Credit, Collections & Insolvency News
New data from Account in Bankrupcy (AiB) has revealed a quarterly and yearly rise in Scottish personal insolvencies. Overall, personal insolvency numbers (bankruptcies and protected trust deeds) in Scotland for Quarter 2 2022-2023 increased by 7.7% compared with Quarter 2 2021-2022. The number of personal insolvencies (bankruptcies and protected trust deeds) increased by 1.3% compared…
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Uswitch is calling on the Government to ensure that prepayment meter customers at risk of self-disconnection are considered the highest priority for additional support beyond April 2023. Uswitch says that the energy crisis has reversed a long-term trend for falling numbers of prepayment meters, putting thousands more households at risk of self-disconnection. From the middle of…
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The cost of some lowest-priced food items rose by more than 50% as new ONS figures show many people struggling to pay energy bills and rents. The analysis found that the cost of the lowest-priced vegetable oil and pasta have both risen by almost two thirds in the last year, The new experimental figures, which…
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New findings from the HL Savings & Resilience Barometer in July 2022, produced with Oxford Economics have found that the higher the level of education your parents reached, the more likely you are to have money. The research found that 69% of those whose father went to university have enough cash at the end of the…
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The joint administrators The IVA Advisor have secured the transfer of approximately 8,000 individual voluntary arrangement (IVA) clients to insolvency management firm Anchorage Chambers. The IVA Advisor, which was based in Cheadle, provided advice and support for people across the UK to help them manage debt. Anthony Collier and Simon Farr of specialist business advisory…
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Almost half (47%) of the Uk population struggle to talk about debt with family and friends, new research by Go.Compare Loans has revealed The current cost of living crisis has left 41% of UK adults worried about whether they will be able to pay their bills on time. For this reason, financial transparency with loved…
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New data from StepChange Scotland shows inflated prices for energy, food and other essentials are driving new clients to its service. Data from July to September 2022 shows one in five clients (21%) cited the cost of living as their main reason for debt, double the one in ten (10%) from January to March of…
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The Financial Conduct Authority (FCA) has found 7.8 million people are finding it a heavy burden to keep up with their bills, an increase of around 2.5 million people since 2020. The FCA has published a snapshot of the latest edition of its landmark Financial Lives survey, which was carried out between February and June…
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As many as 3.36 million more Britons may now be struggling with problem debt, according to new research from Ophelos. The company says that this brings the total number of people in the UK who cannot afford everyday expenses like rent or mortgages, council tax, or energy bills to an estimated 11.56 million. The new…
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New research by Aviva has suggested that feelings of anxiety are leading people, especially younger generations, to avoid looking at their finances at all, with 60% of Generation Z and millennials (aged 18-41) adopting this approach because they feel ‘they are often out of my control’. In times of heightened turmoil that is impacting households…
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Office for National Statistics (ONS) data shows that inflation has risen above 10% for the second time this year, with the consumer prices index rising to 10.1% in September from 9.9% in August. Soaring prices for food and drink were the biggest driver behind the latest cost of living increase, with an annual rise of…
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One in seven people in the UK are skipping meals or going without food, a new TUC poll has revealed today The poll carried out for the TUC by Opinium showed that 14% people across the UK are having to skip meals or go without food to make ends meet. However, in nearly 50 (47)…
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Ofwat and CCW have asked water company executives to set out how they will support households struggling with affordability, particularly as inflation hits customers who would not be eligible for social tariff or other financial support mechanisms. In a joint letter to water and wastewater company CEOs, David Black, Chief Executive of Ofwat and Emma…
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