Consumer judgments continue to rise

The number of County Court Judgments (CCJs) issued against consumers in England and Wales saw another very large rise in Q3 2021 compared to the same period last year, according to the latest figures by Registry Trust. The number registered in Q3 2021 was 241,952, up 116 percent from 111,931 in Q3 2020 – this…

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Debt Judgments against Northern Irish consumers rise

20th October 2021 Consumer Collections |

The number of debt judgments registered against Northern Ireland consumers in Q3 2021 was 755, a rise of 24 percent from the 608 in the same period last year, according to figures released today (14.10.2021) by Registry Trust. But, it is worth noting that numbers are still well below the highs seen before Covid struck.…

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Judgments against Irish consumers see large rises

20th October 2021 Consumer Collections |

The number and total value of judgments registered against Irish consumers saw large rises in Q3 2021 compared to the same quarter last year, figures released by registrar Irish Judgments show. The number of judgments registered against Irish consumers in Q3 2021 was 233, an increase of 85 percent on the 126 seen in the…

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Call financial services to protect older people from financial abuse

19th October 2021 Consumer Collections |

Hodge Bank is calling on intermediaries and brokers to be alert to the financial abuse of their elderly clients after new research reveals 94% of 45–70-year-olds believe financial service companies need to do more to protect older people from this kind of abuse. New research from Hodge and Hourglass, the charity calling time on the…

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Personal insolvencies rise by 9.2%

18th October 2021 Arrears and Recoveries |

Latest figures from the Insolvency Service have indicated that person insolvencies increased by 9.2% to  9,954 in September 2021 compared to August’s figure of 9,118, and were 33.2% higher than September 2020’s figure of 7,471. There were  614 bankruptcies were registered, which was 42% lower than September 2020 and 55% lower than September 2019. Numbers…

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Over one-third of care home residents struggling to pay for their care

18th October 2021 Arrears and Recoveries | #debt

Over one-third of care home residents face long term struggle of paying for their care according to new ONS statistics. The research found that in 2019/20 it is estimated 143,774 or 36.7% of people in care homes in England were self-funders. This compares to 248,153 who are state-funded. The South East had the highest proportion…

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Bank of England issues warning over potential loan default rise

A Bank of England (BOE) survey of lenders suggests that more households are expected to have defaulted on mortgages and other loans by the end of November. The Bank’s credit conditions survey asks banks and building societies to detail the climate over the previous quarter and what they expect in the next three months. While…

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Fuel and household energy spend rise by a fifth in two weeks

New analysis of data by Lloyds Bank has found that its customers spent a fifth more on household energy (24%) and fuel (20%) in the last fortnight, compared to the two weeks before. Fuel spend peaked on 24th September (the day after one of the biggest UK petrol station operators said a number of its forecourts…

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CSA warns of fallout from energy company failures

The Credit Services Association (CSA), the UK trade association for organisations active in the debt collection and purchase industry, has written to Ofgem to seek clarification in respect of the standards customers should expect in regards to the practices of administrators and accounts in arrears. It has also asked for reassurance that the integrity and…

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Fragile finances leading to poor mental health

New research by Yorkshire Building Society has shown that more than one in five UK consumers feel worse off financially since the start of the pandemic. The research has indicated that two-thirds of those whose finances, who have been affected had suffered a negative impact on their mental health. Whilst over one in five (23%)…

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Three in ten companies will employ fewer people as National Insurance increases

8th October 2021 Consumer Collections |

Three in ten companies will employ fewer people as a result of National Insurance increases according to new research by the Institute of Directors (IoD). Following the announcement on 7th September that the Government is to introduce a new Health and Social Care Levy, to be funded through higher rates of tax levied on National Insurance contributions and dividend payouts, 31% of IoD members expect this to result…

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Council tax could rise £220 in next three years

7th October 2021 Consumer Collections |

Council tax in England could rise by as much as £220 per year within three years, researchers have according to new research by the Nuffield Foundation in partnership with Citi. Under current government spending plans, council tax increases of 3.6% per year will be needed for the next three years just to ensure councils can…

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Consumers slash spending as winter of prices rises worries grow

7th October 2021 Consumer Collections |

Consumers have slashed spending as worries about winter of prices rises grow according to new research by AJ Bell. The research found that 59% of people are already making cutbacks amid rising costs with a quarter of the poorest households think cutting back will keep their finances on track. Rising energy bills and food costs…

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