Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for December 2019: Personal debt in the UK People in the UK owed £1,665 billion at the end of October 2019. The average total debt per household, including mortgages, was £59,840 and per adult was £31,569, around 111.7% of average earnings. Net mortgage lending rose…
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The number of County Court Judgements (CCJs) registered against consumers has risen in Q3 year-on-year, according to latest figures released by Registry Trust, making the figures the highest amount of registered judgments against consumers in the third quarter since 2017. A total of 289,971 County Court judgments (CCJs) were registered against consumers in England and…
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Credit Connect has announced its inaugural Credit & Collections Technology company power list for 2019. The power list is the first edition of what will be an annual round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements…
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Home repossessions have increased by 19 per cent to 1,330 in the third quarter of 2019 compared to the same period last year, new figures from UK Finance have revealed. UK Finance says the slight increase in possessions has been driven in part by a backlog of historic cases which are being processed in line…
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Households struggling to pay their council tax are being pushed into further debt as outdated regulations see councils resort to bailiffs to collect arrears, says Citizens Advice in its latest research. Citizens Advice says under current rules when people miss a single council tax payment they automatically became liable for the full year’s bill. The…
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Energy regulator, Ofgem has called for insolvency firms to treat customers more fairly when they are left in debt when energy companies collapse. Fourteen small energy firms have exited the domestic energy market since 2018. Toto Energy became the seventh small supplier to go out of business this year in October – just three months…
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High Court Enforcement Agencies have been incorrectly charging VAT on top of their fees to debtors according to research by Just Digital Marketplace. Efforts to obtain clarification on the correct approach were led by the firm. Just says that it sought advice from the VAT barrister, Melanie Hall QC, of Monkton Chambers and then consulted…
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A third of young adults use their credit card to pay bills according to new survey findings from 118 118 Money. The research shows that the credit cards are used to purchase holidays (53%), clothes (50.9%) and food (47%). A number even admitted to paying their monthly mortgage or rent payment with a credit card (4%).…
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The Insolvency Service has published its latest England & Wales insolvency statistics for Q3 2019 (July-September) indicating that personal insolvencies (seasonally adjusted) increased by 0.6% from Q3 2019 compared to Q2 2019, and rose by 22.7% compared to Q3 2018. The figures showed that personal insolvencies are on the increase with 30,879 individual insolvencies in…
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The Financial Conduct Authority (FCA) has confirmed that it has removed barriers that stop some mortgage customers from finding a cheaper mortgage deal. The rule change means that around 30,000 homeowners now have the freedom to move elsewhere. In some cases, so-called “mortgage prisoners” have previously been told that they cannot afford a new mortgage…
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Accountant in Bankruptcy (AiB) has released official statistics reporting personal insolvencies in Scotland for the second quarter (July to September 2019) of 2019-20. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland fell by 1.7% in July-September 2019 compared with the previous quarter (April-June 2019), but rose by 12.6% compared with the…
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Seaside towns dominate this year’s rankings for the areas with the highest levels of personal insolvencies in the UK (year-end December 31 2018), according to research by UHY Hacker Young. The data suggests that these seaside towns are still a long way from recovering from the decades of contraction in their traditional coastal industries such…
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A new version of the Debt and Mental Health Evidence Form (DMHEF) has launched following a review conducted by the Department of Health and Social Care, along with the British Medical Association, Money and Mental Health Policy Institute, Money Advice Trust, UK Finance, the Credit Services Association and other key stakeholders. Findings from the review…
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