Credit, Collections & Insolvency News
The tax office may struggle to recoup a vast backlog of payments that have accrued during the pandemic as HMRC does not have enough staff and budget cuts to its collection department have resulted in an increasing number of debts being written off according to new analysis by the National Audit Office (NAO). The research…
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Latest figures from the Insolvency Service have indicated that Personal insolvencies fell by 3.0% to 9,668 in October 2021 compared to 9,966 in September 2021, and were 19.2% lower than October 2020’s figure of 11,960. There were 601 bankruptcies were registered, which was 44% lower than October 2020 and 57% lower than October 2019. The…
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The Financial Conduct Authority (FCA) has proposed banning debt packager firms from being paid to refer customers to other firms. Debt packagers are regulated providers of debt advice, who refer customers to other providers of debt solutions. They rely on income from referral fees paid by these other firms. These fees can be many times…
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Missed credit card payment rates have continued to drop year on year according to new analysis by FICO. The analysis of UK card trends for September 2021 and the contrasting conditions that have been seen throughout 2021 continue. The month saw average spend fall, growth in payment levels and falling missed payment rates, all suggesting…
Read moreCredit Connect’s hosted its inaugural Credit & Collections Technology Think Tank at the beginning of November in Manchester which saw credit and collections strategies and the impact of the pandemic discussed by sixteen professionals from a variety of industry sectors at the Midland Hotel in Manchester. The themes of credit and collections risk, affordability, vulnerability…
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The number of landlord possession actions for all court stages have increased compared to the same quarter of last year but remains significantly reduced in comparison to the same quarter in 2019 according to the latest Ministry of Justice (MOJ) statistics. As a result of coronavirus and associated policy actions, all landlord possession actions have…
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Mortgage arrears continued to fall to near historic lows, with the government’s Coronavirus Job Retention Scheme remaining in place until September. according to the latest UK Finance statistics. Possessions meanwhile have slightly risen in absolute terms, off a low base, as the courts work through a backlog of cases that built up during the possessions…
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Homeowners hit by the pandemic are now losing their homes, evicted by banks in court hearings, a joint probe by Money Mail and The Bureau Of Investigative Journalism has found. The ban on bailiff-led evictions was extended until the end of May in England and the end of June in Wales. But the research has…
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More than two in five (41%) young people said that their money worries had increased because of the Covid-19 pandemic, new research YouGov, as part of a partnership between youth charity The Mix and global information services company Experian. Over a third (35%) of young people surveyed agreed that the impact of the pandemic on…
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The impact of welcome changes to Universal Credit (UC) announced in the Budget will leave 1.3 million families better off than before the withdrawal of the £20 a week boost to UC last month and make 330,000 more families eligible for support, but 3.6 million families will remain worse off, according to new research the…
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New figures released today by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 67% in September 202 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA),…
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Coronavirus support measures reduced the number of customers seeking debt advice, but caused an increasing rise in existing debt solution customers needing support according to new figures from the Financial Wellness Group’s Impact Report, The report showed that the average debt of new advice customers rose to £17,900 with an increasing proportion of customers having…
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Latest figures from the Insolvency Service have indicated that there were 26,758 seasonally adjusted personal insolvencies in Q3 2021, a fall of 1.8% compared to Q2 2021’s figures of 27,252 and a rise of 32.5% compared to Q3 2020 (20,194). This is the sixth quarter to be wholly affected by the pandemic and associated national measures, and…
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