposal, which forms part of wider…
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GambleAware has today published the findings of research commissioned to review the availability, uptake, and effectiveness of bank card gambling blockers (blockers). The review was carried out by researchers at the University of Bristol’s Personal Finance Research Centre (PFRC) and evaluates the potential for blockers to help people who want to control their gambling. The…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in May 2020 by 56% compared with the same month in 2019, and decreased by 27% in the five months to May 2020. Credit card and personal loan new business together fell in May 2020 by 46% compared…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in May 2020 by 78% compared with the same month in 2019, and by 41% in the five months to May 2020. The consumer new car finance market reported a fall in new…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes fall by 80% in May 2020. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The severity…
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The House of Lords Select Committee on the Social and Economic Impact of the Gambling Industry has warned that more needs to be done to prevent gambling-related harm. The committe says that the liberalisation of gambling by the Gambling Act 2005, the universal adoption of smart phones, and the exploitation of soft-touch regulation by gambling…
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The number of families with children at home who are struggling to pay their bills during lockdown has leapt to its highest level. According to comparethemarket.com’s Household Financial Confidence Tracker, 30% of parents with children at home found it difficult to meet their financial obligations over the past seven days. This represents a seven percentage point rise…
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