Credit, Collections & Insolvency News
As the Government’s £400 energy rebate hits people’s accounts this month, new research from Opinium finds that positively more than four in five (83%) think it will help them financially. However, the research suggests that, for a significant proportion, the rebate may not be quite enough to enable people to be comfortable this Winter as…
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Gambling treatment and support services need to dovetail better with debt advice, to ensure that recovery pathways for people affected by gambling harm are more likely to succeed, according to a new report by the University of Bristol in conjunction with StepChange Debt Charity, supported by the Gambling Commission. The report finds that gambling is…
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The EY Item Club estimates a 0.3% fall in GDP for the whole of next year, downgrading a previous forecast of 1% growth. It is predicted that GDP should return to growth in H2 2023. before expanding 2.4% in 2024 and 2.3% in 2025. It expects GDP to grow by 4.3% overall this year, with…
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People borrowed 20% more from pawnbrokers in the past year as part of the cost of living impact, according to research by Mazars. The research showed that 341,000 people now owe money to pawnbrokers, up from 317,000 from last year. The value of loans taken out from pawnbrokers has jumped 20% in the past year,…
Read moreLatest monthly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies and business insolvencies increased in September. The figures showed that there were 22 company insolvencies registered in Northern Ireland, this is double the number in September 2021, but 39% lower than September 2019. This was comprised of two compulsory liquidations, 18…
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Latest research by The Bank of England’s Credit Conditions Survey suggests more households and businesses will default on loans in the coming months, with lenders expecting the availability of mortgages and consumer and corporate credit to decline. The Bank of England says that this is likely to see default rates on mortgages, credit cards and…
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Almost three-quarters of consumers are concerned about having enough funds to manage the festive shopping period, according to a new report from fintech platform Trust Payments. The survey of 2,000 residents in the UK to find out their spending habits, purchase patterns and financial concerns found that not only is the festive season a concern…
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Latest figures from Barclaycard show that more than half of consumers are cutting back on non-essential spending with sales at bars, pubs and clubs down 0.4% in September compared with a year earlier. This marks the first time sales have fallen since March 2021 when pandemic restrictions began easing. Consumer card spending grew 1.8 per cent year-on-year…
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At least one in five working-age families in most UK constituencies would lose out by hundreds of pounds on average if real-terms benefit cuts go ahead, a study Joseph Rowntree Foundation (JRF) has found. JRF has used the latest official data to produce a comprehensive analysis of which parliamentary constituencies will be most affected if…
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The Financial Conduct Authority (FCA) has updated its guidance on how banks should approach branch and ATM closures. The regulator is now asking banks to assess what affect partial closures, such as removing counter services or permanently reducing opening hours, will have on customers and to put alternatives in place before changes are made. Since…
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Google has announced a change to its debt service advertising policy, following collective evidence provided by the debt advice sector. From 6th December, Google will only allow organisations who are FCA authorised for ‘Debt Counselling’ and ‘Debt Adjusting’ to advertise debt services. Insolvency Practitioners will no longer be allowed to advertise directly. Google identified that the…
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New figures released by the Finance & Leasing Association (FLA) show that second charge new mortgage business increased by 37% in August. 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), said “The second…
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Eight out of ten people (81%) say they will stop saving money this year due to the demands of the current cost of living according to research by Hodge Bank A study from specialist lender and savings provider Hodge has also found more than half (56%) of people in the UK* will look to use…
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