Credit, Collections & Insolvency News
Consumers repaid £7.4 billion debt in April, the largest net repayment since the series began according to the latest figures from the Bank of England’s monthly Money & Credit statistical release data. This is the largest net repayment since records began in 1993 and double that of March, which was the previous record. The figures…
Read more
One in ten families has asked family and friends for money to pay household bills according to new research by comparethemarket.com. The findings were part of the comparison specialist’s Household Financial Confidence Tracker, The company also says that the Government’s decision to start easing the nationwide lockdown has led to a pronounced drop in confidence…
Read more
The UK’s three largest debt charities have called on the Government to change ‘ineffective’ regulations on how councils collect council tax arrears to protect households who have fallen behind due to the coronavirus pandemic. Citizens Advice, the Money Advice Trust and StepChange Debt Charity fear that with council tax enforcement measures likely to restart soon,…
Read more
New research from Citizens Advice has revealed that over 13 million people have already been unable to pay, or expect to be unable to pay, at least one bill because of the coronavirus outbreak. Of these, almost 11 million have missed or expect to miss a bill that would leave them vulnerable to severe consequences…
Read moreThe 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…
Read more
Research from global information and insights provider TransUnion, shows potential signs of stabilisation in the impact of COVID-19 on household and personal finances, suggesting that the various financial support measures on offer are easing the burden. The number of households negatively impacted remains largely unchanged, at three out of five, but the number of people…
Read more
Cifas, the UK’s leading fraud prevention service, has launched the latest Fighting Fraud and Corruption Locally (FFCL) strategy on behalf of the FFCL Board, which sets the approach that local authorities will take to tackle fraud over the next decade Councils across the UK continue to face a significant challenge to their budgets and resources…
Read more
The UK’s three largest debt charities have called on the Government to instruct local authorities in England and Wales to suspend bailiff action for the duration of the Covid-19 outbreak. The move comes as Citizens Advice, Money Advice Trust and StepChange Debt Charity report that debt advisers have already begun to receive calls about bailiffs…
Read more
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