Credit, Collections & Insolvency News
Citizens Advice has urged the government to extend its measures to protect private renters from evictions before proceedings expire. The charity says that the Government has just one month to act before existing measures end. Citizens Advice is warning this presents a ‘cliff edge’ that will pitch some renters into long-term debt or homelessness. The…
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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…
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Homeowners struggling to pay their mortgage due to Coronavirus will be able to extend their mortgage payment holiday for a further three months, or start making reduced payments, in proposals published by the Financial Conduct Authority (FCA). The FCA has published new draft guidance today for lenders which will set out the expectations for firms…
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Insolvency, credit and debt recovery sector software specialist Aryza has announced the launch of Debtsense Collections. Developed in conjunction with Experian, Debtsense Collections is a digital tool that can be deployed quickly and cost-effectively to help businesses deliver higher volume and better quality customer interactions. Debtsense Collections is the first digital platform that puts consumers…
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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,…
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Mortgage breaks taken by 1.6 million homeowners could cost them at least £821 million in extra interest according to new analysis. Research by mortgage broker L&C Mortgages has shown that the mortgage breaks taken by 1.6 million homeowners due to the COVID-19 pandemic could cost them at least £821 million in extra interest. Figures calculated…
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Customers must not lose out on the service levels and investment they value most when the Competition and Markets Authority (CMA) re-examines four water companies’ future plans. That’s the warning from CCW – the voice for water consumers – which has written to the CMA to share its views on the cases put forward by Northumbrian Water,…
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The Insolvency Service has published its latest insolvency statistics which have released that the overall numbers of individual insolvencies dropped in the days immediately after the UK lockdown was applied. The figures show that were 10,397 individual insolvencies in April 2020 in England and Wales, consisting of 8,093 individual voluntary arrangements (IVAs), 1,496 debt relief…
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The Accountant in Bankruptcy, Scotland’s Insolvency Service that administers person insolvencies in Scotland has published its statistics for April 2020 which indicated that there were 976 personal insolvencies (bankruptcies and protected trust deeds (PTDs)) in April 2020. Personal insolvencies decreased by 199 (16.9%) less than in April 2019. Bankruptcies decreased by 71.6% in April 2020…
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Debt purchaser Cabot Credit Management latest business results have shown that the company expects a fall in collection rates as the business adapted to protect employees and serve our customers as COVID-19 crisis unfolded Delivered Adjusted EBITDA was £369 million over the last twelve months. Craig Buick, Chief Executive Officer, Cabot Credit Management, said “For…
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UK Finance has published its latest mortgage arrears and possessions update for Q1 2020 which indicate that there were 72,380 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the first quarter of 2020, six per cent fewer than in the same quarter of the previous year. There were…
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The Ministry of Justice Mortgage and Landlord Possession has published its latest mortgage and landlord possession statistics for England and Wales for January to March 2020 which indicates that mortgage possession claims have decreased. Compared to the same quarter last year, mortgage possession claims have decreased by 18%. This follows a three-and-a-half-year period of relative…
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Estates management business service Phillips & Cohen Associates has reported a significant surge in its online consumer activity via its proprietary Estate-ServeSM platform during the COVID-19 pandemic. The digital, self-service platform provides has provided assistance to consumers and communities during the pandemic. Over the past two months, the business has witnessed an incredible 60.3% increase…
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