Credit, Collections & Insolvency News
Yorkshire Building Society and Citizens Advice have announced the significant expansion of an innovative partnership that initially piloted across six of the Society’s branches in Yorkshire last year and has already benefitted more than 530 people. Following the success of the pilot, the expansion will treble the number of branches offering the scheme to 18…
Read more
Here is an overview of The Money Charity’s latest statistics for February 2022 Personal debt in the UK People in the UK owed £1,765.6 billion at the end of December 2021. The average total debt per household, including mortgages, was £63,528. Per adult this was £33,328, around 108.7% of average earnings. This is up from the revised £33,306…
Read more
New research from SunLife shows almost 40% of people are not putting enough money aside to pay for their funeral, leaving their families to pick up the £1,800 shortfall. The report also highlights that one in five is also having to borrow to cover that shortfall with the average cost of a funeral is now estimated…
Read more
Global information and insights company TransUnion has announced that it has partnered with CreditLadder, the rent reporting platform, to incorporate UK tenants’ rental payments into their credit information. Rental payment history of those individuals using CreditLadder can now be recorded in their TransUnion credit report, giving finance providers a more holistic view of financial standing…
Read more
Joseph Rowntree Foundation (JRF) is warning that a planned real-term cut to benefits in April could pull 400,000 people into poverty. The analysis revealed the consequences of the Government’s decision to uprate benefits by just 3.1% in April, when inflation is forecast to hit 7%. The Foundation says that this represents a real-term cut to…
Read more
Personal insolvency provider Creditfix has announced changes to how it works with third-party debt packager firms. The move, which will see the company introduce a flat rate to external providers, comes in a proactive response to industry calls for tighter regulation around external sources and to further ensure that customers seeking debt advice get the…
Read more
Adolescents aged 17-19 years old with previous mental health issues were 100% more likely to have suffered further mental distress as a result of the Covid-19 lockdown, according to new research by the University of Roehampton. The study, conducted during the UK’s first national lockdown in response to Covid-19, comprised nearly 1,000 adolescents from the…
Read more
Generation Z are far more likely to be living on the edge with only 14% having enough spare cash to be resilient to rising prices compared to 52% of Millennials, 60% of Baby Boomers and 64% of Generation X according to research by HL Savings and Resilience Barometer, produced with Oxford Economics. The research also…
Read more
The extension of cost-of-living costs is impacting three-quarters of households new ONS fortnightly data has revealed. In the first half of February, 76% of people said their cost of living had risen in the previous month, up from 69% in the second half of January. The most common price rise they mentioned was the increasing…
Read more
Latest figures from the Insolvency Service have indicated that personal insolvencies in England & Wales increased by 0.3% to 8,477 in January 2022 compared to 8,451 in December 2021, and were 1.8% higher than January 2021’s figure of 8,331. There were 1,873 DROs and 575 bankruptcies. The number of DROs in January 2022 was 59%…
Read more
Latest statistics from the Insolvency Service have indicated that Northern Irish business and personal insolvency figures increased the latest quarterly figures. In January 2022, there were 18 business insolvencies registered in Northern Ireland, six times as many as in January 2021, but 31% lower than January 2020. The insolvencies comprised of two compulsory liquidations, 12…
Read more
Inflation in the UK increased to the highest rate for three decades in January as the impact of rising energy bills fed into a wide range of goods and services, adding to the squeeze on household living standards according to the latest Office for National Statistics (ONS) said the consumer price index measure of inflation increased…
Read more
Manchester-based financial services provider MoneyPlus Advice has appointed J3 Debt Solutions to its growing network of Appointed Representatives amid rapid increases in the cost of living for consumers. The MoneyPlus Advice Appointed Representative (AR) Network works with smaller debt advice firms to support consumers out of financial difficulties that may have been exacerbated throughout the…
Read more