Credit, Collections & Insolvency News
The Financial Ombudsman Service (FOS) saw a 17% year-on-year increase in the number of complaints it received in Quarter 4 (Q4). FOS recorded 41,303 complaints between October and December, up from 35,342 during the same period in 2021. On a quarterly basis, there were 2,833 more complaints in Q4 than in the July to September…
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Research from Capital One has found that one in five young adults are returning to live with their parents due to the cost-of-living crisis, leading to an average expected increase of £272 per month in energy and food bills for parents. The research showed that one in five (17%) have moved or are planning to…
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Latest data from UK Finance found that credit card balances grew in November 2022. The data found that there were there was 355.1 million credit card transactions in November, 0.3 per cent more than in November 2021. The total spend of £19.6 billion was 5.3 per cent higher than November 2021. Outstanding balances on credit…
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Research by StepChange Debt Charity, has revealed that 43% of the UK population, including 48% of Scottish adults, more than 2 million people have found it difficult to keep up with household bills and credit commitments in the last few months. One in ten (10%) say they have found it very difficult. With the rising…
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The Money and Pensions Service (MaPS) has announced that Ann Harris OBE, CPFA has been reappointed to its Board by the Department for Work and Pensions (DWP). Harris has served as Non-Executive Director on the MaPS Board since it was first established. Her new term will run for two years from 1st April 2023 to…
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Struggling households borrowed £11 billion to cope with the cost of living crisis in 2022 and are cutting back on essentials to keep up with the repayments, according to new polling from StepChange Debt Charity. The polling, conducted by YouGov, reveals that more than two in five UK adults (43%) are taking action such as…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers decrease by 7.4% in January 2023. The personal insolvency figures of 8,344 were 8.9% lower than January 2022’s figure of 8,485. There were 612 bankruptcies were registered, which were 5% higher than in January 2022, but 60% lower…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies fell and personal insolvency increased. In January 2023 there were 14 business insolvencies registered in Northern Ireland, 22% lower than January 2022 and 46% lower than January 2020. The business insolvencies comprised of nine CVLs, one compulsory liquidation and four CVAs.…
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A quarter (26%) of couples argue about money at least once a week; around 5% say they argue about finances every day according to research by Aviva. The research also found that while more than two thirds of couples (67%) have a joint current account and half (51%) have joint savings accounts, 38% of people…
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The Department for Work and Pensions (DWP) has announced the appointment of Sara Weller CBE as the new permanent Chair of the Money and Pensions Service (MaPS). Weller has been serving as a non-executive board member since September 2022 and will formally take up the role of permanent Chair on 29th March 2023. Her prior…
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Households expect to need more than £200 extra per month to cover the increase in bills set to take place in April, according to Comparethemarket.com’s latest Money Action Index. The index tracks the proportion of households who are concerned about the rising cost of living and are taking action to get their finances under control. The latest index…
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New research by Institute for Fiscal Studies (IFS) has found that billions of pounds loaned by the ‘bank of mum and dad’ to help with property purchases and to boost the finances of newly married offspring are helping to fuel rising levels of inequality. The research found that £17 billion is gifted or loaned informally…
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Following Energy Security Secretary Grant Shapps’ intervention last week, all energy suppliers have now committed to ending the forced installation of prepayment meters in vulnerable customers’ homes. Concerns were raised about the sharp rise in companies seeking warrants to enter people’s homes to forcibly install prepayment meters, Mr Shapps wrote to energy bosses insisting they…
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