Credit, Collections & Insolvency News
The Credit Services Association (CSA), the UK trade body for debt collection and debt purchase, has released a new report exploring the provision of debt advice for those facing financial difficulties and in need of support. The report entitled ‘Wide of the Mark? Assessing the Delivery & Value of Free-To-Client Debt Advice’ argues that consistent…
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The cost of living crisis is being made worse for poorer households by waning competition in British markets according to new a report by Competition and Markets Authority (CMA) The CMA states that effective competition helps make sure shoppers and households get a fair deal when buying goods and services. This is especially important at…
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Latest statistics quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies numbers have reached their highest total number in over three years, since Q4 2018. The figures reveal that there were 32,305 (an increase of 16.8%) individuals entering either bankruptcy (1,679) a debt relief order or DRO (6,629) or…
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Here is an overview of The Money Charity’s latest statistics for Apri, 2022 Personal debt in the UK People in the UK owed £1,773.2 billion at the end of February 2022. The average total debt per household, including mortgages, was £63,803 and per adult was £33,526, around 107.9% of average earnings. Net mortgage lending rose by…
Read moreThe amount of money that households collectively owe to their energy suppliers has doubled in the past year to reach £1 billion, with a quarter (23%) of consumers now in energy debt, according to new research from Uswitch.com, the comparison and switching service. The number of households in debt to their supplier has risen by…
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Latest figures from Accountant in Bankruptcy have shown that overall, personal insolvency numbers (bankruptcies and protected trust deeds) in Scotland for Quarter 4 2021-2022 were 13% higher compared with Q4 2020-2021, at 1,894 (2021-2022) against 1,677 (2020-2021). A total of 551 bankruptcies were awarded during this quarter – a 2.1% decrease on the same quarter…
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Average UK rents have increased for the sixth consecutive quarter, according to The Deposit Protection Service (The DPS). The research also showed that some tenants are paying above the going rate to secure a property. The UK’s largest protector of deposits, which safeguards 1.8m rent securities, says that average rents now stand at £849 a…
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The Office for National Statistics (ONS) has published its latest cost of living statistics finding that one in four (23%) adults find it difficult to pay household bills in the last month, compared with a year ago. The research also found that nine in ten (87%) adults reported an increase in their cost of living…
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Latest figures from the Insolvency Service have indicated that personal insolvencies in England & Wales increased by 17.2% to 11,530 in March 2022 compared to 9,836 in February and were 5.3% higher than March 2021’s figure of 10,953. There were 2,512 DROs and 633 bankruptcies in March 2022 in England & Wales. The number of…
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A new survey by KPMG has highlighted the impact of the rising cost of living on consumer spending with consumers expected to spend £82.80 more each month on bills and taxes. With the cost of living squeeze tightening, KPMG asked 3000 consumers about their 2022 purchasing and their spending intentions for the rest of the…
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Latest figures from UK Finance have indicated that credit card balances have started to creep up as the cost of living started to bite. The figures show that after several months of falls, outstanding balances on credit cards have started to creep up again with balances up 3.8% year on year. Spending had previously been…
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Over half (57%) of self-employed workers in the UK rely on personal savings when they are not working, yet a massive 81 per cent aren’t seeking financial advice according to new research from protection and pensions provider, Scottish Widows. Over two-thirds (64%) of those who are self-employed in the UK revealed they are without a…
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Qualco has announced that it has gone live with a new open banking technology partnership. Working with Ecospend and Themis Global, Qualco UK introduced account-to-account payment options, under a white label model, for a new client, Simon Jersey. The approach includes letters, emails and SMS being sent to customers, containing a unique QR code, which…
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