Credit, Collections & Insolvency News
The Insolvency Service has published its latest analysis on personal insolvencies for Q3 2020 which indicates that. numbers decreased to 19,783 in Q3 2020, down 40% on Q2 2020, and down 37% on Q3 2019. The quarterly decrease in personal insolvencies was mainly driven by a sharp drop in Individual Voluntary Arrangements (IVAs), although a…
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The Insolvency Service has published its latest figures for Northern Ireland which indicate that in Q3 2020 there were 410 insolvencies, down 43% from the same quarter of 2019. This comprised 325 IVAs, 66 DROs and 19 bankruptcies. Company insolvency figures in the region showed that there were 24 company insolvencies in Northern Ireland in…
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THE number of people missing card and loan repayments has jumped in recent weeks, according to Which? An estimated 370,000 more people defaulted on a credit card or loan in October than in September, increasing from 410,000 to 780,000, the consumer group’s UK survey findings indicate. The latest findings from Which?’s consumer insight tracker reveal…
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The number of County Court Judgments (CCJs) issued against consumers in the third quarter of 2020 (Q3 2020) fell over 60 percent, from 290,184 to 112,179, compared to the same period last year, according to new figures Registry Trust. The proportion of judgments marked as satisfied remains very low at just 5 percent. The total…
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The number of decrees and total amount of debt registered against Scottish consumers fell by 42 percent in the third quarter (Q3) of 2020, according to figures released by Registry Trust. The number fell from 4,859 to 2,805, with the total value falling from £13.2 million to £7.6 million compared to the same period last…
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The number of debt judgments registered against Northern Ireland consumers in the third quarter (Q3) of 2020 was just 608, a huge fall of 66 percent compared to the 1,781 registered in the same period last year, according to new figures by Registry Trust. The fall in the total value of judgment debt owed in…
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The Financial Conduct Authority (FCA) is expected to announce more details of an extension to the mortgage holiday scheme, with the initiative originally set to have expired on Saturday (31st October) but extended due to the national lockdown announced for England at the weekend. The FCA has already said that those who have yet to…
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Water regulator, Ofwat has warned that customers will pay more on their water bills and investors could scoop up the extra as higher dividend pay-outs if the Competition and Markets Authority (CMA) confirms its position on the price review of four water companies. In December last year, Ofwat set out what water companies should deliver…
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The Bank of England has reported that consumers made net repayments of £600 million in September whilst approvals of mortgages for house purchase increased to 91,500 last month from 85,500 a month earlier, with pent-up demand and the stamp duty holiday cited as reasons for the housing market boom. September’s figures total marks the highest…
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Energy company, Utilita has agreed to pay £500,000 in redress for overcharging its customers. Utilita overcharged almost 40,000 of its prepayment customers by over £125,000. The company has since refunded customers affected and agreed to pay a further £500,000 in redress. As a result of the redress, Ofgem has agreed to take no further action…
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The Government should commission a full review of the debt options available to people in financial difficulty in England and Wales, according to a new briefing from the Money Advice Trust. The charity says that action is needed to provide ‘robust and effective debt options that work within the new context of Covid-19’ – with…
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Here is an overview of The Money Charity’s latest statistics for October 2020 Personal debt in the UK People in the UK owed £1,684 billion at the end of August 2020. The average total debt per household, including mortgages, was £60,526 and per adult was £31,972, around 111.5% of average earnings. Net mortgage lending rose by…
Read moreThe Government is being urged to create a private-public taskforce to help the millions of people facing serious debt issues with Covid-19 pandemic continuing to cast a destructive financial toll on households across the UK according to personal insolvency provider Creditfix. The company says the taskforce is required as the nation braces itself for the…
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