Credit, Collections & Insolvency News
The Insolvency Service has published its latest analysis on personal insolvencies for Q3 2020 which indicates that. numbers decreased to 19,783 in Q3 2020, down 40% on Q2 2020, and down 37% on Q3 2019. The quarterly decrease in personal insolvencies was mainly driven by a sharp drop in Individual Voluntary Arrangements (IVAs), although a…
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THE number of people missing card and loan repayments has jumped in recent weeks, according to Which? An estimated 370,000 more people defaulted on a credit card or loan in October than in September, increasing from 410,000 to 780,000, the consumer group’s UK survey findings indicate. The latest findings from Which?’s consumer insight tracker reveal…
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The number of decrees and total amount of debt registered against Scottish consumers fell by 42 percent in the third quarter (Q3) of 2020, according to figures released by Registry Trust. The number fell from 4,859 to 2,805, with the total value falling from £13.2 million to £7.6 million compared to the same period last…
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The number of debt judgments registered against Northern Ireland consumers in the third quarter (Q3) of 2020 was just 608, a huge fall of 66 percent compared to the 1,781 registered in the same period last year, according to new figures by Registry Trust. The fall in the total value of judgment debt owed in…
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The number and total value of judgments registered against Irish consumers saw a huge fall in the third quarter (Q3) of 2020 compared to the same quarter last year, new figures released by registrar Irish Judgments show. The number of judgments against consumers fell by 81 percent, from 678 to just 126. The total value…
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Enforcement association. CIVEA has reported the success of its response to the COVID-19 pandemic crisis across England and Wales, has been supported by the launch of its strengthened Code of Practice one year ago. All CIVEA members are required to comply with the code of practice in the same way that they have acted collectively…
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Credit Connect Media has announced that the second edition of its Connected News series will take place on Thursday 26th November at 10am. The next discussion will focus on Customer Engagement. Speakers from Centrica and Business Stream will join supplier sponsor Aspect and Credit Connect to discuss the impact of the pandemic upon consumers and…
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Energy regulator Ofgem has confirmed plans to strengthen protections for customers who are struggling to pay their energy bills this winter. Following a consultation in June, The regulator is introducing new licence rules for suppliers from 15th December. One of the rules will require suppliers to offer emergency credit to customers struggling to top up…
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Accountant in Bankruptcy has published its latest figures which indicate that there were 7,003 personal insolvencies in the year to the end of September 2020, 3,275 (31.9%) fewer than in the same period the year before. Bankruptcies decreased by 37.5% in the year to the end of September 2020 when compared with the same period…
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The Insolvency Service has published its latest figures which indicated that in September personal insolvencies in England and Wales increased to 7,450 in September 2020 compared to August’s figure of 6,372, but remained well below September 2019’s figure of 12,256 There were, on average, 4,639 IVAs registered in each of the 3 months ending September…
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The letters borrowers receive from their lenders when they are seriously behind on repayments will be easier to understand and less intimidating as a result of new rules proposed by the Treasury. Currently, lenders have to comply with a 1970s law that dictates the text of official default notices issued by the banks. Default Notices…
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The resumption of enforcement visits to collect overdue, pre-coronavirus debt to local authorities has been handled successfully one month on, according to evidence from CIVEA, the principal trade association representing over 95% of civil enforcement agencies in England and Wales. The vast majority of visits in the past month have been to enforce fines, traffic…
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Credit Connect’s hosted it’s first-ever Online Collections Technology Think Tank last week which saw collections strategies and the impact of the pandemic discussed by eleven collections professionals from a variety of industry sectors. The themes of business transformation, customer engagement, vulnerable customers, affordability, and open banking collections were discussed by panelists and Chair Vanessa Northam…
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