Credit, Collections & Insolvency News
Personal insolvency specialist practice, Creditfix has completed the acquisition of fellow Glasgow-based debt solutions provider, Carrington Dean. The sale will see Creditfix become the largest provider of Trust Deeds in Scotland, adding to its position as the largest provider of individual voluntary arrangements (IVAs) across England, Wales and Northern Ireland. Carrington Dean will continue to…
Read moreOfgem has launched its annual State of the Energy Market report. The report gives a detailed assessment of how well the energy market is working for consumers in terms of competition, affordability, decarbonisation, and security of supply. In the section dedicated to affordability Ofgem notes that even if suppliers provide energy at the lowest feasible…
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Ahead of the Bank of England interest rate decision this Thursday (2 November) research from Equifax, the consumer and business insights expert, reveals 42% of Brits are worried about an interest rate rise. The online survey, conducted by YouGov, found that only 5% of people expect a rate hike within the next month, with 21%…
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Latest figures released by the Bank of England suggest that high levels of consumer credit will ‘increase scrutiny’ on household debt. The Bank of England has published its latest monthly Money and Credit report showing continued growth in consumer credit of 9.9 percent in the year to September. Outstanding balances for consumer credit now stand at…
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The latest results Insolvency statistics from The Insolvency Service for Quarter July to September 2017 (Q3 2017) indicate that total individual insolvencies increased, driven primarily by an increase in individual voluntary arrangements, (IVAs) which reached a record high. Personal insolvencies rose 11% from Q2 to Q3 2017 and are 8% higher than this time last…
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A rise in interest rates will result in monthly repayment shocks for millions of homeowners who are already living on a tight budget, according to figures from free debt advice provider PayPlan. PayPlan has launched an interest rate calculator this week to help clients find out how a potential mortgage rate rise might affect them.…
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New research has revealed that the average person works 82% (299 days – 26 October) of the year just to cover their household bills – with more than a third (35%) admitting that they are only just managing to cope with rising costs. The findings of the new poll commissioned by GoCompare, asked 2,000 UK…
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The number of Scots entering insolvency solutions has held steady compared to a year ago, according to latest figures released by Accountant in Bankruptcy (AiB). Statistics show there were 2,472 total personal insolvencies, which include awards of bankruptcy and protected trust deeds, in the second quarter of 2017-18, compared to 2,460 for the same quarter…
Read moreThe number of debt judgments recorded in Ireland’s Four Courts fell during the third quarter of 2017, according to figures released today by Registry Trust. Of the 655 judgments recorded, 503 were against consumers and 152 against businesses. Consumer judgments were down nine percent compared with the same period last year. Business judgments rose slightly…
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Free debt advice provider PayPlan is encouraging loan and mortgage intermediaries to do more when it comes to consumers who have previously been declined credit. PayPlan believes that consumers who are declined credit due to affordability reasons following the application of a loan or mortgage to consolidate their debts should be signposted to independent debt…
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A new scheme, announced jointly by Water UK and Energy Networks Association (ENA), will improve the process for customers to sign up to the Priority Service Register (PSR), a free service provided by utility companies to customers who may require additional support. Any customer who finds themselves in a vulnerable situation will be able to…
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The Government has announced new plans which would mean people struggling with serious debt may soon benefit from a ‘breathing space’ from their bills. The Government is seeking views as it develops a way to provide individuals in debt with up to six weeks free from further interest, charges and enforcement action. This period would give those affected…
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The question of whether to build up a pension or clear up the debts is a tough decision and people need more advice and guidance to make the right call – according to a new report. The report, entitled ‘Debt & Pensions Advice – Bridging the Advice Gap’ was a joint project between Money Advice…
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