Credit, Collections & Insolvency News
A new report from the Office of National Statistics (ONS) has shown that, on average, each UK household last year spent or invested £900 more than they received in income. The Office for National Statistics said the shortfall amounted to nearly £25 billion and the overspend was mostly paid for with borrowed money, though households…
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The Treasury Committee has published a new report on household finances. In response to the report, MPs have called for greater support to help UK households that struggle financially, to help them deal with debt and encourage saving. The report highlighted that many households are over-indebted and lack a ‘rainy day’ savings buffer and that…
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The Money Charity’s Money Workshops have a significant positive effect on the financial capability of young people, in terms of confidence and perception of knowledge, even when the majority of students experience only one one-hour workshop. This is one of the findings of a new school-level randomised controlled trial (RCT) exploring the impact of The…
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Accountant in Bankruptcy (AiB) released its latest official statistics reporting personal insolvencies in Scotland for the first quarter (Q1) of 2018-19 and final statistics for the 2017-18 financial year. The results show that there were 3,208 personal insolvencies (bankruptcies and protected trust deeds (PTDs)) in Scotland in 2018-19 Q1, compared with 2,869 in 2017-18 Q1,…
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Here is an overview of The Money Charity’s latest statistics for July 2018: Personal debt in the UK People in the UK owed £1.5877 trillion at the end of May 2018. This is up from £1.54 trillion at the end of May 2017– an extra £920.71 per UK adult. Per adult in the UK that’s an average debt of £30,670 in…
Read moreUK Finance has published its latest consumer lending figures for June. Key data highlights include: Estimated gross mortgage lending for the total market in June is £23.5bn, 2.1 per cent higher than a year earlier. The number of mortgage approvals by the main high street banks in June fell by 2.1 per cent compared to…
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Financial fears are creeping into sleeping hours, according to new research by Royal London which shows money worries are a top cause of nightmares. Two in five (41%) people said money makes them anxious, which can have a big impact on the subconscious. One of the most common types of dreams is teeth falling out…
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The Financial Conduct Authority (FCA) has today announced it is retaining its existing definition of vulnerable consumers in response to its Consumer Approach consultation, with new guidance on vulnerability set to be published next year. The consultation, which was launched in November last year, proposed a new definition for vulnerable consumers. A range of organisations…
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A higher percentage of women than men in England and Wales entered insolvency in 2017, continuing the trend of recent years, says insolvency trade body R3, commenting on the annual personal insolvency statistics released by the Insolvency Service. Looking at the geographical spread in the statistics, the North East and coastal towns such as Plymouth…
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The Money Advice Liaison Group (MALG) has announced that is looking for a new Chair. Current MALG Chair Liz Barclay will step down later this year after three years in the role. MALG says the new Chair must be passionate about improving the lives of people in problem debt; someone with influencing skills and ambition to…
Read moreThe National Housing Federation, the Scottish Federation of Housing Associations, Community Housing Cymru and the Northern Irish Federation of Housing Associations, are joining together to warn that the Universal Credit system is “flawed” and causing debt, suffering and hardship for the families they house. Together these organisations represent more than 1,000 housing associations housing over…
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One-in-five (22%) British adults have had an outstanding credit card balance for at least six months, including the 4% of British adults who have had an outstanding balance for over five years, according to a survey of over 2,000 British adults by insolvency trade body R3. The research, part of a long-running survey of Britain’s…
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New research from TDX Group has indicated that people living in East Anglia, Brighton and Newcastle residents are the most likely to be insolvent. Commenting on the research Richard Haymes, Head of Financial Difficulties at TDX Group, an Equifax said “Our latest research shows a significant and growing disparity between the level of individual insolvencies across…
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