Credit, Collections & Insolvency News
Latest figures from the Insolvency Service have indicated that Personal insolvencies fell by 3.0% to 9,668 in October 2021 compared to 9,966 in September 2021, and were 19.2% lower than October 2020’s figure of 11,960. There were 601 bankruptcies were registered, which was 44% lower than October 2020 and 57% lower than October 2019. The…
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The Financial Conduct Authority (FCA) has proposed banning debt packager firms from being paid to refer customers to other firms. Debt packagers are regulated providers of debt advice, who refer customers to other providers of debt solutions. They rely on income from referral fees paid by these other firms. These fees can be many times…
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Missed credit card payment rates have continued to drop year on year according to new analysis by FICO. The analysis of UK card trends for September 2021 and the contrasting conditions that have been seen throughout 2021 continue. The month saw average spend fall, growth in payment levels and falling missed payment rates, all suggesting…
Read moreEnergy companies, Neon Reef and Social Energy Suppl, have announced they are ceasing to trade, meaning that 21 energy suppliers have collapsed since the start of September. Neon Reef supplies around 30,000 domestic electricity customers, and Social Energy Supply supplies around 5,500 domestic customers. Under Ofgem’s safety net, customers’ energy supply will continue and funds…
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A study by the Institute for Fiscal Studies (IFS) suggests there is unlikely to be a Christmas spending spree despite consumers having around £150 billion of savings, with much of the money people have saved during the pandemic likely to remain in bank accounts until there is an upturn in the economic outlook. A survey…
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New research by GoCompare has revealed the impact that soaring household energy prices are having on consumers’ plans to decorate their homes this Christmas. The research showed that 23% of those questioned will use fewer lights to save on energy whilst 12% will have no lights at all this Christmas. With a further 6% investing…
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Credit Connect’s hosted its inaugural Credit & Collections Technology Think Tank at the beginning of November in Manchester which saw credit and collections strategies and the impact of the pandemic discussed by sixteen professionals from a variety of industry sectors at the Midland Hotel in Manchester. The themes of credit and collections risk, affordability, vulnerability…
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The number of landlord possession actions for all court stages have increased compared to the same quarter of last year but remains significantly reduced in comparison to the same quarter in 2019 according to the latest Ministry of Justice (MOJ) statistics. As a result of coronavirus and associated policy actions, all landlord possession actions have…
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Mortgage arrears continued to fall to near historic lows, with the government’s Coronavirus Job Retention Scheme remaining in place until September. according to the latest UK Finance statistics. Possessions meanwhile have slightly risen in absolute terms, off a low base, as the courts work through a backlog of cases that built up during the possessions…
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European debt purchaser, Lowell has said that collections have continued to perform ahead of expectations across the Group with all regions performing ahead of forecast. The company said, in its latest results for the 3 months ended 30th September 2021, that the UK, the recovery of the deferred collections has continued ahead of forecast expectation.…
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Pollen Street Capital has agreed on a sale of Aryza Holdings. Aryza will be acquired by Atlas Bidco 1, a company owned by Macquarie Capital Principal Finance, Pollen Street, and Aryza senior management. Pollen Street, and Aryza senior management state that all parties are excited by the future growth potential of the high-quality software platform,…
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Homeowners hit by the pandemic are now losing their homes, evicted by banks in court hearings, a joint probe by Money Mail and The Bureau Of Investigative Journalism has found. The ban on bailiff-led evictions was extended until the end of May in England and the end of June in Wales. But the research has…
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A new financial education guidance for primary and secondary schools in England has been launched with the support of the Department for Education (DfE). The guidance, which has been developed by the Money and Pensions Service (MaPS) in its role as coordinator of the 10-year UK Strategy for Financial Wellbeing, is aimed at encouraging conversations…
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