Credit, Collections & Insolvency News
Debt Charity StepChange is marking 30 years of helping people deal with their debt problems. Originally known as The Consumer Credit Counselling Service (CCCS), StepChange was set up in 1993 and has since helped over 7.5 million people. To mark the anniversary, StepChange has published a new report reflecting on what the organisation has achieved over the…
Read more
Aberdein Considine has strengthened its Lender Services Practice Group (LSPG) with the appointment of Zarvin Vandrewala as a new Partner in the firm’s Banking Litigation team (part of LSPG). Vandrewala has over 11 years’ experience dealing with complex litigation matters, advising financial services organisations on a range of issues. He will join the LSPG team…
Read more
New research by The Deposit Protection Service (The DPS) has found that rents rose again during Q4 2022. The DPS quarterly Rent Index reveals how average rents in Q4 2022 were £903: an increase of 1.57% (£14) since the previous quarter and 8.27% (£69) since the last quarter of 2021. The report also highlights how rent…
Read more
New data from Account in Bankrupcy (AiB) has revealed a quarterly and yearly fall in Scottish personal insolvencies. Overall there were 1,966 personal insolvencies (bankruptcies and protected trust deeds (PTDs)) in 2022-23 Q3. This is a decrease of 4.9% when compared with 2021-22 Q3. The number of personal insolvencies (bankruptcies and protected trust deeds) in…
Read more
Fico’s November 2022 report of UK card trends has found that consumers managed their credit card debt to keep lines of credit open for the festive season as spend increased month on month. However, the report also highlighted a concern for lenders, with a trend of consumers missing two or three payments. The research found…
Read more
Latest tracking research from equity release adviser Key highlights that 30% of over 55s believe that their ability to repay their mortgage will be hindered due the cost-of-living crisis, equating to around 879,000* people’s mortgage plans being derailed. Of those 3.3 million over-55s who have yet to repay their mortgage, 16% say they plan to…
Read more
Economists lexpect the UK to enter a recession this year, with new research from the EY Item Club showing that the recession could be deeper than expected. The forecast reflected findings that showed the rate of economic inactivity had not fallen as quickly as expected, with the number of inactive people rising by half a…
Read more
One in six of the UK’s over-50s are so impacted by the cost-of-living crisis they will need to either sell or release equity from their homes to give them more cash to live on. The findings come from the LiveMore Barometer, a detailed indicator of the financial priorities of the UK’s 50-90+ year-olds. The survey…
Read more
New research by Fair4All Finance has found that the unprecedented support from banks and the regulator significantly helped customers during Covid-19, with no detrimental impact on bottom lines. The research conducted with Lloyds Banking Group, NatWest Group and Yorkshire Building Society looked at the response of major banks and building societies during Covid-19. The aim was to understand…
Read more
The Business and Energy Secretary Grant Shapps is calling on suppliers to do more to protect vulnerable energy users and has pledged to crack down on the mistreatment of energy users by suppliers, following reports showing some are doing nowhere near enough to support vulnerable customers. Shapps has written to energy suppliers calling on them…
Read more
New analysis from Citizens Advice has found a record number of people were in need of crisis support during 2022, as the cost-of-living crisis pushed more people than ever before to breaking point. The new research found that in the last 12 months, the charity helped more than 200,000 people with crisis support – which includes food bank…
Read more
Debt advice provider, MoneyPlus Advice has seen enquiries for debt help significantly increase this month already, with initial enquiries rising by 353%, compared with the same period last year. Over the last 6 months, people citing the cost of living as their main reason for financial difficulty has more than tripled, and this worrying trend…
Read more
Energy consultancy Cornwall Insight has predicted that energy bills are expected to fall to about £2,200 from July. The decrease will mean that typical annual household energy bills will have fallen from £4,279 now to £3,208 from April, and then will ease to roughly £2,200 for the remainder of the year. The forecasts show prices…
Read more