Credit, Collections & Insolvency News
Families in Britain who are struggling financially are increasingly becoming prime targets of financial fraud, according to new research from Experian. This group, made up of more than 4 million people in the UK, have experienced the highest growth rate in fraud between 2014 and 2016. Of all the fraudulent credit applications made using an…
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The latest results Insolvency statistics from The Insolvency Service for Quarter 1 (January to March 2016) reveal that Personal Insolvency numbers have gone up. The main findings of the report were: Total individual insolvencies increased this quarter, driven primarily by an increase in individual voluntary arrangements. This was the highest number of individual insolvencies since Q2…
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A new briefing note released by the Institute for Fiscal Studies (IFS) has analysed the impact of tax and benefit changes since May 2015 on the incomes of different kinds of households. One of the key findings in the reports suggests that the one million families with children and nobody in paid work would be…
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Mobile phone providers in the UK will have to offer their customers the opportunity to set a limit on their monthly bill, following a new law passed by Parliament. Citizens Advice has today said this puts the power to manage their finances back into the hands of consumers. The national charity has called for all…
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Fewer Scots have accessed statutory debt solutions according to the figures from Accountant in Bankruptcy (AiB) for the fourth quarter of 2016-17. Compared with the third quarter of 2016-17, total personal insolvencies, which include bankruptcies and protected trust deeds, fell by 3.9%. In the three months between 1 January and 31 March, bankruptcies fell by…
Read moreThe Money Advice Trust has today announced details of the three projects that have been successful in applying to its Innovation Grants programme and will be supported by the organisation over 2017/18. The programme funds innovative advice projects to improve the quality and range of money and debt advice across the UK. The successful projects…
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Debt Management firm Debt Release Direct (DRD) has ceased trading. Ben Woolrych and Anthony Collier of FRP Advisory LLP together with Paul Boyle and Tom Bowes of Harrisons Business Recovery and Insolvency Limited were appointed as Joint Administrators. Prior to the appointment of the Joint Administrators, DRD concluded that it was no longer in a…
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Households are experiencing the tightest squeeze on their spending power since the summer of 2014, according to Markit’s Household Finance index. A “sharp and accelerated” squeeze on households’ financial well-being is largely being driven by renewed pressures on the amount of cash available to spend – which has fallen at the fastest pace seen since…
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Underhand tactics by the personal loans industry are costing consumers as much as £400 million every year according to a new report today by TSB Bank. The report findings suggest that: Consumers are being punished for shopping around – with providers making a hard mark on their credit file just for asking for a loan…
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New forecasts by economics consultancy the Centre for Economics and Business Research (Cebr) – show that the UK economy will grow by 1.7% in 2017, only marginally behind last year’s 1.8% growth. However, underneath this headline figure, which is bolstered by an improving outlook for exports, is a rapidly deteriorating picture for household finances, with…
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Payday firm CFO Lending has entered administration. Last year the company entered into an agreement with the Financial Conduct Authority (FCA) to provide over £34 million of redress to more than 97,000 customers for unfair practices. The redress consists of £31.9 million written-off customers’ outstanding balances and £2.9 million in cash payments to customers following findings that…
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EDF Energy has announced a rise in its standard variable electricity and gas tariffs. EDF will raise the price of its standard variable dual fuel tariff by 7.2% (£78) in June. EDF Energy CEO Vincent de Rivaz said: “I know that price rises are never welcome, but the industry is facing significant cost increases. To…
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Here is an overview of The Money Charity’s latest statistics for April 2017: Personal debt in the UK People in the UK owed £1.524 trillion at the end of February 2017. This is up from £1.476 trillion at the end of February 2016 – an extra£964.450 per UK adult. Based on February 2017 trends, the…
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