Credit, Collections & Insolvency News
Personal insolvency specialist RSM has appointed a new Director for its the personal insolvency practice in Hull. Andy Nalliah joins with more than nine years’ experience as an insolvency practitioner acting for distressed mid-market, owner managed businesses and individuals. He now specialises in formal insolvency planning including advising individuals and partnerships and acting as a…
Read moreThe number of consumer debt judgments issued in the UK during the first quarter of the year rose for the fifth year in a row, according to figures released by the TrustOnline. During Quarter 1 of 2018, 315,121 consumer judgments registered in the UK, almost doubled compared to 162,000 judgments issued during Quarter 1 2010.…
Read moreCitizens Advice research reveals limited, inconsistent and patchy support for people with mental health problems. Energy and telecoms were rated the worst sectors for customer service and additional support, while water companies were seen most favourably. The number of people with mental health problems seeking advice from Citizens Advice on utilities and communications issues has…
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The number of debt decrees registered against Scottish companies sharply rose during the first quarter of 2018, according to latest figures released by Registry Trust. During Q1 2018, 7,259 debt decrees were registered against Scottish consumers, six percent more than in Q1 2017. Despite rising in number, a 14 percent fall in average value led…
Read moreNew analysis by StepChange Debt Charity has reveals that two in five clients who received advice in 2017 were behind on at least one of their essential household bills (such as energy bills, council tax, mortgage or rent). Across Great Britain, the charity estimates the number of people behind on priority bills was over three…
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New research by Consumers’ Association brand Which has revealed that the most expensive overdraft fees cost seven times as much as a payday loan. Which says it first raised the alarm over these fees in 2016 and is concerned that, despite scrutiny from the regulator, not enough has been done to protect consumers from these sky-high fees.…
Read moreThe Financial Conduct Authority (FCA) and the Insolvency Service have signed a Memorandum of Understanding committing the two organisations to increased collaboration. The FCA and the Insolvency Service have strengthened ties after signing a Memorandum of Understanding (MoU) committing both organisations to increase collaboration around enforcement activities. In it’s 2016 Corporate Governance reform: green paper, the government outlined measures…
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One-in-six (15%) people who declared their assets when entering bankruptcy in 2016-17 had assets worth over £50,000, according to latest data provided by the Insolvency Service. In 2016-17, 60 people entering bankruptcy declared assets between £500,000 and £999,000; 26 had assets over £1m. Bankruptcy is a personal insolvency procedure where the insolvent person’s assets may…
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Nearly two-thirds of UK adults (63%) say that stress over money has affected the mental health or wellbeing of someone they know according to new research from the Money Advice Service released in support of Mental Health Awareness Week. Adults in the UK are most likely to have been worried about the mental well-being of…
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More than half (52%) of people feel there is a negative stigma attached to asking their credit card provider for help if they fall into debt, according to new research. The study, completed by outsourced customer contact specialist Echo Managed Services, surveyed 1,000 UK residents on their experiences, knowledge and attitudes to household arrears. It…
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Just under seven million Brits believe they are living debt free despite owing millions, according to the first consumer debt profile from uSwitch.com. The research shows that while three quarters (74%) of consumers are in debt, one in five (14%) don’t realise their monthly bills, for example, their car insurance or store card payments, is actually repaying…
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The debt collection industry has taken a step towards stopping people in debt with mental health problems from having to pay to prove their condition at the very time they are least able to afford to do so. Coinciding with Mental Health Awareness Week, the Credit Services Association (CSA), the voice of the UK debt…
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More county court judgments (CCJs) were registered against consumers in England and Wales during Q1 2018 than any other quarter since current records dating back to Q1 2005 began, according to figures released by Registry Trust. During Q1 2018, 305,877 judgments were registered against consumers in England and Wales – over double the 150,622 consumers…
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