Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for May 2019: Personal debt in the UK People in the UK owed £1,633 billion at the end of March 2019. This is up from £1,588 billion at the end of March 2018, an extra £852.40 per UK adult over the year. The average total debt per…
Read moreFinancial wellbeing is deteriorating at its fastest pace since September 2017 despite a sustained rise in income from employment according to a new report IHS Markit. The report found that household finances were squeezed to the strongest extent since September 201 whilst workplace activity and incomes from employment continue to rise. The outlook towards future…
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The Fairness Group has issued a joint public statement as it sets out how the government will work with the advice sector to support vulnerable people and those in financial hardship. The Fairness principles are aligned to Financial Conduct Authorities (FCA) guidelines on Treating Customers Fairly. These Principles are embedded in the Cross Government Debt…
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Test Valley Borough Council has been forced to write off more than a quarter of a million pounds in uncollectable debts — the majority of which is down to companies becoming insolvent. Test Valley Borough Council’s cabinet has approved wiping out £310,975 in unpaid business rates debts, accrued by businesses. Much of the uncollectable sum…
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HMRC has spent over £140 million on private debt collectors in the last decade, according to new analysis by UHY Hacker Young, the national accountancy group. UHY Hacker Young says HMRC has come under pressure to maximise revenues in recent years which has led to it adopting an increasingly aggressive approach to collecting unpaid tax.…
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‘Outdated and punitive council tax regulations’ are encouraging local authorities to collect arrears aggressively and is causing people serious financial harm, according to new research by Citizens Advice. Citizens Advice new research shows missing an average council tax payment of £167, in the first month of the financial year, can escalate to a debt of…
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Here is an overview of The Money Charity’s latest statistics for April 2019: Personal debt in the UK People in the UK owed £1.633 trillion at the end of February 2019. This is up from £1.584 trillion at the end of February 2018, an extra £942.39 per UK adult over the year. The average total debt per household,…
Read moreVulnerable people who fall behind with Council Tax payments will have greater protection from aggressive debt enforcement under new plans to improve the way councils collect arrears. Following concerns from charities, debt advice bodies and local councils, ministers are moving forward with work to create a fairer, more efficient and compassionate debt recovery system. Local…
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A new report produced by a Scottish debt charity Stepchange has highlighted the extent of the debt burden in Scotland. In its report, Scotland in the Red, StepChange Debt Charity Scotland outlines the financial situation of Borderers who have sought their assistance with managing debts. The report draws on data from telephone debt advice sessions…
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Here is an overview of The Money Charity’s latest statistics for March 2019: Personal debt in the UK People in the UK owed £1.629 trillion at the end of January 2019. This is up from £1.579 trillion at the end of January 2018, an extra £952.50 per UK adult over the year. The average total debt per…
Read moreBusiness rate debts worth more than £130,000 have been written off by Stafford Borough Council. The authority also agreed to write off one council tax debt of £3,205.56 at its cabinet meeting on Thursday, alongside the 18 business rate arrears cases totalling £130,444.24. The businesses involved have not been publicly identified, but the meeting was…
Read moreEast Renfrewshire council has made moves to write off more than £1million of debt. Members of the authority’s cabinet are being asked to approve the move, which would cancel debts racked up in council tax, housing benefit overpayments, rents arrears and court expenses. Roughly £800,000 of uncollected non-domestic rates (NDR) could also be written off…
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Three-quarters of people who are already in debt across the UK have had to borrow more money to cover daily living costs since receiving Universal Credit, according to new data from national debt help provider PayPlan. The survey of more than 6,000 people, who have already sought advice from the free debt help provider, also shows…
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