Credit, Collections & Insolvency News
To mark World Mental Health Day, four leading banks have announced they are backing Money and Mental Health’s campaign to ‘Stop the DebtThreats.’ Barclays, Monzo, Nationwide and Metro Bank have joined over 30 charities in calling on the government to change out-of-date rules on debt letters, to make them less intimidating, and more supportive to…
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New figures released today by the Finance & Leasing Association (FLA) show that the Second charge mortgage market has reported volumes increased by 12% in August. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Acting Director General and Head of Consumer and Mortgage Finance at the Finance &…
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New research from mobile bank N26, to coincide with World Mental Health Day, has revealed that money worries are plaguing the minds of more than 18 million UK adults on a daily basis. This not only causes significant distress among those affected but has resulted in around 9.5 million consumers suffering from mental health issues as…
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Poverty is rising for all groups – even those in work – according to a new financial inclusion monitor report. The report from the University of Birmingham and the University of Lincoln shows nearly 1.6 million people falling behind with council tax payments, with six in ten people in the poorest fifth of the population reporting…
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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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The Credit Services Association (CSA) the trade body representing the debt collection industry has launched #heretohelp, a campaign designed to encourage customers to actively engage with its members at the earliest opportunity. Poor and misleading advice on the internet, that can often make matters worse and not better for the customer. With the support of…
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Here is an overview of The Money Charity’s latest statistics for September 2019: Personal debt in the UK People in the UK owed £1,647 billion at the end of July 2019. This is up from £1,600 billion at the end of July 2018, an extra £888 per UK adult over the year. The average total…
Read moreDebt Arrangement Scheme (DAS) reforms have been approved by Scottish Parliament. The amendment regulations will come into force on 4th November 2019. The regulations were developed following considerable work and engagement with stakeholders with the aim of increasing the accessibility, flexibility and sustainability of Debt Arrangement Scheme (DAS) payment programmes. These Regulations amend the Debt…
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UK Finance’s latest Household Finance Update has revealed that credit card spending reached £11 billion in August, up one per cent compared to the same month the previous year. Repayments have remained in line with credit card spending, showing that consumers are managing their finances effectively overall. Personal deposits grew by 1.4 per cent in…
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Energy suppliers are getting better at helping vulnerable customers manage their energy day to day, Ofgem’s research shows, but are still too slow at helping rising numbers of customers deal with debt. Ofgem has published its annual report on how suppliers treat their customers in vulnerable situations, including those in debt and at risk of…
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Citizens Advice has responded to Chris Daw QC’s report (published by the Social Market Foundation) on scrapping imprisonment for council tax arrears in England. In his paper, Daw sets out his argument for an end to laws allowing for the imprisonment of people with council tax debts in England. The report summary says that around…
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In a major reform to civil enforcement, the Civil Enforcement Association (CIVEA) has announced the launch of a new an independently-monitored code of practice that sets a new standard for bailiffs. All members of the Civil Enforcement Association (CIVEA), representing over 90 percent of firms employing enforcement agents (bailiffs), have signed up to the code,…
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New statistics published by StepChange have revealed that a record 331,337 people contacted StepChange for help with their debts in the first six months of 2019. The charity’s latest Statistics Mid-Year Update reveals that of the 190,484 [see notes to editors] new StepChange clients who received full debt advice, the average level of unsecured personal…
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