Credit, Collections & Insolvency News
GfK’s consumer confidence index has fallen by one point from -20 in September to -21 in October, the lowest reading since March. The fall is thought to be due to anxieties over potential tax rises at the Budget next week outweighing optimism over falling inflation. However, GfK’s major purchase index rose by two points to…
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The EY ITEM Club has revised its GDP growth expectations for 2024 down slightly from 1.1% in July’s Summer Forecast to 0.9%. UK GDP growth is expected to accelerate to 1.5% in 2025, although this is lower than the 2% forecast in July. The downgrade reflects that household savings are now lower than initially thought three…
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After purchasing their first home, one in 10 (10%) first-time buyers expect to have less than £200 left each month, while one in 20 (5%) believe they would have nothing at all to live on, according to Yorkshire Building Society. A further two-thirds (64%) are worried they won’t be able to afford to put any…
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A company which claimed to help customers reach an early resolution to their Individual Voluntary Arrangements (IVAs), but instead exposed them to the risk of their debt solution failing, has been closed down. McKenzie Jones Associates, which was last registered to an address in Kent Road, Formby, near Liverpool, was wound up at the High…
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Latest data from Accountant in Bankrupcy has showed that personal insolvency levels fell by 9.1% in Scotland during Quarter 2, to a total of 1,891. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland decreased by 8.3% when compared to the previous quarter’s total of 2,063 (April-June 2024). Iain Fraser, Chair of the…
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New research from Skipton Building Society has found that just one in four people (26%) are feeling hopeful and optimistic about the upcoming Budget announcement. Whilst a further 70 per cent admit to feeling worried or anxious on what the Government may announce. And of those, it is more women (77%) than men (62%) feeling…
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Latest research commissioned by the Insolvency Service has shown evidence of poor practice among providers of Individual Voluntary Arrangements (IVA). Individual Voluntary Arrangements (IVAs) are a legally binding agreement between a person who is insolvent and their creditors. They are administered by licensed Insolvency Practitioners, usually last for between five and six years, and give…
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Latest data from UK Finance has found that outstanding balances on credit card accounts have grown by 7.6 per cent over the twelve months to July with 49.4 per cent of outstanding balances incurring interest compared to 50 per cent in July 2023. The report also showed that there were 403 million credit card transactions…
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The Information Commissioner’s Office (ICO) has fined two Manchester based financial and debt management companies a total of £150,000 for sending in excess of 7.5million spam text messages to people. Both Quick Tax Claims Limited, a company focusing on PPI tax refunds, andNational Debt Advice Limited, a debt counselling advice service, first came to the attention of the…
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StepChange Debt Charity is calling for urgent action from the Government and local authorities to overhaul the council tax debt collection system, as it says current practices are causing significant harm to people struggling with their finances, including damage to their health, wellbeing, and relationships. As it stands, there are no binding standards for local…
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Latest Bank of England of England data has reported that lenders have seen mortgage defaults rose in the three months to the end of September and are expected to do so again in the last three months of 2024. The recent rise in default rates was lower than the banks had expected. However, in the last…
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New figures released by the Finance & Leasing Association (FLA) has shown that second charge mortgage new business volumes grew by 16% in August 2024 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA),…
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New data from Barclays has shown that consumer card spending increased 1.2 % year-on-year in September, after returning to growth in August, but remained lower than the latest CPIH inflation rate of 3.1 %. Non-essential spending saw its highest growth so far this year, at 2.7 %, as retailers’ discounting incentivised shoppers. Several retail sub-categories…
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