Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for November 2019: Personal debt in the UK People in the UK owed £1,661 billion at the end of September 2019. This is up from £1,612 billion at the end of September 2018, an extra £930 per UK adult over the year. The average total…
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The Financial Conduct Authority (FCA) has told guarantor lender, Amigo to explain more carefully the risks that people are taking on when they agree to guarantee a loan for a family member or friend. The FCA was concerned that guarantors were not always made fully aware of their obligations, nor of the likelihood that they…
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Child poverty is set to continue rising under the Conservative Party’s social security plans, while Labour’s £9 billion of extra spending would mean 550,000 fewer children in poverty but not see current poverty rates fall, according to new research published today by the Resolution Foundation. The shifting shape of social security shows how the size and…
Read moreNew research reveals that 19% of people are spending more than half of their monthly net household income on housing costs such as mortgage or rent payments, utility bills and council tax, and 4% spend over 75%. The average is 34%. The findings from Engen Group, a property business that focusses on addressing environmental challenges…
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According to recent government figures, Plymouth Moorview has the worst rate of personal insolvencies in the country. With a rate of 54.9 out of 10,000 adults, the area tops the list of all constituencies in England and Wales. Plymouth Sutton and Devonport is not too far behind with a rate of 45.6 per 10,000 adults – the highest since records…
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Credit Connect has announced its inaugural Credit & Collections Technology company power list for 2019. The power list is the first edition of what will be an annual round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements…
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With the annual Talk Money Talk Pensions Week underway. The Money Charity, the UK’s financial capability charity, has highlighted the low levels of confidence with money across the UK with 2 in 3 consumers admitting that they don’t feel confident about managing their money. Only 1 in 2 think that they are a confident and…
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New research from PayPlan has revealed that Christmas is so expensive that people are now struggling to pay the rest of their essential bills. The free debt help service surveyed 1,000 people about how they are managing their finances. They found that 55% of parents will rely on their credit cards to cover their essential living…
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The number of children growing up in poverty in working households has risen by 800,000 since 2010, according to new TUC analysis. The analysis reveals that child poverty in working families rose to 2.9 million in 2018 – an increase of 38% since the start of the decade. In 2010, 1 in 5 (19%) children in working households were growing up in poverty.…
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Home repossessions have increased by 19 per cent to 1,330 in the third quarter of 2019 compared to the same period last year, new figures from UK Finance have revealed. UK Finance says the slight increase in possessions has been driven in part by a backlog of historic cases which are being processed in line…
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Halifax has announced that its customers can now benefit from a service feature to protect themselves from gambling-related harm. The gambling card freeze, which is a feature of the banks’ mobile app, was developed in recognition of the ways in which the bank can support customers to manage their money and gamble responsibly. Halifax is…
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Nine out of 10 business owners across construction suffer a range of mental health issues due to payment and other business pressures, according to a survey run by leading engineering services trade bodies BESA and ECA. The new survey, conducted in association with 25 other construction trade bodies, found that business owners have an array…
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Energy regulator, Ofgem has called for insolvency firms to treat customers more fairly when they are left in debt when energy companies collapse. Fourteen small energy firms have exited the domestic energy market since 2018. Toto Energy became the seventh small supplier to go out of business this year in October – just three months…
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