Credit, Collections & Insolvency News
Seven of the Top Ten areas for personal insolvencies are in seaside towns in 2016 as the British coastal industries and tourism continue their declines according to Moore Stephens. The top spot out of 348 towns for personal bankruptcies was Torquay, with 43 insolvencies per 10,000 population, compared with national average of 19.7. Other high…
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According to a new study from protection specialist LV=, renters among the late-Millennial generation (25-34 years old) are one of the least financially resilient groups in the UK. Based on research conducted with over 9,000 people, the first instalment of LV=’s ‘Income Roulette’ research found that more than half (55%) of 25-34-year-olds fall short of the…
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The latest results Insolvency statistics from The Insolvency Service for Quarter 2 (April to June 2017 (Q2 2017) reveal that total individual insolvencies decreased in Q2 2017, driven primarily by a decrease in individual voluntary arrangements, which decreased from a record high back to the level seen in 2016. Commenting on the statistics Joanna Elson…
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Consumers are shrugging off concerns about a spending squeeze with increased confidence in their personal finances, according to the latest Lloyds Bank Spending Power Report. The latest poll – which saw Ipsos MORI survey 2,000 people with bank accounts across the UK – comes amid a raft of economic data highlighting the challenges faced by…
Read moreLoyal customers who don’t remortgage after their fixed term deal can pay £400 extra a year, Citizens Advice research reveals. The penalty affects people who are rolled onto their bank’s standard variable interest rate at the end of a fixed term mortgage deal. The Citizens Advice research finds that people who remain on the standard…
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The amount of individuals reaching out for debt management advice has increased by 20 per cent since May according to figures revealed by free debt advice provider PayPlan. Findings revealed at a recent creditor roundtable, hosted by PayPlan at the Money Advice Service headquarters in London, saw digital debt advice top the bill, with PayPlan…
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More Scots have accessed statutory personal debt solutions, with numbers increasing from the recent low levels in 2015-16. In the three months between 1 April and 30 June 2017, total personal insolvencies, which include awards of bankruptcy and protected trust deeds, increased by 17.3% from 2,420 in the same quarter a year ago to 2,839.…
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The Financial Conduct Authority (FCA) has published proposals to extend the Senior Managers and Certification Regime (SM&CR) to almost all regulated firms. The new regime will essentially replace the Approved Persons Regime. The aim of the new regime is to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their…
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An interest rate rise of just 0.5% would cost households an extra £3.4 billion in interest payments in just the first year according to analysis by Moore Stephens. Bank of England data shows UK households are currently paying £39.2 billion in interest payments on debt that is likely to be affected immediately by an interest rate…
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The Credit Services Association (CSA) has appointed Arran Hope as its Apprenticeship Coordinator. Hope’s appointment follows the Association’s successful inclusion on the Register of Apprenticeship Training Providers (RoATP) – meaning that the CSA is approved to deliver apprenticeship training for employers paying the Apprenticeship Levy. He will be the central point of contact regarding the…
Read moreCity of Wolverhampton Council has become the first local authority in the country to sign up to a new protocol to promote best practice for dealing with people who get into difficulties paying their council tax. The protocol has been created to get local authorities, enforcement agencies and advice agencies working together to help people…
Read moreThe naming of a new financial guidance body has been delayed by the Government because of the threat posed by online fraudsters. Ministers said there was “every good reason to suspect” that setting out the title of the organisation in legislation would lead to problems with scammers “mimicking” it on “spurious” websites. As a result,…
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It has been announced that Peter Wyman CBE is to lead an independent review of the funding of debt advice across the UK. The review will seek views from a wide range of interested parties including the debt advice sector itself and recommend an appropriate funding framework for the future. The review has been established…
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