Credit, Collections & Insolvency News
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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The Money has released research examining financial education in secondary schools. The Key Findings of the report: Financial education is not as effective as it should be. Almost two thirds of teachers tell us financial education in the UK is somewhat or very ineffective. The introduction of financial education to the curriculum achieved little on the…
Read moreCustomers who make a complaint are less satisfied with how their supplier handles it compared to two years ago, according to Ofgem’s biennial complaints survey. Ofgem commissions a survey every two years which compares how suppliers deal with their domestic and micro-business customers’ complaints. Since complainants were last surveyed in 2014, the total number of…
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A new report from Citizens Advice Wales “Fairness for all – Improving council tax debt collection in Wales” highlights the findings of research undertaken to better understand the recent increase in council tax arrears seen over the last few years. Council tax arrears is now the largest debt issue representing 13%t of all debt issues. Council…
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Over £80 million has been repaid to creditors in the past year, according to the Annual Report and Accounts published by Accountant in Bankruptcy (AiB). The Scottish Government Agency also recovered all of its costs through fees and income during the year, ensuring its work had no impact on the public purse during 2015-16. Despite…
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Payday firm, CFO Lending, has 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. A number of serious failings took place which…
Read moreThe Money Advice Trust has called for a ‘whole-society’ approach to tackling financial exclusion with a stronger leadership role from Government, in evidence to the House of Lords Financial Exclusion Committee. The Committee, chaired by Baroness Tyler of Enfield, is examining financial exclusion and access to mainstream financial services. The charity has pointed to fundamental issues…
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