Credit, Collections & Insolvency News
Households on variable rate mortgages with the lowest levels of disposable income are at risk of sinking further into debt if interest rates increase by 0.25 per cent devt advise specilaist PayPlan has warned . Even a modest rise could have a ‘devastating’ impact on millions of Brits, especially those with a poor credit rating…
Read moreThe Credit Services Association (CSA) has urged members to start preparing for the government’s decision to ban additional charges for certain future card payments. From 13 January next year, businesses, including CSA Members, will no longer be able to charge surcharges for certain card transactions, but will still face the costs for processing card payments.…
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Personal insolvency specialist practice, Creditfix has completed the acquisition of fellow Glasgow-based debt solutions provider, Carrington Dean. The sale will see Creditfix become the largest provider of Trust Deeds in Scotland, adding to its position as the largest provider of individual voluntary arrangements (IVAs) across England, Wales and Northern Ireland. Carrington Dean will continue to…
Read moreOfgem has launched its annual State of the Energy Market report. The report gives a detailed assessment of how well the energy market is working for consumers in terms of competition, affordability, decarbonisation, and security of supply. In the section dedicated to affordability Ofgem notes that even if suppliers provide energy at the lowest feasible…
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The Bank of England consumer credit statistics shows that consumer borrowing has risen by 9.9% in the year to September 2017, now totalling £204 billion. Other highlights from the report include: The annual growth rate of consumer credit has remained broadly unchanged since June, at around 10%. The flow was £1.6 billion in September, also…
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Ahead of the Bank of England interest rate decision this Thursday (2 November) research from Equifax, the consumer and business insights expert, reveals 42% of Brits are worried about an interest rate rise. The online survey, conducted by YouGov, found that only 5% of people expect a rate hike within the next month, with 21%…
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Latest figures released by the Bank of England suggest that high levels of consumer credit will ‘increase scrutiny’ on household debt. The Bank of England has published its latest monthly Money and Credit report showing continued growth in consumer credit of 9.9 percent in the year to September. Outstanding balances for consumer credit now stand at…
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Over half of consumers in the UK say they feel under pressure to cut back on their spending at the moment, according to the latest Lloyds Bank Spending Power Report. In an Ipsos MORI survey of over 2,000 bank account holders in the UK, almost two-thirds (63%) of people expressed concern about current levels of…
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The latest results Insolvency statistics from The Insolvency Service for Quarter July to September 2017 (Q3 2017) indicate that total individual insolvencies increased, driven primarily by an increase in individual voluntary arrangements, (IVAs) which reached a record high. Personal insolvencies rose 11% from Q2 to Q3 2017 and are 8% higher than this time last…
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Citizens Advice has welcomed DWP’s Work and Pensions Select Committee’s report calling for the waiting time for Universal Credit to be cut from six weeks to a month. Last month the charity published research which shows some people are pushed into financial difficulty as they wait for their first Universal Credit payment. Citizens Advice has helped people with over…
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A rise in interest rates will result in monthly repayment shocks for millions of homeowners who are already living on a tight budget, according to figures from free debt advice provider PayPlan. PayPlan has launched an interest rate calculator this week to help clients find out how a potential mortgage rate rise might affect them.…
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New research suggests over six-and-a-half million people in the UK are wasting billions of pounds every year on regular payments that should be cancelled. These money worries are also the top source of stress for 15% of young adults. Digital banking service B’s independent research shows 1 in 8 (13%) people in the UK have…
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New research has revealed that the average person works 82% (299 days – 26 October) of the year just to cover their household bills – with more than a third (35%) admitting that they are only just managing to cope with rising costs. The findings of the new poll commissioned by GoCompare, asked 2,000 UK…
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