Credit, Collections & Insolvency News
During 2017, 22,763 debt decrees were registered against Scottish consumers, nine percent more than in the previous year according to latest figures by The Registry Trust. The combined value of all consumer decrees was £64m, just two percent higher than 2016. The mean average value of a consumer decree decreased seven percent. Dropping 10 percent,…
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A drop in the average UK house price of the scale seen in the last financial crisis would put nearly half a million households at risk of negative equity according to analysis by third-party mortgage servicer Computershare. Computershare has forecast that the value of 4.12% of properties – or approximately 458,000 households – would drop…
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Latest figures from UK Finance have revealed that the number of home-owners’ properties being repossessed fell to a 36-year low last year. In 2017, 4,700 owner-occupied mortgaged properties were repossessed – down from 5,300 in 2016. Meanwhile, the number of landlords behind on mortgage payments has risen by 20%, with 1,200 buy-to-let mortgages in “significant…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in 2017 was 105, 27% lower than in 2016. In the final quarter of 2017, the number of repossessions was 27, down by almost 31% compared with the same period in 2016. The rate of second…
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The number of debt judgments recorded in the Four Courts of Ireland fell to a historic low during 2017, according to figures released today by Registry Trust. There were 2,157 judgments registered against consumers in 2017, two percent fewer than the previous year and a record low. The mean average consumer judgment’s value fell 11…
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British consumers are increasingly struggling to cope under an ever-growing mountain of credit card debt, according to new research by the New Economics Foundation (NEF) think-tank. Using data from the Financial Conduct Authority, R3 and its own modelling, NEF finds that credit card debt is increasingly becoming as unmanageable as payday lending debt was for…
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Almost 1 million vulnerable households on poor value deals will make big savings on their energy bills from this month after Ofgem extended the prepayment safeguard tariff. Customers will initially make annualised savings of around £115 on average because suppliers have to cut their prices to below the level of the safeguard tariff cap. These…
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Dŵr Cymru Welsh Water has announced increased support to help fund lower bills for low-income households over the next year to £7 million. The £7 million of additional funding covers the company’s flagship social tariff, HelpU, and other support to build on a large number of low-earning customers already accessing support to pay their bills…
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New data research by onefourzero and GK analysing the credit market has found that consumers now use debt to maintain their spend power. The report analysed demand data for credit cards and overdrafts, and found that reliance on consumer credit has become the new normal; British consumers are borrowing more now than ever before. What was…
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Vulnerable people will save the equivalent of up to two months of their annual energy bill, as Ofgem’s safeguard tariff comes into effect for a million more people. The tariff will cap the energy bills of customers who are eligible for the Warm Home Discount – which includes some of the poorest families and pensioners.…
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Walker Morris has become a member of the Money Advice Liaison Group (MALG), reinforcing its commitment to improving its financial services offering and the advice given to those facing financial difficulty. MALG was formed in 1987 and is a not-for-profit organisation whose purpose is to encourage organisations to ‘work together to improve the lives of…
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The Financial Conduct Authority (FCA) has published an update on its work in the high-cost credit sector. The update follows a Feedback Statement the FCA published in July 2017 which identified key areas of concern with the sector including overdrafts, rent-to-own, home-collected credit and catalogue credit. Work undertaken since July 2017 has demonstrated an emerging…
Read moreThe number of debt judgments in Jersey fell to a historic low during 2017, according to figures released today by Registry Trust. There were 1,724 judgments registered in Jersey during 2017, 12 percent fewer than in 2016. By contrast, 3,489 judgments were registered in 2010. The number of debt judgments against consumers also decreased 12…
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