Credit, Collections & Insolvency News
Recent independent research of UK employees commissioned by expenses management software company Expend has highlighted that Generation Z and Generation Y employees are the most negatively impacted by facilitating their employers’ expenses. Over a quarter (27%) of Generation Z employees (18-24 year olds) have not been able to pay off credit card bills because they have…
Read moreA third of loan searches carried out through Experian’s comparison services are for debt consolidation loans, new analysis has revealed. These type of loans can help consumers with outstanding debts from various lenders to roll their monthly payments into one to reduce their costs and to take more control over their finances. On average, shoppers…
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In the same month that the Bank of England base rate has risen to 0.75% – the highest level since 2009, debt growth has fallen to its lowest level in over a year. According to the August 2018 Money Statistics, produced by The Money Charity, debt growth per adult slowed to £900.74 in the year…
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New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q2 2018 was 38, 2.6% lower than in the same quarter in 2017. The annual rate of second charge mortgage repossessions (as a percentage of average outstanding agreements) in the twelve months to June 2018…
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Here is an overview of The Money Charity’s latest statistics for August 2018: Personal debt in the UK People in the UK owed £1.592 trillion at the end of June 2018. This is up from £1.545 trillion at the end of June 2017– an extra £900.74 per UK adult. Per adult in the UK that’s an average debt of…
Read moreNew research from GoCompare has revealed the £41billion bill for modern goods and services -things that are sapping our finances now, but which most of us wouldn’t have been paying out for just 10 years ago. The comparison site has identified 20 so-called ‘Nouveau Bills’ that are costing UK adults £66 a month or £788 a year…
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Personal Insolvencies for the UK’s under 25s have risen 20% in just a year, from a total of 4,709 in 2016 to 5,640 individuals in 2017, according to new analysis from Moore Stephens. Within the under 25s age bracket, women are more likely to become insolvent than men with 3,175 women going insolvent in 2017…
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Latest figures released by UK Finance has shown that mortgage arrears and possessions are continuing to decline. The figures indicate that there were 76,740 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the second quarter of 2018, 8 per cent fewer than in the same quarter of the…
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British Gas has announced that it will increase its energy prices for 3.5 million customers for the second time this year. The 3.8% increase in its standard variable tariff (SVT) from 1st October means the average bill will rise by £44, taking it to £1,205 a year. This follows a previous price rise of 5.5%…
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Working people claiming universal credit are having their benefits capped when they shouldn’t be, and losing the effects of ‘work allowances’ worth up to £258 per month simply because of the dates on which their paydays and universal credit ‘assessment periods’ happen to fall, according to new evidence from Child Poverty Action Group (CPAG). The…
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The number of consumer debt judgments registered in the Republic of Ireland fell to the lowest total since modern records began in 2008, during the first half of the year, according to figures released today by Registry Trust. Nine hundred and thirty judgments were issued against consumers during Q1 and Q2 2018, 17 percent fewer…
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The Bank of England (BoE) Monetary Policy Committee (MPC) has today voted to increase interest rates to 0.75 percent, its highest level since 2009. Commenting on today’s decision by the Bank of England’s Monetary Policy Committee to raise interest rates by a quarter of a percentage point, StepChange Debt Charity urges policymakers to keep a…
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The Insolvency has published the latest personal insolvency figures for England and Wales which indicate that total individual insolvencies continued to increase in Q2 2018, reaching the highest quarterly level since Q1 2012. The Insolvency Service says that this was driven by increases in individual voluntary arrangements (IVAs), which reached a record high, and debt…
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