Credit, Collections & Insolvency News
The Money Advice Trust has today launched its revamped ‘How to deal with debt’ guide for England and Wales. The guide takes people in debt through the steps they need to take to deal with their financial situation from start to finish and draws on behavioural science techniques to keep users engaged and motivated throughout…
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Debt management specialist Gregory Pennington, has announced that it has integrated an Open Banking solution, provided by Equifax in partnership with AccountScore, into its annual customer review process. The technology automates an often onerous operation for customers, saving time and inconvenience, as well as significantly reducing Gregory Pennington’s operational costs. Customers of the debt management…
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A new report produced by a Scottish debt charity Stepchange has highlighted the extent of the debt burden in Scotland. In its report, Scotland in the Red, StepChange Debt Charity Scotland outlines the financial situation of Borderers who have sought their assistance with managing debts. The report draws on data from telephone debt advice sessions…
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The newly launched Money and Pensions Service is calling on organisations throughout the UK to get involved in the development of the organisation’s strategy to improve the nation’s financial wellbeing. The new organisation, which has officially launched today, is a joined-up service for everything from debt help to money and pensions guidance. Uniquely, the organisation…
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In the decade since the first debt relief order (DRO) was approved in 2009, £2.3 billion of debt relief has been granted helping more than a quarter of a million people out of debt. The first Debt Relief Order (DRO) was approved 10 years ago in April 2009 with the aim of assisting people with…
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New figures released by the Finance & Leasing Association (FLA) show growth of 1% in consumer finance new business in February 2019, compared with the same month last year. Retail store and online credit grew in February by 6%, compared with the same month in 2018, while the personal loan and credit card finance sectors…
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New statistics from StepChange debt charity has revealed the ever-increasing scale of demand for debt help in the UK. The charity received 657,930 new contacts in 2018, up from 619,946 in 2017. Around 60% of new contacts to the charity are now online, with around 40% by telephone. The profile of people seeking help and…
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Creditfix has unveiled plans to open a new office in the heart of Toronto, Ontario. Initially, Pearse Flynn, chairman of Creditfix will take responsibility for the Canadian Operation until a local senior team is appointed. A newly-formed team of personal insolvency specialists will arrange Consumer Proposals for householders struggling with debts of up to $250,000…
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Millions of consumers are taking on multiple forms of debt without a clear plan of how to pay it off, new research by KnowYourMoney.co.uk has revealed. The comparison website commissioned an independent, nationally-representative survey among more than 2,000 UK adults. It found that 62% of people across the country have some form of debt, with credit cards (35%),…
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Here is an overview of The Money Charity’s latest statistics for March 2019: Personal debt in the UK People in the UK owed £1.629 trillion at the end of January 2019. This is up from £1.579 trillion at the end of January 2018, an extra £952.50 per UK adult over the year. The average total debt per…
Read moreNew research by the Money and Mental Health Policy Institute has revealed the links between financial difficulty and mental health problems in England – and which mental health conditions can increase your chances of being in problem debt. The charity is calling on the government to use its upcoming Consumer White Paper to ensure people with…
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The Scottish government risks missing its child poverty targets by some distance as poverty levels are set to rise rather than fall over the next five years, according to new analysis published by the Resolution Foundation. The analysis shows that, following large falls in the 2000s, relative child poverty has been rising since 2011-12. The…
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A survey by Comparethemarket.com has revealed consumers attitudes towards credit and how debt is impacting their lives. The price comparison site wanted to discover the main reasons why people get into debt and how it affects their lives, in particular, their relationships and mental health. The survey found that 45% of consumers are in debt,…
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