Credit, Collections & Insolvency News
Accountant in Bankruptcy has published its latest figures which indicate that there were 550 personal insolvencies (bankruptcies and protected trust deeds (PTDs)) in July 2020, 670 (54.9%) less than in July 2019. Bankruptcies decreased by 37.1% in July 2020 when compared with July 2019. PTDs decreased by 63.7% over the same period. There were 237…
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The Insolvency Service has published its latest figures which indicates that in July personal insolvency numbers in England and Wales decreased when compared to June 2020 (12% lower) and July 2019 (40% lower). There were 1,621 Debt relief orders (DROs) and 913 bankruptcies in July in England and Wales (the latter was made up of…
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Latest figures from UK Finance have indicated that property repossessions have fallen by more than 90%, with homeowners opting for mortgage holidays amid the coronavirus crisis and banks banned from seizing homes amid the pandemic. There were just 90 owner-occupied homes repossessed in Quarter 2 (Q2), a 93% decline on Q2 2019, while 130 buy-to-let…
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Mortgage arrears number fall in second quarter of this year, according to latest figures from UK Finance. The figures showed that there were 73,580 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the second quarter of 2020, this was 3 per cent fewer than in the same quarter…
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The Credit Services Association, the voice of the debt collection and debt purchase sector, has reported the success of its first virtual members’ business update event, one of a series of virtual events which brings together a host of expert speakers who deliver bitesize presentations on specialist subjects and then expand on these at weekly…
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CIVEA, the principal trade association representing over 95% of civil enforcement agencies in England and Wales, has released two new videos to help explain why the pending return to enforcement is both safe and fair. The animations are available now and are free to view by local authorities (LAs) and the general public on the…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in June 2020 by 17% compared with the same month in 2019, and contracted by 25% in the first half of 2020. Credit card and personal loan new business together fell in June 2020 by 29% compared with…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 71% in June 2020. Commenting on the latest new business figures for the second charge mortgage market, Geraldine Kilkelly, Head of Research and Chief Economist at the Finance & Leasing Association (FLA), said “The relatively…
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European debt purchase and credit management specialist, Cabot Credit Management has announced a pre-tax profit decrease in its latest financial results falling 64% to £14.8 million when compared to 2019 figures, The company has delivered adjusted EBITDA of £342 million over last twelve months Collections decreased as a result of Covid-19, falling by 16% on…
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The Financial Conduct Authority (FCA) has published the findings of a review into re-lending by firms that offer high-cost credit. The review, which was completed prior to the coronavirus pandemic, highlights concerns about poor practices by some firms and notes that nearly half of consumers regretted borrowing more money. As firms in this sector begin…
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The number of complaints resolved by the Energy Ombudsman increased by 25% last year to nearly 57,000, as consumer demand for the service grew. Billing was the number-one type of complaint handled by the Ombudsman, followed by payments/debt in second place and customer service in third. There was a 26% year-on-year increase in the number…
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The number of County Court Judgments (CCJs) issued against consumers in the first half of 2020 (HY1 2020) was 320,494 compared to 587,433, a fall of 45 percent compared to the same period last year according to figures released by Registry Trust. This is the lowest number of records registered in the first half of…
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The total amount of debt registered against Scottish consumers in the first half of 2020 fell by 20 percent, from nearly £24 million to just under £19 million, according to figures released by Registry Trust. The number of decrees fell by over 26 percent from 9,310 to 6,849. The average value rose by over eight…
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