Credit, Collections & Insolvency News
The Covid-19 Pandemic has left six million people more afraid of becoming homeless according to new research by Shelter. The charity’s research indicates that one in seven adults (14%), equivalent to more than six million people in England are more worried about becoming homeless due to the pandemic. With people’s incomes slashed, job losses mounting, and people hanging onto their…
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Latest figures from Accountant in Bankruptcy (AiB) have shown that Scottish personal insolvencies fell by 41.3% that in the previous 12 months. The figures showed that were 7,967 personal insolvencies in the 12 months to February 2021 (inclusive), 5,608 fewer than in the previous 12 months. Bankruptcies decreased by 48.5% in the 12 months to…
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Latest statistics from the Insolvency Service have shown that personal and business insolvencies continue to remain low in comparison to previous years. In February 2021 there were 144 individual personal insolvencies in Northern Ireland, 46% lower than February 2020; this consisted of 107 IVAs, 27 DROs and 10 bankruptcies. Business insolvency figures In February 2021…
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The Ministry of Housing, Communities and Local Government (MHCLG) has announced that it is suspending bailiff-led rental evictions until 31st May. The temporary law requiring landlords to give tenants 6 months’ notice before they can evict has also been extended for the same period. The ban on commercial evictions has also been extended to 30th June.…
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The Financial Conduct Authority (FCA) has confirmed that repossessions may be allowed from 1st April but only as a last resort. The regulator implemented a moratorium amid the coronavirus crisis, protecting people from repossession proceedings, with this extended to April in January. The FCA has said that as of next month, firms are able to…
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The Insolvency Service has published its annual performance data for 2020 about Individual Voluntary Arrangements (IVAs). The figures show that early termination rates of IVAs have dropped 11% in the past year, while total IVAs have risen by almost 20,000 since 2018 and that IVAs have risen steadily on an annual basis since 2015, although…
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The Social Market Foundation (SMF) estimates that nearly 770,000 families are at risk of losing their homes if they suffer a loss in income when a ban on repossessions ends in April. The Social Market Foundation think tank analysed official data and found that of the 770,000 at risk of repossession, a quarter (26%) worked…
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Scottish personal insolvencies in December 2020 fell 38.6% when compared with January 2020 numbers. The figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland showed that in January 2021 that there were 8,412 personal insolvencies in the 12 months to January 2021 (inclusive), 5,289 (38.6%) fewer…
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Latest statistics from the Insolvency Service have shown that personal and business insolvencies continue to remain low in comparison to previous years. There were 96 Individual Insolvencies In January 2021 which were 62% lower than January 2020; this consisted of 74 IVAs, 11 DROs and 11 bankruptcies. In January 2021 there were three company insolvencies…
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Latest statistics from the Insolvency Service have shown that personal insolvencies in England & Wales decreased by 13.7% to 8,305 in January 2020 compared to December’s figure of 9,623, and were 20.8% lower than January 2020’s figure of 10,482. Overall, numbers of individual insolvencies have remained low since the start of the first UK lockdown…
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The Government has announced that renters will continue to be supported during the ongoing national lockdown restrictions, with an extension to the ban on bailiff evictions extended until 31st March. The ban on bailiff evictions was introduced at the start of the pandemic means that the ban has been extended for another six weeks with…
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450,000 families are thought to have fallen behind on rent, as a result of the coronavirus crisis, according to a new report by the Resolution Foundation. The research indicated that more than 750,000 had been behind on housing costs last month, a 450,000 rise when compared to January 2020. The report examined how families have…
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The number of County Court Judgments (CCJs) issued against consumers in England and Wales in 2020 fell by 45 percent compared to 2019, from 1,146,475 to 626,775, according to figures released by Registry Trust. The total value of CCJs registered in 2020 fell by 34 percent to £1.1 billion, down from £1.7 billion in 2019.…
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