Credit, Collections & Insolvency News
Ofgem has put in place a new safety net to protect consumers in the unlikely event their supplier goes out of business. The existing “supplier of last resort” regime already guarantees that people will continue to receive their energy supply. Following the consultation which began in June, Ofgem has now taken action to protect customers’ credit…
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Personal insolvencies in Scotland have remained largely stable for the second quarter of the year, according to the latest figures from Accountant in Bankruptcy (AiB). Total personal insolvencies, which include both bankruptcies and protected trust deeds, totalled 2,424 for the second quarter of 2016-17 up to 30 September 2016, a small 0.8% increase on the…
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More customers in vulnerable situations will get extra help, under changes to the Priority Services Register announced by Ofgem. Customers on the Priority Services Register can get free, vital services from network operators and suppliers to help them manage their energy. These include: customers being given a password so that they can safely identify representatives…
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More than a quarter of Brits (28%) admit to dreading the cost of Christmas, according to Debt Advisory Centre. As the most expensive time of year approaches, 18 million people say that they dread Christmas due to the cost. Young people (aged 18-24), are the most likely to dread Christmas with more than 1 in 3…
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Over half of the population of the UK, 35 million people, are worried about how they will pay for their heating this winter, according to new research commissioned by Debt Advisory Centre. As the temperatures drop, many households are keen to switch their heating on, but with the average annual gas bill reaching £714 some…
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The total number and value of debt judgments in Northern Ireland during the third quarter of the year fell to its lowest level since before the financial crisis, according to figures released today by Registry Trust. The value of debt judgments before courts in the north was £4.5 million in the three months to September…
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Only 4% of decrees and judgments relating to debt in Scotland were marked as satisfied in the third quarter of 2016, compared with 15% in England and Wales, according to figures from Registry Trust. Registry Trust is the non-profit organisation which collects judgment information from jurisdictions across the UK, including small claims and summary causes…
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According to a new survey commissioned by Gocompare.com Energy, 5% of homeowners are in arrears with their gas or electricity bills, owing suppliers on average £121.20. The survey also found that only 13% of those struggling to pay their energy bills had contacted their supplier to discuss their situation and ask for help. The report surveyed over 1,280…
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Here is an overview of The Money Charity’s latest statistics for October 2016: Personal debt in the UK People in the UK owed £1.499 trillion at the end of August 2016. This is up from £1.445 trillion at the end of August 2015 – an extra £995.43 per UK adult. The average total debt per household…
Read moreSpiralling charges on unarranged overdrafts are adding millions of pounds to problem debt and they must be capped by the FCA, says StepChange Debt Charity. New figures from the charity, suggest that almost two thirds of people seeking its help with overdraft debts have regularly exceeded their limit and faced charges of £45 each time…
Read moreThe Government has announced that they will be creating a new single public body responsible for delivering advice to consumers on money, debt and pensions. The new service will replace the Money Advice Service (MAS). The government thinks a single advisory body will be more efficient but has yet to decide how the new service will…
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Aphility has introduced a secure, real time, certified digital bank verification capability by integrating DirectID from the online trust company. The IDCo to enable the verification of business and consumer income and expenditure data from UK Banks. This enhancement will enable customers and partners to undertake faster and more accurate affordability assessments and credit decisions delivering…
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More and more people are struggling with debts for guarantor loans and rent to own credit products, Citizens Advice reveals today. The charity says there has been a shift in the high cost credit market as the number of people seeking help for problems with these sub-prime products has risen by 16% over the last year…
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