Credit, Collections & Insolvency News
Debt advice specialist PayPlan has announced the launch of a new customer supportservicel by partnering with LanguageLine Solutions, to offer real-time interpreting in up to 240 different languages. In line with PayPlan’s commitment to its Consumer Duty responsibilities, this partnership ensures that free debt advice is accessible to customers who previously faced language barriers, making…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers fell 6%. There were 24,418 individual insolvencies registered in Q3 2023, 6% lower than the number of individual insolvencies registered in the previous quarter, and 15% lower than during the same quarter in the previous year. The number…
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Gobal credit intelligence company, Pepper Advantage has reported a 23.3% annual increase in the arrears rate in the third quarter of 2023 to reach a new post-Financial Crisis high. The growth in the arrears rate follows successive increases in the percentage of mortgages that experienced a Direct Debit Rejection (DDR), where a direct debit instruction…
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Almost three in ten consumers plan to spend less in the festive period this year than last year, reflecting the impact of the ongoing cost-of-living crisis according to research by Deloitte. The data also shows a rise in the number of UK consumers who intend to spend more in the last three months of 2023,…
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Latest Bank of England figures have shown that remortgaging approvals fell to 20,600 in September, making this the lowest level since January 1999. Net borrowing of mortgage debt by individuals decreased from £1.1 billion in August to -£0.9 billion in September – the lowest since April 2023. Net mortgage approvals for house purchases fell to…
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Here is an overview of The Money Charity’s latest statistics for October 2023 Personal debt in the UK People in the UK owed £1,846.5 billion at the end of August 2023. The average total debt per household, including mortgages, was £65,756 and per adult was £34,716, around 100.4% of average earnings. Net mortgage lending increased by…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that personal insolvency numbers in Scotland saw no real change in Quarter 2 (Q2) compared to a year ago but fell by 40.2% compared to pre-pandemic levels in 2019. Overall, personal insolvency numbers (bankruptcies and protected trust deeds) in Scotland for Q2 saw no real change,…
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The High Court Enforcement Officers Association (HCEOA) is backing the Enforcement Conduct Board’s (ECB) new accreditation scheme for the enforcement profession. A register of accredited enforcement firms has now been published on the ECB’s website for the first time and marks an important step for the ECB, which was set up in 2022 to provide…
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Soaring rent prices are increasingly pushing young people into debt, according to new research from Creditfix. New data from the personal insolvency provider has shown a significant rise in the number of renters under the age of 45 seeking support for unmanageable levels of debt. Individuals under the age of 45 now account for almost three quarters…
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Almost half (46%) of all adults have identified energy bills as their biggest financial concern heading into this winter according to research by Finder.com. Single-person households were the most apprehensive, with more than half (53%) of those living alone saying that energy bills are one of their biggest financial concerns heading into winter. This was…
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One in four people with energy debts (24%) are currently unable to repay, according to new research commissioned by National Debtline. The free debt advice service is leading a coalition of 13 organisations calling on the Chancellor to introduce a ‘Help To Repay’ scheme in the Autumn Statement. The findings, based on UK-wide research commissioned…
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With the country getting an extra hour in bed as the clocks go back this weekend, Aviva’s latest study reveals that over half (51%) of the nation say they are not getting the recommended seven hours or more sleep per night. On average, UK adults were found to be getting just under six and a…
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Singles are forced to spend around a third more on housing per person than their couple counterparts – despite living in cheaper accommodation. They also spend more per person on fixed costs like food and communications according to research by Hargreaves Lansdown. The research found that individuals have to cut costs wherever they can, so…
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