Credit, Collections & Insolvency News
Accountant in Bankruptcy has published its latest figures which indicate that there were 7,003 personal insolvencies in the year to the end of September 2020, 3,275 (31.9%) fewer than in the same period the year before. Bankruptcies decreased by 37.5% in the year to the end of September 2020 when compared with the same period…
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The Insolvency Service has published its latest figures which indicated that in September personal insolvencies in England and Wales increased to 7,450 in September 2020 compared to August’s figure of 6,372, but remained well below September 2019’s figure of 12,256 There were, on average, 4,639 IVAs registered in each of the 3 months ending September…
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Pent-up demand and government incentives jolted the UK’s property market back to life this summer despite caution from lenders about the effects of Covid-19, according to a new Experian report. Experian’s research in Lending with Confidence: A data-led Analysis of the Mortgage Market has revealed that mortgage applications increased year-on-year by 13% in July, followed…
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The Credit Services Association (CSA) has welcomed that Treasury’s announcement on changes to default notices ‘debt threat’ letter changes. Chris Leslie, Chief Executive of the Credit Services Association (CSA), said “The wording of these ‘default letters’ has been prescribed in old legislation for decades – so we completely agree it’s about time the law was updated.…
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One in every two first-time buyers aged under 35 is receiving financial support from the Bank of Mum and Dad (BoMaD), new research from Legal & General and Cebr has revealed. More than half (56%) of those under the age of 35 received a financial gift to help them step onto the housing ladder. In…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in August 2020 by 11% compared with the same month in 2019, and contracted by 21% in the eight months to August 2020. Consumer car finance new business grew in August by 8% compared with the same month…
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New figures released by the Finance & Leasing Association (FLA show that new business in the consumer car finance market grew 1% by volume and 8% by value in August 2020 compared with the same month in 2019. In the eight months to August 2020, new business volumes in this market fell by 26% compared…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 52% in August 2020 when compared with last year. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer & Mortgage Finance at the Finance & Leasing…
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Almost three million households owe £188 million to their energy suppliers before winter has even begun, half a million more households than 2019 according to the latest winter energy debt research from Uswitch.com. The jump in the number of homes in debt comes at a time when energy accounts should ideally be in credit after…
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Consumer sentiment has rebounded to pre-pandemic levels according to fresh data from PwC UK, which shows that at -1, sentiment is now in line with levels seen between 2015-19, and is now better than at any point between 2008-14. It is a significant turnaround from the low point of -26 recorded the weekend before the…
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The letters borrowers receive from their lenders when they are seriously behind on repayments will be easier to understand and less intimidating as a result of new rules proposed by the Treasury. Currently, lenders have to comply with a 1970s law that dictates the text of official default notices issued by the banks. Default Notices…
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More than 40% of workers are relying on at least one new loan, credit card or overdraft in order to make ends meet, according to new research by Hastee. Over a third of those surveyed said they were being even more cautious with their cash every month, while 27% needed to sacrifice essential purchases due to…
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Here is an overview of The Money Charity’s latest statistics for September 2020 Personal debt in the UK People in the UK owed £1,681 billion at the end of July 2020. The average total debt per household, including mortgages, was £60,403 and per adult was £31,907, around 114% of average earnings. Net mortgage lending rose by…
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