Credit, Collections & Insolvency News
The Resolution Foundation has warned that inflation could hit more than seven times the Bank of England’s 2% target, with the think-tank saying it could pass the 15% mark in early 2023. Inflation currently stands at 9.4% and the Bank’s Monetary Policy Committee is expected to increase interest rates further as it looks to tackle…
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New research from the University of Edinburgh’s Smart Data Foundry, supported and funded by abrdn Financial Fairness Trust has found that as revealed that the over-50s are being hit hardest by the current financial crisis and could face a lifetime of financial insecurity. According to the report, economic inactivity rates have risen a third amongst…
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Ecospend, the open banking technology provider has announced that it is partnering with enforcement and debt resolution specialist CDER Group to provide its account to account ‘Pay-by-Bank’ solution. Collecting over £250m of unpaid Central and Local Government debt each year, CDER Group are using Ecospend’s ‘Pay-by-Bank’ solution to provide an additional, easy to use, secure…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies saw a quarterly decrease, but rose by 6.5% from the same time last year. Analysis of the figures showed that there were 28,946 seasonally adjusted personal insolvencies in Q2 2022, a decrease of 10.1% compared to Q1 2021’s figures…
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Latest quarterly figures from Accountant in Bankruptcy (AiB) have shown that overall, personal insolvency numbers in Scotland for Quarter 2 2022-2023 rose by 8% In Q2 2022, there were 2,037 personal insolvencies in Scotland, 8% higher than during the same quarter of 2021. The insolvencies comprised of 1,451 protected trust deeds and 586 bankruptcies (also…
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With the Bank of England (BoE) set to announce the biggest interest rate rise in 27 years this Thursday (4th August) new research by TotallyMoney and Moneycomms have analysed the potential shock the hike will have on 2 million variable-rate mortgage customers. The research found that the average UK property costing £270,708, with a 75%…
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Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies increased whilst business insolvency figures declined. The figures showed that in Q2 2022 there were 440 personal insolvencies in Northern Ireland, 25% down on the same quarter of 2021. The insolvencies comprised 373 IVAs, 39 DROs and 28 bankruptcies. Separately there…
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Latest figures fromcomparethemarket.com’s Household Financial Confidence Tracker, has found that nearly half (46%) of households with children at home, the equivalent of 3.8 million families, struggled to pay their bills over the last month, reflecting the worsening conditions for millions of families across the UK as the cost-of-living crisis deepens. Financial anxiety is highest amongst…
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Latest figures from the Registry Trust has shown a significant increase in the number and value of monetary judgments (including CCJs) registered against consumers and business in England & Wales compared to the same period last year. The total number of monetary judgments registered in England & Wales rose from 207,976 in Q2 2021 to…
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New figures from the Registry Trust have revealed that the number of decrees and the value of debt registered in Scotland have seen an increase in Q2 2022 as compared to the same period last year. The total number of decrees increased from 4,356 in Q2 2021 to 5,351 in Q2 2022, an increase of…
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New figures from the Registry Trust have revealed that the number of judgments registered in Northern Ireland saw the number of judgments and the value of debt increase in Q2 2022 when compared to the same period last year. The number of judgments rose from 823 in Q2 2021 to 1,113 in Q2 2022, an…
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One-in-seven customers are still paying the loyalty penalty across the broadband, mobile and mortgages markets in the midst of a cost-of-living crisis according to latest Citizens Advice research, The charity found two-fifths of people (41%) who are paying the loyalty penalty have struggled to sleep due to their finances. Three in 10 (28%) have already…
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Debt charity says that June saw the rising cost of living being the most commonly cited reason for debt, with nearly one in five (18%) alluding to it as an underlying cause of their financial problems. The pressure arising from the cost of living is being widely felt but is most acute among those on…
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