Credit, Collections & Insolvency News
New research by InDebted has found that around 2 in 3 UK adults (64%) who have interacted with existing debt collectors say the experience was stressful’, increasing to about 3 in 4 (74%) among 18-34-year-olds. The company polled over 2,000 people and found that one in three (34%) who previously or currently have debts say…
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Latest figures from the Insolvency Service have indicated that personal insolvencies in England & Wales decreased by 18.5% to 9,409 in April 2022 compared to 11,550 in March, and were 4.7% lower than April 2021’s figure of 9,873. The personal insolvencies figures show that there were 530 bankruptcies registered, which was 36% lower than in April…
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New figures released by the Finance & Leasing Association (FLA) have shown that second charge mortgage new business volumes have grown by 42%. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said “New…
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New research by comparethemarket.com has found that a third of drivers (31% think they will need to take on additional debt to afford to keep driving One in four motorists (25%) has struggled to afford the cost of driving in the past month, whilst one in three drivers (33%) are worried that they won’t be…
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Energy regulator Ofgem, has proposed that the energy price cap on bills should be reviewed every three months instead of twice a year to help households. Ofgem says that at a time when consumers are being squeezed financially from all sides, it is looking at how it can use its powers to make the market…
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A rogue volume IVA provider has been wound-up by the Insolvency Service. Vanguard Insolvency Practitioners (along with three connected companies: MDN Consultancy Limited, Newtco Limited and KIS Financial Consultancy Limited) were wound-up in the public interest at the High Court in Manchester before His Honour Judge Hodge. Petitions were submitted to the court by the…
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The cost-of-living crisis has knocked consumer confidence again, according to the latest analysis from YouGov and the Centre for Economics and Business Research (Cebr). As with last month and the month before, there was a modest fall in the overall index (-1.0 ) can be explained by a more severe decline in household finance measures, which…
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As the cost of living crisis bites householders across the UK, water billpayers in England and Wales have reported increased anxiety about affording their bills, with more than 61% stating they are concerned about their finances worsening this year. Research by Ofwat showed a correlation between those struggling to pay and suffering with poor wellbeing…
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The rising cost of living will leave 1.5 million households struggling to pay food and energy bills, according to a forecast from the National Institute of Economic and Social Research (NIESR). The think tank has said that the government should offer targeted interventions to support the UK’s poorest. NIESR also said that the Bank of…
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The Credit Services Association (CSA), the voice of the UK debt collection and debt purchase industry, has received the highly sought-after Ofsted good rating for its apprenticeship training provision. The Ofsted report praises the CSA’s delivery to over 200 apprentices across seven apprenticeship programmes covering credit, collections, compliance, risk, counter fraud and debt advice. Ofsted’s verdict…
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New figures from StepChange Debt Charity Scotland have indicated that client average arrears on essential bills have increasing by 29% from £2,302 in 2020 to £2,961 in 2021. The charity says that it helped over 28,600 clients with debt advice, and 8,433 went through a full debt advice process, with a growing proportion of clients…
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Higher earners are more fearful of moving or losing jobs than low-earners, due to worries about getting less pay and flexibility when they find new jobs, while low-earners often see little benefit from upending the status quo, according to new research by the Resolution Foundation. Listen Up – the 18th report for The Economy 2030…
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Grieving families in Britain are being put under additional financial strain due to not discussing end-of-life wishes with loved ones, SunLife’s annual Cost of Dying Report has revealed. The research revealed that families unsure of what the deceased would have wanted often overspend compared to those who had shared their wishes in advance. Almost half (48%) of…
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