Credit, Collections & Insolvency News
New research from Sainsbury’s Bank Loans has revealed that more than 180,000 people across the UK could take out a personal loans for debt consolidation in the first three months of 2017, worth more than £2 billion. This figure equals an estimated 31% of all personal loans taken out in the first three months of the new year.…
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Latest figures from Accountant in Bankruptcy (AiB) show the number of people accessing Scottish statutory debt solutions has remained steady in the third quarter of 2016-17. Figures for bankruptcies, protected trust deeds and debt payment programmes under the Scottish Government-backed Debt Arrangement Scheme (DAS) have stayed largely stable, showing a 1.9 per cent increase from…
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Creditfix is calling for an increase in funding for money advice services, following a reduction in spending of 15 per cent since 2014-15. A recent report by the Improvement Service shows that only 17 per cent of over-debted individuals in Scotland are currently accessing debt advice services, and funding for money advice services has reduced by 15 per…
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The Centre for the Study of Financial (CSFI) Innovation has released a new report outlining the battle against financial exclusion in the UK. The report gives an overview of the state of financial inclusion in 2016 l. It includes themes, new initiatives and innovations, competition and regulation. It also highlights financial sustainability issues and the particular circumstances of low/volatile…
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New finding show that free debt advice gives those in problem debt the helping hand they need to tackle their financial situation, pay off their debts and build money management skills for the future. The research by the Money Advice Service, shows that within three to six months of receiving regulated advice, nearly two-thirds (65%)…
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The UK wastes a whopping £17.6 billion a year by letting money leach away on takeaways, snacks, coffees, ready meals and items and services which aren’t used – that’s an average of £360 of unnecessary spending per person, per year. New research commissioned by Gocompare.com Money identified takeaway food and drink as key areas where…
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Banks and financial institutions must change the way they operate to give customers with mental health problems equal access to good customer service, a leading mental health think tank has urged. New research fully demonstrates for the first time how financial capability – people’s ability to manage everyday financial tasks like paying bills or budgeting –…
Read moreEnergy suppliers should provide a consistent message on the third-party support available so that vulnerable customers feel comfortable taking up the offer for referral according to a Citizens Advice report. It also said that customers should not be penalised for refusing referrals. “Some consumers may need independent advice or help with a matter that their…
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Here is an overview of The Money Charity’s latest statistics for January 2017: Personal debt in the UK People in the UK owed £1.512 trillion at the end of November 2016. This is up from £1.460 trillion at the end of November 2015 – an extra £1017.04 per UK adult. Based on November 2016 trends,…
Read moreThe bank of mum and dad are still the first port of call for people when they hit financial crisis, according to a report by Christians Against Poverty The Charity asked 1,200 of their debt clients where they went for credit when they found themselves short. The results show friends and family as the top…
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Creditfix, has revealed the top 20 postcodes with the highest percentage of people living in debt and currently undertaking an IVA/PTD. Individuals living in Motherwell, Kilmarnock and Glasgow top the list, closely followed by South East London and Plymouth.According to new nationwide data from Creditfix, the top 20 postcode areas across England, Scotland, Wales and…
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The Carrington Dean Group has become the first full service debt advice and solutions business in Scotland to receive Financial Conduct Authority (FCA) authorisation, . Carrington Dean Chief Executive Peter Dean said “Vulnerable people seeking debt advice need to be able to trust they are dealing with an ethical and expert firm that will always put…
Read moreAs part of Provident Financial Group results, the Vanquis Bank division has revealed a 9% rise in customer growth. Here is an overview of the Group’s results on trading for the financial year ended 31 December 2016, ahead of its preliminary results for the year which will be announced on 28 February 2017. Vanquis Bank: delivered fourth…
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