Credit, Collections & Insolvency News
A new version of the Debt and Mental Health Evidence Form (DMHEF) has launched following a review conducted by the Department of Health and Social Care, along with the British Medical Association, Money and Mental Health Policy Institute, Money Advice Trust, UK Finance, the Credit Services Association and other key stakeholders. Findings from the review…
Read more
Here is an overview of The Money Charity’s latest statistics for September 2019: Personal debt in the UK People in the UK owed £1,647 billion at the end of July 2019. This is up from £1,600 billion at the end of July 2018, an extra £888 per UK adult over the year. The average total…
Read moreDebt Arrangement Scheme (DAS) reforms have been approved by Scottish Parliament. The amendment regulations will come into force on 4th November 2019. The regulations were developed following considerable work and engagement with stakeholders with the aim of increasing the accessibility, flexibility and sustainability of Debt Arrangement Scheme (DAS) payment programmes. These Regulations amend the Debt…
Read more
UK Finance’s latest Household Finance Update has revealed that credit card spending reached £11 billion in August, up one per cent compared to the same month the previous year. Repayments have remained in line with credit card spending, showing that consumers are managing their finances effectively overall. Personal deposits grew by 1.4 per cent in…
Read more
Energy suppliers are getting better at helping vulnerable customers manage their energy day to day, Ofgem’s research shows, but are still too slow at helping rising numbers of customers deal with debt. Ofgem has published its annual report on how suppliers treat their customers in vulnerable situations, including those in debt and at risk of…
Read more
The majority of University students in the UK do not feel as though they have sufficient money to live on while studying, new research from KnowYourMoney.co.uk has revealed. The financial comparison website has commissioned a survey of more than 1,000 people who are currently doing an undergraduate degree at a UK university. It found 54% believe…
Read more
In areas where Universal Credit has been rolled out for at least a year, food banks in the Trussell Trust’s network have seen a 30% increase in demand. In areas with the new system for at least 18 months this jumps to 40%, and increases again to 48% for food banks in areas with Universal…
Read more
New statistics published by StepChange have revealed that a record 331,337 people contacted StepChange for help with their debts in the first six months of 2019. The charity’s latest Statistics Mid-Year Update reveals that of the 190,484 [see notes to editors] new StepChange clients who received full debt advice, the average level of unsecured personal…
Read more
Credit cards can be a responsible way to spread the cost of large but infrequent purchases, however new research suggests that this is not the way many young people are choosing to take on debt. A new study from comparethemarket.com reveals that nearly a fifth (18%) of 18-24-year olds use their credit card every day.…
Read more
Here is an overview of The Money Charity’s latest statistics for August 2019: Personal debt in the UK People in the UK owed £1,642 billion at the end of June 2019. This is up from £1,596 billion at the end of June 2018, an extra £887 per UK adult over the year. The average total…
Read moreUniversal Credit is causing tenants to get behind with their rent according to new research for the Residential Landlords Association (RLA). It reports that 54 per cent of those private landlords who have let to tenants on Universal Credit in the past 12 months have seen them fall into rent arrears. Of these, 82 per…
Read more
Almost half of adults admit they still rely on ‘The Bank of Mum and Dad’ for cash, a new study by Virgin Media has found. Over the course of the last year, adult children have ‘borrowed’ a total of £708 from their mums and dads to help with university fees, bills and home improvements. Others…
Read moreThe debt advice sector has developed a first of its kind apprenticeship qualification. The qualification Standard and End Point Assessment have now been submitted to the approval board of the Institute of Apprenticeships. It is expected that the apprenticeship will launch within the next six months. The apprenticeship is a cross-sector qualification developed in collaboration…
Read more