Credit, Collections & Insolvency News
Landlord and Tenant Solicitors firm, Landlord Action, says that any extension to the ban on evictions could cause financial ruin to landlords who already had possession cases for rent arrears going through the courts prior to the ban. Some landlords with pre Covid-19 possession cases will find themselves trying to cover more than a year’s…
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The Government has been urged to apply a zero rating to VAT on High Court enforcement fees by the High Court Enforcement Officers Association (HCEOA). In its response to a Ministry of Justice consultation on the issue, the HCEOA this week said new regulations on VAT fees needed to be simple, fair and consistent. As…
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New figures released by the Finance & Leasing Association (FLA) show second charge mortgage new business volumes fall by 14% in March 2020. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The disruption caused…
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The latest figures from the Insolvency Service have shown that total insolvencies increased in Northern Ireland in Q1 2020. There were 621 individual insolvencies in Northern Ireland in Q1 2020. This was an increase of 7.4% compared with the same quarter of the previous year. In Q1 2020 there were 621 insolvencies, up 7.4% on…
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Latest figures from Accountant in Bankruptcy, Scotland’s Insolvency Service have indicated that personal insolvencies decreased in Scotland in Q1 2020 There were 3,156 individual insolvencies in Scotland Q1 2020. This was a decrease of 3.8% compared to the same quarter of the previous year. This comprised of 1,129 sequestrations (of which 455 went into sequestration…
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Barclays has issued a warning about the cost of the pandemic in its latest financial results, which saw that pre-tax profits fell to £913 million amid Covid-19 crisis. The company says it could be forced to take a £4.5 billion charge to cover bad debts in 2020 as a result of the coronavirus pandemic. The…
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The UK’s largest debt advice charities have welcomed emergency legislation banning bailiffs from visiting homes to enforce debts during Covid-19 restrictions – but say the Government ‘must go further’ in helping people struggling with council tax bills as a result of the outbreak. Citizens Advice, Money Advice Trust and StepChange Debt Charity raised concerns with…
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The number of judgments against Northern Ireland consumers increased by 4.6 percent in Q1 (January-March) 2020 compared to the same period last year, from 1,411 to 1,476, according to figures released today by Registry Trust. But the amount owed in judgment debt by Northern Irish consumers fell from just under £5 million to £3.2 million,…
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The number of County Court Judgments (CCJs) issued against consumers fell 16 percent in Q1 (January-March) 2020 compared to the same period last year, according to figures released by Registry Trust. The number is down from 321,281 in Q1 2019, to 269,249 this quarter. The number of consumer judgments in England & Wales issued this…
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Just has announced that it has appointed Charlie Horner as a Principal Consultant. Horner has previously worked at TDX Group and Experian and joins to head up the company’s solution design team. Horner will help develop Just’s digital marketplace solutions in order to bring a new, fresh and independent provider’s approach to the market of…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes up by 13% in February 2020 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The second…
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The Financial Conduct Authority (FCA) has confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products. Following a short consultation the FCA will be going ahead with the proposals outlined last week, which will give firms the flexibility under our rules to provide temporary financial…
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The Institute for Fiscal Studies (IFS) has warned against rising poverty as a report suggests the young and low-paid will be worst affected by business shutdowns during the coronavirus crisis.The study noted that employees aged under 25 were about two and a half times as likely to work in a sector in effective lockdown because…
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