Credit, Collections & Insolvency News
Further to the independent Review of the Funding of Debt Advice, led by Peter Wyman in January, the Debt Advice Steering Group (DASG) has announced its considered responses in detail and priorities which includes: increasing capacity in the sector by 50%; broadening the base of organisations who contribute to funding; measures which ensure high-quality advice;u…
Read moreFollowing a high profile campaign by the Money and Mental Health Policy Institute, the Government has announced that their new ‘breathing space’ debt respite scheme will be extended to cover people receiving NHS mental health crisis services. The campaign victory comes after the charity, established by Martin Lewis, revealed that 23,000 people in England were…
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More than four in 10 consumers have admited they struggle to make ends meet financially, a study has found. The findings, from a survey of 2,000 UK adults, revealed 43 per cent are short of the cash they need to pay the bills an average of seven months each year.But one quarter said money is…
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Here is an overview of The Money Charity’s latest statistics for April 2018: Personal debt in the UK People in the UK owed £1.578 trillion at the end of February 2018. This is up from £1.53 trillion at the end of February 2017– an extra £1,169.92 per UK adult. Per adult in the UK that’s an average debt of…
Read moreLatest government figures indicate that the UK unemployment rate fell 0.1 percentage point from the previous quarter to 4.2%. Responding to the figures Campbell Robb, Chief Executive of the independent Joseph Rowntree Foundation said “More people in work, but many still trapped in poverty. Whilst it is welcome that more people are in work than…
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According to research by Callcredit Information Group, 30% of consumers see defaulting on a loan payment as being the fault of the lender rather than the borrower. The study also revealed that consumers are increasingly feeling financial pressure, with almost half (45%) saying the financial burden on their personal finances has increased and that they…
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The Credit Services Association (CSA) is concerned that new guidelines for debt advisors could keep customers in debt for longer by failing to reflect their true financial position, and in the worst case push them into unnecessary and potentially damaging insolvency. The CSA believes that the revised guidelines – presented by the Money Advice Service…
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Harrington Brooks has announced on its website that it has that its Debt Management Plan (DMP) portfolio has been transferred to Gregory Pennington from HB Financial Solutions Limited (Harrington Brooks). In addition, IVA portfolios have been transferred to Freeman Jones Limited which were managed by One Advice Limited, trading as Harrington Brooks IVA. As part…
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Thousands of self-employed, agency and zero-hours contract workers will be potentially hundreds of pounds a year worse off under universal credit, according to research. Analysis by Citizens Advice claims that flaws in the new benefit mean self-employed workers whose earnings fluctuate monthly could receive far less over the course of a year than employees in…
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Online research from TDX Group, an Equifax company, reveals that 45% of people think it’s too easy to get into debt, with a further 20% stating that banks and other lenders need to be stricter about the amount they lend to consumers. The survey, conducted with Gorkana, also highlighted that 68% of people think a…
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The Financial Conduct Authority (FCA) has published its business plan for 2018/19 which sets out the key priorities for the coming year. The FCA says the priorities in this year’s business plan reflect the high level of resource needed to dedicate to European Union (EU) withdrawal, given its impact both on our regulation and the…
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One in 10 consumers admit they’re bad with money, according to a study. Researchers polled 2,000 UK adults and, despite the age of austerity, found many are ‘blindly’ splashing the cash without any thought for the potential consequences. In fact, around one-fifth of the population went as far to describe themselves as ‘spenders’ rather than…
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Following a detailed consultation and analysis, Account in Bankruptcy (AiB) has announced that it is recommending to Scottish Ministers that it introduces the Standard Financial Statement (SFS) for assessing the income and expenditure of debtors from October 2018. The Standard Financial Statement has been introduced across the UK as a unified method for assessing a debtor’s…
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