Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for July 2019: Personal debt in the UK People in the UK owed £1,640 billion at the end of May 2019. This is up from £1,592 billion at the end of May 2018, an extra £922 per UK adult over the year. The average total debt per household, including mortgages,…
Read moreThe Financial Conduct Authority (FCA) has launched a consultation on proposed guidance for firms on the fair treatment of vulnerable customers. The guidance sets out the FCA’s view of what the FCA Principles require of firms to ensure that vulnerable consumers are consistently treated fairly across financial services sectors. The FCA wants to see doing…
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Nearly a third of tenants are struggling to afford their rent according to new data published by the Government’s English Housing Survey. The study has found that 29 per cent of tenants in the private sector surveyed in 2017/18 said they found it “fairly difficult” or “very difficult” to pay their rent. The remaining 71…
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According to latest figures released by Registry Trust, during the first half of 2019, there were 9,310 debt decrees registered against Scottish consumers, the figures 29 percent lower than HY1 2018. There was a 33 percent decrease in the combined value of consumer decrees to £23.6million. The average value of all consumer decrees fell to…
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More women than men in England and Wales became insolvent in 2018, following a pattern which has been in place for several years, says insolvency trade body R3, commenting on the annual personal insolvency statistics released by the Insolvency Service. The statistics all showed that the total rate for personal insolvencies increased for the third…
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Britain is facing the highest risk of a recession since the financial crisis and preparations need to be made to mitigate the impact, according to the Resolution Foundation annual audit. Typical household incomes are estimated to have fallen by 0.5 per cent over the past two years – between 2016-17 and 2018-19 – the Resolution…
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Around 23 million people have experienced a life shock in their household in the past two years. New research from StepChange Debt Charity finds that people who had experienced a life event in the last two years were three times as likely to be in problem debt than those who had not. This points to…
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The Money Advice Liasion Group (MALG) has announced new appointments to its board following its AGM last week. Bob Winnington Chief Executive Officer at MALG said “We’re very pleased to announce the appointment of Peter Wallwork, Chief Executive of the Credit Services Association (CSA) and Paul Smee, Chair of the Peer to Peer Finance Association,…
Read moreThe Financial Conduct Authority (FCA) is failing to adequately protect consumers from high-interest costs on credit cards according to a new report by the Centre for Responsible Credit, Jubilee Debt Campaign, New Economics Foundation and Research for Action. The report also calls for a cap on the total cost of charges that borrowers pay. Almost…
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New research, undertaken by Opinium, on behalf of UK lender Elevate Credit, reveals that nearly half (45%) of sub-prime borrowers, equating to 7.1 million people in the UK, would need to cut back their spending significantly if their earnings were reduced by £25 per week or £3.50 per day – just 50p more than a supermarket meal…
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The majority of consumers are still living in the ‘age of austerity’, more than 10 years after the recession, a study has found. The study has found that 96 per cent are looking for ways to reduce their spending on a daily basis. Shopping in the reduced section, using price comparison sites and withdrawing cash…
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Parents on Universal Credit will have to find up to £800 extra to pay for childcare over the summer, with some resorting to payday loans to cover the cost, according to a report by Save the Children The report says that thousands of hard-pressed families will have to take out loans or borrow from family…
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Almost half of consumers are currently in debt and believe the rising cost of independent living is to blame. A survey of 1,000 UK adults published in The UK Spending Report, commissioned by a leading personal insolvency practice, Creditfix, has revealed that almost 1 in 2 consumers(46%) are currently in debt. Those who admitted to…
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