Credit, Collections & Insolvency News
Both the number and total value of small claims and High Court judgments in Northern Ireland have decreased in the first half of 2019 compared to the same period the previous year, according to figures released by Registry Trust. In the first six months of 2019 there were 3,721 defaults and small claims judgments. This…
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The number and total value of debt judgments in Jersey fell in the first half of 2019 compared to the same period 2018, according to figures released Registry Trust. There were 766 judgments registered in Jersey during HY1 2019, 14 percent fewerthan in the first six months of 2018. The total value of all judgments…
Read moreAccording to latest figures released by Registry Trust, during the first half of 2019, there were 9,310 debt decrees registered against Scottish consumers, the figures 29 percent lower than HY1 2018. There was a 33 percent decrease in the combined value of consumer decrees to £23.6million. The average value of all consumer decrees fell to…
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More women than men in England and Wales became insolvent in 2018, following a pattern which has been in place for several years, says insolvency trade body R3, commenting on the annual personal insolvency statistics released by the Insolvency Service. The statistics all showed that the total rate for personal insolvencies increased for the third…
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Britain is facing the highest risk of a recession since the financial crisis and preparations need to be made to mitigate the impact, according to the Resolution Foundation annual audit. Typical household incomes are estimated to have fallen by 0.5 per cent over the past two years – between 2016-17 and 2018-19 – the Resolution…
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Around 23 million people have experienced a life shock in their household in the past two years. New research from StepChange Debt Charity finds that people who had experienced a life event in the last two years were three times as likely to be in problem debt than those who had not. This points to…
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Invenio Financial the debt purchasing subsidiary of Phillips & Cohen Associates (PCA) has announced that it has appointed a senior debt purchase executive. Alexander Holzgreve joins as Head of Acquisitions Europe to lead European growth for the group. Holzgreve, an innovative industry leader, brings with him over 20 years’ experience across multiple countries and credit…
Read moreHSBC has voluntarily agreed to extend its redress scheme for customers who may have lost out by paying an unreasonable debt collection charge imposed by HFC Bank and John Lewis Financial Services (JLFS) the Financial Conduct Authority (FCA) has announced. Both HFC and JLFS are now part of HSBC UK Bank. The redress scheme relates…
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Kirklees Council wrote off almost £6 million of bad debt during the financial year 2018-19 according to new figures released by the council. Whilst the figure appears high finance chiefs at the council have advised it reflects only a tiny percentage of the authority’s revenue. The largest write-offs from April 2018 to March 2019 were…
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The Financial Conduct Authority (FCA) is failing to adequately protect consumers from high-interest costs on credit cards according to a new report by the Centre for Responsible Credit, Jubilee Debt Campaign, New Economics Foundation and Research for Action. The report also calls for a cap on the total cost of charges that borrowers pay. Almost…
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New research, undertaken by Opinium, on behalf of UK lender Elevate Credit, reveals that nearly half (45%) of sub-prime borrowers, equating to 7.1 million people in the UK, would need to cut back their spending significantly if their earnings were reduced by £25 per week or £3.50 per day – just 50p more than a supermarket meal…
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Councils across England and Wales have today (Monday 8th July) launched a pilot a scheme that will help local authorities recover unpaid Council Tax – currently costing local authorities tens of millions every year. Twenty-nine local authorities will take part of the trial working with the Department of Work and Pensions (DWP) and Revenue and…
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The majority of consumers are still living in the ‘age of austerity’, more than 10 years after the recession, a study has found. The study has found that 96 per cent are looking for ways to reduce their spending on a daily basis. Shopping in the reduced section, using price comparison sites and withdrawing cash…
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