Credit, Collections & Insolvency News
The Government has confirmed a £500 million hardship fund will provide council tax relief for vulnerable households. Local Government Secretary Rt Hon Robert Jenrick MP has confirmed the government’s £500 million Hardship Fund will provide council tax relief to vulnerable people and households to help those affected most by coronavirus. The government has set out…
Read more
HMRC has been urged to immediately pause tax collections to keep businesses liquid. The coronavirus outbreak has created unprecedented uncertainty around the world and now requires unprecedented measures to protect the economy and HMRC should immediately pause tax collections according to Alexander Altmann of Blick Rothenberg. Altman said “Supply and demand are the core principles…
Read more
Council tax debt is growing in Scotland, with Citizens Advice Scotland (CAS) finding that its clients are almost £7 million in arrears. Figures from the charity’s network also suggest that the average debt (£3,102.46) is now almost three times that of the average bill (£1,147). Following up on the findings, CAS is now launching a…
Read more
Here is an overview of The Money Charity’s latest statistics for Febrruary 2020 Personal debt in the UK People in the UK owed £1,675 billion at the end of December 2019. The average total debt per household, including mortgages, was £60,213 and per adult was £31,766, around 112% of average earnings. Net mortgage lending rose…
Read more
New research from Citizens Advice finds that many people in council tax arrears can’t afford to pay their debts, and have an average of just £7 left at the end of the month after covering their living costs. Some four in ten have no money left at all. The overwhelming majority – nine in ten…
Read more
Sandwell Council rent arrears have hit £5.7 million as it’s IT system struggles with Universal Credit. The authority is now set to spend more than £400,000 on new IT software which is hoped will boost income by almost £700,000 in the first 12 months by correctly identifying tenants most at risk of not paying. A…
Read more
More than three out of ten consumers (34%) say they would be most likely to take on extra debt if they were faced with a sudden gap in their finances, according to new research from R3, the insolvency trade body. Thirteen percent of over 2,000 people surveyed by Savanta ComRes for R3’s latest Personal Debt…
Read more
A group of cross-party MPs and Peers has joined a coalition of debt advice campaigners in urging the Government to break its silence on bailiff industry reform. Today marks a year since the Ministry of Justice (MOJ) closed its call for evidence on the bailiff industry, but despite overwhelming evidence of the need for wide-ranging…
Read more
One in three (36%) people in the UK say they would be in financial arrears within a month if they were to lose their jobs tomorrow, according to new research by AA Financial Services. This figure rises to a staggering one in two (51%) amongst people who rent their homes. The findings come at a…
Read more
Enforcement specialist JBW Group has announced that that it has been awarded four contracts to provide Approved Enforcement Agency services to Her Majesty’s Courts and Tribunals Service (HMCTS). As a result of these awards, JBW will be providing primary services to the London, South-East and Midlands regions of HMCTS and secondary services for all other…
Read more
In the year up to November 2019, UK households borrowed almost as much as the Government, demonstrating that debt remains both a private and public sector issue, according to the January 2020 Money Statistics, produced by The Money Charity. The latest data available from the Bank of England and ONS shows that UK households borrowed almost…
Read more
Here is an overview of The Money Charity’s latest statistics for January 2020 Personal debt in the UK People in the UK owed £1,669 billion at the end of November 2019. The average total debt per household, including mortgages, was £59,982 and per adult was £31,643, around 111.6% of average earnings. Net mortgage lending rose…
Read more
A new Collections Technology Think Tank has been launched by Credit Connect Media. The event will examine collections technology strategies to increase effectiveness and efficiency. The inaugural Collections Technology Think Tank powered by Credit Connect will take place on Thursday 11th June at the Marriott Hotel in Leeds. The event will focus on how collections teams can…
Read more