Credit, Collections & Insolvency News
British adults say that their personal or household finances are the most likely factor, from a list of common causes of stress and anxiety, to have a negative impact on their mental health, according to a new survey of over 2,000 people by insolvency and restructuring trade body R3 and ComRes. A quarter (24%) of British…
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Today sees the launch of the new Standard Financial Statement (SFS), an initiative designed to bring greater consistency to the way organisations assess people’s finances when they are in debt. The SFS, the launch of which has been co-ordinated by the Money Advice Service, will be adopted by all major debt advice providers across commercial and…
Read moreMore than half a million (590,000) Brits holding at least one kind of interest-bearing debt are paying more than they need to by not moving to a better deal, according to new research by TSB. Almost 5 million British adults owe between £7,500 and £25,000, and TSB calculates that more than half a million of these…
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Government calculations have forecast an additional 18,000 people will go insolvent by 2020 should interest rates rise just 1%, according to figures released exclusively to Moore Stephens. Moore Stephens says that the Bank of England has come under recent scrutiny from the Treasury Select Committee and senior government figures, with record-low interest rates accused of…
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A new Public Accounts Committee (PAC) report into the use of benefit sanctions has revealed jobcentres and providers use them “inconsistently”, with some Work Programme providers referring twice as many people for sanctions as others in the same area. It also found the “severity” of sanctions – a reduction or suspension of payments because a claimant…
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Four million more people are living below an adequate standard of living and are just about managing at best, according to new research by the Joseph Rowntree Foundation (JRF). The report sheds light on how different kinds of household are faring, against the Minimum Income Standard (MIS). MIS is a benchmark of income adequacy, as defined…
Read moreCreditfix’s latest UK Personal Debt Index (PDI) has been released and has found that throughout Quarter 4 2016, the percentage of people who own their own home fell to 8.5% of respondents, compared to the previous quarter when it stood at 10.5%. The quarterly report is put together following a survey of over 31,000 individuals, comparing…
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The Money Advice Service has launched an Online Money Manager service. The new service is an interactive tool that offers personalised advice, on making the most of money for Universal Credit claimants. It offers help and advice on a range of money topics, including opening a bank account, keeping on top of bills and dealing…
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In the six months after the Brexit vote the number of decrees for debt against Scottish consumers fell to a record low. Over the year as a whole there was little change, so great interest will attach to the first half of 2017. There were 20,822 debt decrees registered against Scottish consumers in 2016, only one…
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There were more county court judgments (CCJs) against consumers in England and Wales during 2016 than any year on record, according to figures released today by Registry Trust. A judgment is incontrovertible proof that debt has not been managed. In 2016, 912,389 judgments were registered against consumers in England and Wales. Rising almost a quarter…
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New research from Provident Personal Credit has revealed that almost half (47%) of the UK consider themselves to be ‘just about managing’ (JAMS) financially. The survey of 2,000 adults revealed that 14% had to give up necessities like food and daily travel costs to pay for unexpected expenses, with a further 11% of respondents saying they had…
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14.5 million British adults (29%) say they had no spare money to put aside as rainy day savings in any of the previous 12 months, according to new research from StepChange Debt Charity. The research also highlights how the difficulties people face in saving are acutely felt by those on low incomes and how short…
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The latest Individual Personal Insolvency statistics from The Insolvency Service have been released indicating a 13% rise in individual insolvencies in 2016. The figures also show that in the last quarter of 2016 Individual insolvencies decreased compared with the previous quarter but were higher than in Q3 2015, driven by individual voluntary arrangements and debtor…
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