Credit, Collections & Insolvency News
New research by the National Debtline has found that 37% of 18 to 24 year olds are already in debt, owing an average of nearly £3,000 (excluding student loans and mortgages). Young people are building up debt and worrying about money in their first few years of adult life, but far too few are seeking advice…
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Following on from the Government announcement of March’s Retail Prices Index (RPI) rate of inflation at 1.6%, millions of students and graduates will be charged more interest on their student loans from September. The RPI rate of inflation is used to decide how much interest graduates pay on their student loans – a much higher figure…
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Londoners are more likely to be struggling with debt than the rest of the UK costing the city £1.4 billion a year according to a new report from StepChange Debt Charity. The report shows that the charity’s clients living in the capital owe more on credit cards and loans, have higher arrears on bills meaning that they…
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Energy Provider E.on will refund it’s customers after it spotted a flaw in the way some meters are being read. Around 600 of its customers – both homes and businesses – are affected. Energy regulator Ofgem commented “Ofgem is aware that a very small number of gas customers are being incorrectly charged for their energy use and…
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A report from the Council of Mortgage Lenders (CML) has outlined statistics indicating that the number of mortgages in arrears continued to fall in the second quarter of this year and are now at its lowest level since records began more than 20 years ago. The CML data shows that at the end of June there were 92,500…
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Here is an overview of The Money Charity’s latest statistics for August 2016: Personal debt in the UK People in the UK owed £1.484 trillion at the end of June 2016. This is up from £1.444 trillion at the end of June 2015 – an extra £777.90 per UK adult. Per adult in the UK…
Read moreThe study by Shelter and YouGov found that one in three families have little or no personal savings to fall back meaning that a staggering three million working families could be just one pay cheque away from losing their home. The research also revealed that a fifth of working parents face the prospect of being immediately unable to…
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A research report by Citizen Advice finds that high levels of debt make people less likely to move house, apply for a new job or start a business, exposing the ways excessive debt damages life chances. Following the Bank of England’s decision last week to cut interest rates to 0.25%, Citizens Advice is also calling…
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Latest statistics from Accountant in Bankruptcy (AIB). The overall rate of personal insolvencies, which include both bankruptcies and protected trust deeds, has decreased a quarter in the last financial year from 25.13 to 19 per 10,000 adults. The number of Scots entering a Debt Arrangement Scheme (DAS) also fell to half the rate of the previous financial year,…
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The latest results Insolvency statistics from The Insolvency Service for Quarter 2 (April to June 2016) reveal that Personal Insolvency numbers have gone up. The main findings of the report were: Total individual insolvencies increased for the fourth consecutive quarter, driven primarily by an increase in individual voluntary arrangements Debt relief orders also increased, because of…
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Corality Financial Group are a financial modelling consultancy and training provider. The deal is due to complete in August.
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A new national register – Landlord TAP – places all let properties in England and Wales in one place. Landlords will provide information about tenants responsible for paying water bills.
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Fee increases set by the Insolvency Service for corporate and personal insolvencies.
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