Credit, Collections & Insolvency News
The overall mortgage arrears rate in the third quarter was the same as in the second quarter, with 0.84% of all mortgages recording arrears equivalent to more than 2.5% of the mortgage balance. This continues to represent the lowest arrears rate for over 20 years according to the Council of Mortgage Lenders latest statistics. The…
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Household debts have risen to £1.5 trillion in the UK for the first time, new statistics from The Money Charity. After a period of flat growth, debt has begun to rise again in recent years. The Money Charity, which compiled the statistics, says UK adults owe an average of nearly £30,000 each – mostly in…
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A new report suggests that a failure to address financial difficulty in the main NHS talking therapies programme is holding back the recovery of tens of thousands of people with depression and anxiety. A quarter of people with ‘common’ mental health conditions like depression or anxiety are also in problem debt, which is likely to be holding…
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Over 6.5 million households are in debt, or face the prospect of falling into debt within a month, should they lose their jobs, according to new research from The Equality Trust. Over 40 per cent of non-retired households have too little saved to pay even a month’s worth of household bills, the research finds. A non-retired household in…
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The Insolvency has published the latest Insolvency statistics between July & September. The key finding from the statistics was that total individual insolvencies increased for the fifth consecutive quarter, driven primarily by an increase in individual voluntary arrangements. Bankruptcies increased this quarter. It is likely that changes to the bankruptcy application process have affected the…
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The number of people going insolvent across England and Wales is expected to increase. Experts have suggested the days of falling personal insolvency levels may be coming to an end as consumers grapple with underlying debt problems. Official figures for the third quarter of this year, which will be released by the Insolvency Service, show the…
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A new CfRC report calls for an expansion of debt advice and financial support services for low paid workers and private tenants. The research (‘Improving the Financial Health of Low Income Groups’), which was supported by the JPMorgan Chase Foundation, reviewed how low income households are currently being supported to manage their money, save for the…
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Ofgem has put in place a new safety net to protect consumers in the unlikely event their supplier goes out of business. The existing “supplier of last resort” regime already guarantees that people will continue to receive their energy supply. Following the consultation which began in June, Ofgem has now taken action to protect customers’ credit…
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Personal insolvencies in Scotland have remained largely stable for the second quarter of the year, according to the latest figures from Accountant in Bankruptcy (AiB). Total personal insolvencies, which include both bankruptcies and protected trust deeds, totalled 2,424 for the second quarter of 2016-17 up to 30 September 2016, a small 0.8% increase on the…
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More than a quarter of Brits (28%) admit to dreading the cost of Christmas, according to Debt Advisory Centre. As the most expensive time of year approaches, 18 million people say that they dread Christmas due to the cost. Young people (aged 18-24), are the most likely to dread Christmas with more than 1 in 3…
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Over half of the population of the UK, 35 million people, are worried about how they will pay for their heating this winter, according to new research commissioned by Debt Advisory Centre. As the temperatures drop, many households are keen to switch their heating on, but with the average annual gas bill reaching £714 some…
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The total number and value of debt judgments in Northern Ireland during the third quarter of the year fell to its lowest level since before the financial crisis, according to figures released today by Registry Trust. The value of debt judgments before courts in the north was £4.5 million in the three months to September…
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According to a new survey commissioned by Gocompare.com Energy, 5% of homeowners are in arrears with their gas or electricity bills, owing suppliers on average £121.20. The survey also found that only 13% of those struggling to pay their energy bills had contacted their supplier to discuss their situation and ask for help. The report surveyed over 1,280…
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