Credit, Collections & Insolvency News
The latest figures from the Insolvency Service have shown that total insolvencies increased in Northern Ireland in Q1 2020. There were 621 individual insolvencies in Northern Ireland in Q1 2020. This was an increase of 7.4% compared with the same quarter of the previous year. In Q1 2020 there were 621 insolvencies, up 7.4% on…
Read more
Latest figures from Accountant in Bankruptcy, Scotland’s Insolvency Service have indicated that personal insolvencies decreased in Scotland in Q1 2020 There were 3,156 individual insolvencies in Scotland Q1 2020. This was a decrease of 3.8% compared to the same quarter of the previous year. This comprised of 1,129 sequestrations (of which 455 went into sequestration…
Read more
New research has highlighted the precarious lives of those on chronic low incomes with predictions showing further hardship from the coronavirus pandemic. Debt charity Christians Against Poverty (CAP) new report ‘Is Anyone Listening?’ reflects on the statistics for 2019 showing that many walk a financial knife-edge with no safety net from income shocks or unexpected…
Read more
UK Finance has announced that over 1.6 million mortgage payment holidays have been offered to homeowners impacted by Covid-19. This means that one in seven mortgages in the UK are now subject to a payment holiday. For the average mortgage holder, the payment holiday amounts to £755 per month of suspended payments. Lenders continue to…
Read more
New analysis from comparethemarket.com indicates that, despite the new Coronavirus Job Retention Scheme saving millions of jobs, people who have been furloughed may face an immediate financial shortfall. The scheme will mean that people on an average UK salary will receive just over £500 less than their usual monthly pay cheque under the Coronavirus Job…
Read more
The number of County Court Judgments (CCJs) issued against consumers fell 16 percent in Q1 (January-March) 2020 compared to the same period last year, according to figures released by Registry Trust. The number is down from 321,281 in Q1 2019, to 269,249 this quarter. The number of consumer judgments in England & Wales issued this…
Read more
Scottish consumers owed £14.3 million in registered debt in Q1 (January-March) 2020, according to figures released today by Registry Trust. The figures were a rise of 20 percent when compared to Q1 2019. The number of decrees saw a small increase of three percent compared to Q1 2019. The large rise in the value over…
Read more
Latest ONS crime figures show the total number of estimated fraud incidents at 3.7 million for 2019; the same as the previous year, based on the Crime Survey for England and Wales (CSEW). However, data from the National Fraud Intelligence Bureau (NFIB) which utilises reports from organisations including Action Fraud, Cifas and UK Finance, has…
Read more
The Financial Conduct Authority (FCA) has confirmed that it will be introducing the package of measures outlined last week to support consumer credit customers facing payment difficulties due to coronavirus (Covid-19). The targeted temporary measures being implemented are a 3-month payment freeze for motor finance, buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking agreements. For high-cost…
Read more
Research from global information and insights provider TransUnion, shows potential signs of stabilisation in the impact of COVID-19 on household and personal finances, suggesting that the various financial support measures on offer are easing the burden. The number of households negatively impacted remains largely unchanged, at three out of five, but the number of people…
Read more
New research from Citizens Advice reveals one fifth (20%) of UK adults say they have applied or expect to apply for benefits as a result of the coronavirus outbreak. This rises to 68% of people on zero-hours contracts. The findings come as government data today shows over 1.5 million households made a Universal Credit claim…
Read more
Eight in 10 consumers are ‘worried about their money’ and millions have cut back on their spending since the UK began self-isolating. A study of 2,000 adults found 47 per cent have drastically reduced their outgoings, feeling the need to stockpile cash instead. Four in ten direct debit users have plans to cancel at least…
Read more
UK households will have £43 billion less cash available for essential spending between April and June, as the UK slides into its deepest recession in decades. Disposable income earned by UK households, once it has been adjusted for tax and benefits, will be 17% lower in the second quarter of this year, according to analysis…
Read more