Credit, Collections & Insolvency News
New research by credit experts TotallyMoney has revealed the best average credit score locations across the UK, with Greater London soaring to the top, and Hertfordshire following close behind. The Free Credit Report company looked at credit scores for all available postcode areas, to calculate the average score for that district. TotallyMoney then ranked them…
Read more
The Bank of England has published its latest monthly Money and Credit report showing consumer credit growth remained at 8.8 percent in the year to June 2018. Outstanding balances for consumer credit stand at £213.2 billion. The figures are published days after the Office of National Statistics revealed that British households spent around £900 more…
Read more
FRP Advisory has announced that it has appointed a new Director to join its creditor’s service team. Tony Keehan joins FRP Advisory’s from Baker Tilly Creditor Services, where he was the Manager of the creditor assist team In his new role, Keehan will be working within a team of five and alongside Paul Atkinson, Insolvency Practitioner and…
Read moreThe Insolvency has published the latest personal insolvency figures for England and Wales which indicate that total individual insolvencies continued to increase in Q2 2018, reaching the highest quarterly level since Q1 2012. The Insolvency Service says that this was driven by increases in individual voluntary arrangements (IVAs), which reached a record high, and debt…
Read more
Iresa, an energy supplier with less than 100,000 domestic customers, has ceased trading. The energy supply of Iresa customers will continue as normal, and their outstanding credit balances protected under Ofgem’s safety net. Ofgem has announced that it will choose a new supplier to take on Iresa’s customers. This supplier will contact these customers individually…
Read more
A new report from the Office of National Statistics (ONS) has shown that, on average, each UK household last year spent or invested £900 more than they received in income. The Office for National Statistics said the shortfall amounted to nearly £25 billion and the overspend was mostly paid for with borrowed money, though households…
Read more
Quick Loans has announced it has completed the purchase of the Cheque Centre, with the aim of relaunching the brand. Once the second biggest lender on the UK high street, the Cheque Centre, which had a turnover of over £270million and boasted 300 stores, went into administration in the summer of 2017 after the board decided…
Read more
New research on the UK car finance market has found that payments have now hit over £1 billion a month according to Kwik Fit. Kwik Fit has found, the average payment is now £226.12 per month. The North West was the region with the most drivers paying finance, 867,000, while Wales had the smallest finance…
Read more
The Financial Conduct Authority (FCA) has published the outcome of a programme of behavioural research. The research looked at different ways repayment options can be presented to credit card customers to encourage those making low repayments to repay more when they can afford it. Together with the measures introduced on persistent credit card debt and earlier intervention (which…
Read more
Lloyds Bank latest Spending Power Report has given a glimpse into the financial impact of the UK consumer’s daily commute. 84% have seen their commuting costs either stay the same or increase over the past 12 months, and one in five (18%) believe that the amount they are spending on this is causing them to…
Read more
UK Finance has published mortgage product transfer figures for the first time. The figure highlights indicate that: 390,200 homeowners switched product with their existing provider (product transfers) in the first quarter of 2018. By value, this represents £53.7bn of mortgage debt refinanced internally. These figures do not feature in any market data on remortgaging, or other…
Read more
The Treasury Committee has published a new report on household finances. In response to the report, MPs have called for greater support to help UK households that struggle financially, to help them deal with debt and encourage saving. The report highlighted that many households are over-indebted and lack a ‘rainy day’ savings buffer and that…
Read more
A new report by The Treasury Select Committee says debts and overpayments are often pursued “over-zealously and uncompromisingly” by councils. In its report, it calls for public sector bodies to change the way they recoup debts. A summary overview of the report says that people become over-indebted not just through conventional credit, but through arrears on…
Read more