Credit, Collections & Insolvency News
Bailiffs are not being held to account when they break the rules because the complaints system is complicated and intimidating, according to new research from Citizens Advice. Figures obtained by Citizens Advice from the Ministry of Justice show just 56 complaints were made through a court-based process introduced as part of the bailiff reforms in…
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New data obtained by Royal London reveals nearly a third of public health funerals carried out were as a result of bereaved families being unable to afford the cost of a funeral. A public health funeral is held by a local authority if the deceased has no family or the family are unable or unwilling…
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Unsecured debt has hit a new peak of £15,400 per household according to new analysis by the Trade Union Congress (TUC) with a further threat of families being pushed further into the red, Debt levels are now higher than before financial crash. The new analysis by the TUC shows that household debt rose sharply over 2018, with…
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The Money Advice Trust has welcomed Lloyds, Santander and RBS’ plans to introduce controls for their customers over where they can spend their money, including allowing the blocking of gambling payments. The announcement follows on from the launch of similar controls by Barclays last month and work from Monzo and Starling in this same area…
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Over one fifth of Brits (22%) say they feel most financially under pressure in January, following the excess of Christmas according to research from TDX Group, an Equifax company. The research indicates that of all the months in the year, January is the most financially difficult, with 26% of females flagging it as a pressure…
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French Duncan LLP estimated that last year, approximately 12,000 people in Scotland became insolvent, the highest level since 2013. The firm says the figure could be even higher by the end of 2019, with rising household bills, food costs and stagnating wages contributing to an estimated 230 bankruptcies each week. Eileen Blackburn, French Duncan’s Head…
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Here is an overview of The Money Charity’s latest statistics for December 2018: Personal debt in the UK People in the UK owed £1.613 trillion at the end of October 2018. This is up from £1.564 trillion at the end of October 2017, an extra £928.44 per UK adult and £142.69 higher than the previous month. The average…
Read moreConsumers would leave it up to three years or more before seeking professional help if they were in debt, new research has revealed. A survey of 1,000 UK adults, carried out by Creditfix, the UK’s largest personal insolvency practice, found that 59% of consumers would wait over two years before asking for help, while almost half (48%)…
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The Financial Conduct Authority’s (FCA) decision to ban unarranged overdraft fees could help thousands of people from staying stuck in debt, Citizens Advice says. The national charity also says the proposed crackdown on the way interest is charged on “buy now pay later deals” will help the thousands of consumers who are rocked by these…
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The Financial Conduct Authority (FCA) has announced the next package of measures forming part of its high-cost credit review. It has announced proposals to change how banks charge for overdrafts, which would bring to an end to banks charging higher prices for unarranged overdrafts which ammounted to over £2.4 billion for banks last year alone. The FCA…
Read moreThe latest European Consumer Payment Report from European credit management firm Intrum presents a worrying picture when it comes to rising indebtedness and the ability of consumers to meet their financial obligations. Over 1,000 UK consumers took part in the survey of more than 24,000 Europeans. While more and more people are able to save…
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More than one in four young parents expect to get into debt this Christmas, as the cost of festivities and austerity take their toll, according to Young Women’s Trust, a charity that supports young women on low or no pay. The charity surveyed 4,000 young people between the ages of 18 and 30 and found that, of…
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With research showing families with children under the age of 18 will spend anything from £1,000 to more than £2,700 in total at Christmas, with gifts making up the vast majority of the spend, consumer debt specilaist WB Debtcare is advising Santa to plan ahead for the true cost of a family Christmas. And with…
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