Credit, Collections & Insolvency News
The Scottish Government has announced that over £200 million of debt has been repaid since the reform of the Debt Arrangement Scheme (DAS) in 2011, Minister for Business, Innovation and Energy Paul Wheelhouse has announced. More than 6,000 people have now completed a debt payment plan through the scheme. Wheelhouse also announced a raft of…
Read moreNew research from Citizens Advice shows high-interest rates, late payment fees and expensive add-ons are leaving rent-to-own consumers struggling to pay for goods that they can end up having to return. Figures in the charity’s new ‘Rent to Return’ report show if existing rent-to-own loans were priced down through a similar cap to that on…
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The number of people living in absolute poverty has fallen by 1 million since 2010, according to statistics by the Department for Work and Pensions (DWP). Figures show that children are around 5 times more likely to live in poverty if they live in a workless household, compared to a household where all adults work. The…
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New research from NS&I reveals that personal finance worries are having a negative impact on the well-being of 17 million Britons, with a quarter (26%) revealing that the state of their personal finances has had a negative effect on their mental health. In total 85% of Britons admit to worrying at least some of the…
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Tens of thousands of people are missing from society, hiding away and suffering acute anxiety because of poverty. These are the findings from a new Christians Against Poverty (CAP) report launched today by the charity’s patron the Archbishop of Canterbury. Archbishop Justin Welby said at the launch of the report that debt problems are now at…
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Here is an overview of The Money Charity’s latest statistics for March 2018: Personal debt in the UK People in the UK owed £1.576 trillion at the end of January 2018. This is up from £1.52 trillion at the end of January 2017– an extra £1,077.51 per UK adult. Per adult in the UK that’s an average debt…
Read moreThe Credit Services Association (CSA), the voice of the UK debt collection and debt purchase sectors, is to host the Credit and Collections Technology Awards at this year’s CSA Gala Dinner on 13 September. The co-branded event, which will form part of the CSA’s UK Credit and Collections Conference (UKCCC), reflects the Association’s growing recognition…
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New research from Citizens Advice shows that extending the same rules that cover payday loans to the doorstep lending market could prevent their customers getting into problem debt, and save up to £123 million in interest payments on up to 540,000 loans each year. It is calling on the Financial Conduct Authority (FCA) to give…
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The Money Advice Service has announced that Sarah Porretta is to be appointed the new Interim Director of Financial Capability The appointment was made by the Money Advice Service Board. Poretta was most recently Head of Financial Inclusion and Education at Lloyds Banking Group, where she led their work on financial capability, and is already…
Read moreThe latest mortgage lending statistics have been published by the Bank of England. The statistics show that new residential mortgage lending activity decreased in Q4 2017 from the previous quarter. In total, £69.1 billion of new residential loans were advanced to individuals during the quarter. This was a 2.5% decrease compared to the previous quarter,…
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The total value of small claims judgments in Northern Ireland soared last year to the highest levels since 2012, according to figures released today by Registry Trust. There were 8,742 small claims judgments in 2017, 19 percent more than the previous year. The average small claims judgment increased 18 percent to £2,248; combined these increases…
Read moreThe Money Advice Trust and Money Advice Service have today published research into the experiences of people in debt who negotiate with their creditors. The research, carried out by the University of Bristol’s Personal Finance Research Centre, provides insight into the factors affecting successful self-negotiation. It also looks at the roles played by the advice…
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UK consumers are starting to cut back on spending as their personal finances are coming under increasing strain, according to new research by GlobalData. GlobalData’s UK consumer survey found that from January 2017 to January 2018, the net difference between respondents agreeing/disagreeing with the statement, ‘I am visiting the shops less often these days because I…
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