Credit, Collections & Insolvency News
New research by Experian has revealed that the average debt in the UK has dropped by 32% (nearly one third) over the past year of living with the enforced Covid-19 lockdowns. The average credit balance across all accounts, excluding mortgages, is now £7,851 – when it was £11,615 at the start of March 2020 and…
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The number of County Court Judgments (CCJs) issued against consumers in England and Wales in the first Quarter of 2021 (Q1 2021) was 234,921, a fall of nearly 13 percent from the 269,023 in the same period last year, according to figures released today (12.04.2021) by Registry Trust. The total value of CCJs registered fell…
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The number of decrees registered against Scottish consumers during the first Quarter of 2021 fell by over 25 percent, from 5,430 to 4,052, compared to the same period last year, according to figures released by Registry Trust. The total value fell from £14.2 million to just under £11 million compared to the same period last…
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The number of debt judgments registered against Northern Ireland consumers in the first Quarter of 2021 fell from 1,476 to 972, a fall of just over one third compared to the same period last year, according to figures released by Registry Trust. The total value of judgment debt saw a smaller fall, down 6.3 percent…
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Here is an overview of The Money Charity’s latest statistics for April 2021 Personal debt in the UK People in the UK owed £1,698.4 billion at the end of February 2021. The average total debt per household, including mortgages, was £60,935 and per adult was £32,053, around 108.2% of average earnings. Net mortgage lending rose by…
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Since the pandemic began, 45% of households have started scrutinising their finances more regularly, compared to just 4% who said they paid less attention to their spending, according to new research from comparethemarket.com. The research also found that for those who are paying closer attention to their outgoings, nearly half (45%) are concerned about running…
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The House of Lords Liaison Committee has called on the Government to introduce a new requirement for the Financial Conduct Authority (FCA) to establish a statutory duty of care that banks and other financial services providers must operate towards their customers. The call comes in a new report from the House of Lords Liaison Committee…
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A quarter of young people making Buy Now Pay Later (BNPL) repayments haven’t been able to pay for food, rent or household bills as a result of the commitment, research by Citizens Advice has found. The research shows 45% of 18 to 34 year olds in the UK have used Buy Now Pay Later in…
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The Government’s Second WaveHousehold Resilience Study has indicated that one in ten mortgagors (712,000) and one in five private renters said it has been difficult to pay for housing in the past year with 12% of people were behind with at least one household bill. Among private renters, this rose to 24%. Private renters were…
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Analysis by the Resolution Foundation suggests that British households have been hit harder by the pandemic than those in France and Germany. As part of a new project, supported by JP Morgan Chase, the Resolution Foundation has examined and compared the strengths and weaknesses of family finances across the UK, France and Germany on the…
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Latest figures from the Insolvency Service have indicated a 60% rise in personal insolvency rates across England & Wales. Personal insolvencies increased by 60.2% to 10,941 in March 2021 compared to February’s figure of 6,828, and were 40% higher than March 2020’s figure of 7,815 There were 1,591 Debt Relief Orders (DROs) and 1,028 bankruptcies in…
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Scottish personal insolvencies figures continued to decline in March 2021 according to latest figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland fell by 19% in January-March 2021 compared with October-December 2020, and fell…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies continue to remain low in comparison to previous years. In March 2021 there were 184 personal insolvencies in Northern Ireland, this was 82% higher than March 2020 but 19% lower than March 2019; this consisted of 140 IVAs, 36 DROs and 8…
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