Credit, Collections & Insolvency News
West Lothian Council has launched a self-help guide for people who are at risk of repossession or facing eviction from their home. The West Lothian Court Advice Project is available to help anyone who, potentially, may face eviction as a result of non-payment of debts and is about to go to court. The Scottish Legal…
Read moreThe Department for Work and Pensions (DWP) has published the latest official statistics on household incomes, covering the financial year 2015–16. IFS researchers have summarised the headline trends observed in the new data and placed them in historical context in order to understand better changes in living standards in recent years. Key findings include: Average household…
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The Department for Work & Pensions (DWP) has downplayed the impact of the problems in the roll out of Universal Credit on claimants and local councils, claiming that rent arrears associated with Universal Credit “are likely to be of a short duration” and “should not present an insurmountable obstacle to landlords”. This is despite its…
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Harrington Brooks has been granted full authorisation by the Financial Conduct Authority (FCA). As part of its new regime, the FCA wanted debt management firms to meet a set of required conditions, including: fair and transparent fees, the provision of suitable advice, fully trained employees, appropriate systems and controls to protect client money, and a…
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UK consumer debt now stands at £240 billion according to new insight from. Almost three quarters (73 per cent) of UK adults admit they currently have some form of unsecured borrowing, such as personal loan, bank overdraft or credit card, with a third (33 per cent) of those admitting they rely on credit to get…
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Britain is on course for an unprecedented 15 years of spending cuts and lost pay growth, according to the Resolution Foundation’s overnight analysis of Budget 2017. The report finds that despite the Budget day focus on short term forecast improvements, the date for achieving an overall budget surplus has been pushed back until 2025. Average…
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Following the announcement of today’s Budget the Money Advice Trust has suggested that a year of pressure lies ahead for UK households. Joanna Elson OBE, Chief Executive of the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said: “While the economy is performing better than expected, the OBR’s forecasts point to a year…
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Over 620,000 families in England and Wales are spending more on overdue bills than on food, new research published by The Children’s Society has found. Families behind on bills are spending 18% of their income on paying back arrears. The Children’s Society is warning that huge bills can force families to cut back on food…
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Accountant in Bankruptcy (AiB) has appointed respected insolvency sector figure Mike Norris to its Advisory Board. Norris joins AiB as a non-executive board member to offer independent challenge and professional expertise to the Executive Agency of the Scottish Government. Since 2008, Norris has headed up the UK, Canadian and Dutch operations for Max Recovery, the leading…
Read moreA Court of Appeal decision handed down earlier in the week has significant implications for thousands of personal insolvency procedures, says insolvency trade body R3. The Court of Appeal’s judgment in the case of Green v Wright has clarified what should happen to payment protection insurance (PPI) refunds paid to people who have completed an…
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As the Bank of England’s latest money and credit statistics show an increase in consumer borrowing, Citizens Advice says right now more people are seeking help for debt problems from essential household bills. The Bank of England’s figures for January 2017 show consumer credit grew by 10.3% in the year to January to £194 billion.…
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The Office for Budget Responsibility (OBR)’s forecast for average earnings projects that median household income will not grow at all for the next two years. The Institute for Fiscal Studies (IFS) has calculated the future effects of the economic downtown indicating that following on from the deep recession and already-tepid recovery, this would leave median…
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The Bank of England has released it’s latest Money & Credit statistics for January 2017. In response to the statistics, Peter Tutton, Head of Policy at StepChange Debt Charity, said: “While the consumer credit growth rate has slowed, the level of outstanding unsecured debt continues to increase by more than 10% year on year and another £1…
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