Credit, Collections & Insolvency News
The Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.5 percent in the year to December 2017 up from 9.3 percent in November. Outstanding balances for consumer credit now stand at over £207.1 billion .The 8.9% growth in credit card lending has pushed the…
Read moreSignificantly more UK households say they are spending more on essential products and services than they were a year ago, according to the latest Lloyds Bank Spending Power Report. The report has also found that significantly more consumers say they have increased their spending on essentials compared to 12 months ago with 70% of adults…
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The Insolvency Service has released its latest statistical release shows the outcome status of Individual Voluntary Arrangements (IVAs). The statistics show: The percentage of IVAs failing within the first two years has increased Ten IVA providers accounted for over 80% of new IVAs registered in 2017. Total insolvencies rose for the second consecutive year, returning…
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Peter Wyman’s independent review of funding of debt advice in the UK, commissioned by the Money Advice Service, has been published. Commenting on the release of the report, Andy Briscoe, Chair of the Debt Advice Steering Group, said “I am very grateful to Peter Wyman for this critically important independent review into the funding of…
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Debt advice experts are calling for enhanced training for legal advisers and court staff following last week’s announcement by the High Court that up to 17 people in England and Wales were unlawfully sent to prison in 2017 for council tax arrears. While the court failed to declare this a ‘systematic failing’, it was acknowledged…
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UK renters are putting themselves at risk of homelessness by failing to have a financial safety net in place, research from Scottish Widows* has found. More than a third (38%) of private renters admit that they’d not be financially secure if their household lost its main income. And nearly four in 10 (39%) – amounting…
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A ban on using credit cards for online gambling and a mandatory levy on gambling firms to fund addiction treatment are among the recommendations submitted as part of a government review of gambling regulation. A consultation by the Department for Digital, Culture, Media and Sport (DCMS) addressed calls to introduce concrete measures to tackle the…
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Computershare has announced that it has agreed to support the work of both The Money Charity and the Institute of Money Advisers (IMA) in the first round of funding from its new Loan Services Charity Donations Fund. The UK’s leading third-party mortgage servicer announced the creation of the £20,000 fund to help prevent financial hardship…
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As forecast by TDX Group at the start of 2017, personal insolvencies grew significantly in 2017. With full year numbers still to be confirmed new Individual Voluntary Arrangements (IVAs) and Trust Deeds (TDs) in 2017 are on track to be almost 30% higher than 2016. TDX’s latest reports highlights the following areas as drivers for…
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1.3 million elderly people will struggle to afford their energy bill this winter according to new research by comparethemarket.com. Two fifths (43%) of over 65-year olds are worried that cold weather this winter will lead to higher energy costs, over one in ten (11%) don’t feel they are in a position to afford an increase in…
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Household spending increased more rapidly than income growth in the last financial year (2016-17), with the biggest rises taking place among lower-income households, the Resolution Foundation said in response to the latest ONS Family Spending figures. The ONS figures show that households increased their spending by 4 percent in 2016-17, helped by low inflation and…
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United Utilities has this week launched two new financial support schemes, one of which guarantees to help customers behind with their water bills to be debt free within two years. The schemes were launched at its first-ever affordability summit in Liverpool where it has brought together organisations from across the region who deal with customers…
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The Money Advice Service has published The Economic Impact of Debt Advice, a report that demonstrates a financial return of up to £960m per year to the UK economy. This is in the context of an estimated £150m and £200m total annual investment in debt advice. The research, undertaken by Europe Economics, builds on work previously…
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