Credit, Collections & Insolvency News
R3 has welcomed the news that the Government has launched a consultation on introducing a “breathing space” for indebted individuals, Stuart Frith, President of insolvency and restructuring trade body R3, said “R3 welcomed the Government’s plans for a ‘breathing space’ for indebted individuals, during which they will have an opportunity to seek advice about their finances…
Read moreThe Insolvency Service has published the latest personal insolvency statistics for Q3 (July to September 2018) for England and Wales. The statistics show that total personal insolvencies fell by11% from a six-year high in Q2 2018 and are 2% lower than in the same quarter in 2017. This was driven by a decrease in individual voluntary…
Read more
The Government has that it will introduce a No-Interest loan scheme and breathing space plans as part of the Autumn budget announcement. Responding to the news The Money Advice says it ‘welcomes action’ on tackling problem debt, including the new details of the government’s Breathing Space scheme, plans to pilot a no-interest loans initiative and…
Read more
More than half a million low-income households are now receiving financial help to reduce their water bills, according to the Consumer Council for Water (CCWater). But the Watchdog Water has warned that about three-quarters of nearly 3 million customers who say their water bills are unaffordable will not receive a penny of support unless water…
Read more
The creditworthiness Assessment Bill bill has been delayed at the House of Commons. The creditworthiness bill is designed to ensure that people’s record of paying rent is taken into account when they seek loans or mortgages – at the moment she argues the system essentially discriminates against tenants and in favour of property owners. Rhona Parry,…
Read more
The introduction of Universal Credit is causing unacceptable hardship and difficulties for many of the claimants it was designed to help according to a report by the Government’s public accounts committee. The report says that while the Department is responsive to feedback on its digital systems from staff, it has persistently dismissed evidence that Universal…
Read more
Accountant in Bankruptcy (AiB) has released official statistics reporting personal insolvencies Scotland for the second quarter (July to September 2018) of 2018-19. There were 3,067 personal insolvencies (bankruptcies and protected trust deeds (PTDs)) in Scotland in 2018-19 Q2. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland fell by 5% in Q2 2018-19 (July-September…
Read more
UK Finance has published its household finance update for September 2018 which reveals that Gross mortgage lending across the residential market in September was £21.5bn, some 1.2 percent lower than last September. The number of mortgages approved by the main high street banks in September was 9.1 percent lower than last September; approvals for house purchase…
Read more
The UK rental market remained in recession during the third quarter of 2018 (Q3 2018) according to the most recent figures from The Deposit Protection Service (The DPS). In the latest edition of its Rent Index, which is based on the organisation’s database of millions of properties across the UK, The DPS reports that average…
Read more
Here is an overview of The Money Charity’s latest statistics for October 2018: Personal debt in the UK People in the UK owed £1.5987 trillion at the end of August 2018. This is up from £1.5544 trillion at the end of August 2017, an extra £849.91 per UK adult and £66.96 higher than the previous month. The average…
Read moreCitizens Advice Scotland has published evidence showing that demand for advice on rent arrears increased by 47% between 2012 – 2017. The new Citizens Advice Scotland report, which considers the causes and consequences of this rise, finds that changes to the social security system have been one of the key drivers of the problem, in particular,…
Read more
New research from NS&I has revealed that 14% of Britons (7 million people) think they may have lost track of a financial product, highlighting the staggering amount of money left dormant with UK financial services providers. And it’s not just savings accounts, with a fifth (20%) admitting there is a possibility that they have lost…
Read more
The Government has been urged to put £2 billion back into Universal Credit (UC) to boost the living standards of almost 10 million parents and children in working families in the Budget by the Joseph Rowntree Foundation (JRF). JRF says its new analysis shows almost three million children are now locked in poverty despite living in…
Read more