Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for May 2018: Personal debt in the UK People in the UK owed £1.584 trillion at the end of April 2018. This is up from £1.53 trillion at the end of April 2017– an extra £1,026.74 per UK adult. Per adult in the UK that’s an average debt of £30,601 in…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business fell 10% by value and 13% by volume in March, compared with the same month in 2017. In Q1 2018 as a whole, new business increased 1% by volume compared with the same quarter in 2017. Fiona Hoyle,…
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New research released by the Financial Capability Lab has showcases some innovative ideas aimed at tackling everyday money challenges. The Financial Capability Lab – a partnership between the Money Advice Service (MAS) and the Behavioural Insights Team (BIT)– was launched to develop new solutions to help people make the most of their money. Working with…
Read moreUK Finance’s latest Mortgage Arrears and Possessions Update for the first quarter of 2018 reveals that: There were 78,800 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the first quarter of 2018, 8 per cent fewer than in the same quarter of the previous year and the lowest…
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Debt charity, StepChange has revealed thousands are struggling with problem debt in Scotland. Drawing on client data from January to December 2017 titled Scotland in the Red the report reveals that: Record numbers are contacting StepChange for help in Scotland; nearly 20,000 people sought debt help in 2017. Those seeking help have seen a real-terms decrease in…
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More than half of consumers with debt are struggling according to a new poll that reveals most people take on the strain themselves rather than seek help. The Nationwide Building Society poll of more than 2,000 UK adults reveals that of those in debt, 57 percent are experiencing debt problems and feel like they are…
Read moreMillions of consumers feel they are ‘living beyond their means’, a study has found. Researchers discovered a large percentage of the nation fall back on credit cards and overdrafts when wages fail to last until the end of the month according to new research by Vantage Leasing. Of the 2,000 Consumer surveyed, 43 percent have…
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The Shadow Chancellor has announced Labour’s plans to place a cap on the total amount that can be paid in overdraft fees or interest payments. The move is supported by campaigners, such as actor Michael Sheen, Labour’s says it plans will help an estimated 2.7 million people who according to the Financial Conduct Authority are…
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The Insolvency Service has released the latest numbers personal insolvency in Quarter 1 (January to March 2018). The figures show that individual insolvencies reached the highest quarterly level since Quarter 3 of 2012. This was driven primarily by an increase in individual voluntary arrangements, which reached a record high, while the number of bankruptcies and…
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Households across the UK are footing the bill for billions of pounds in excess profits made by electricity distribution companies – the firms which run the wires that take power into people’s homes. New analysis released by Citizens Advice shows just how much consumers in different regions are paying over the odds and which firms…
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The Credit Services Association (CSA) has welcomed the support for fair treatment for people struggling with mental health but has expressed concern over the continued characterisation of their members as being ‘anti-consumer’. The CSA, which represents over 300-member firms dealing with more than 40 million cases, has called upon the debt charity sector to work more closely with…
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More than 80,000 people have had their mortgage help stopped according to the first official figures released since changes were made to the Support for Mortgage Interest (SMI) scheme. The figures issued on 24 April show only 18,000 claimants out of a caseload of 103,000 have opted to continue to receive SMI under a new…
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Accountant in Bankruptcy (AiB) has released official statistics reporting personal insolvencies in Scotland for the fourth quarter (January to March 2018) of 2017-18. Provisional estimates show that in 2017-18 personal insolvencies in Scotland increased by 4.7% to 10,503 from 10,032 in 2016-17. Estimates for 2017-18 are provisional until final figures are published in July 2018.…
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