Credit, Collections & Insolvency News
Credtfix is calling on the Scottish Government to widen its offering of debt solutions to Scottish residents struggling with their personal finances, beyond just the Debt Arrangement Scheme (DAS) that has been in place since 2004. Glasgow-based Creditfix wants different solutions to be offered depending on individuals’ personal circumstances. Pearse Flynn, CEO of Creditfix said…
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The number of debt judgments in Northern Ireland fell slightly during the first three months of 2017, according to figures released today by Registry Trust. There were 1,925 small claims judgments in Q1 2017, three percent fewer than the first quarter of 2016. The total value rose by six percent, however, to £3.9m. The average…
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A study, by the International Longevity Centre-UK (ILC-UK), supported by the Building Societies Association (BSA) has found that borrowing into older age is likely to move from niche to mainstream within the next decade. The amount of mortgage debt held by over 65s is set to increase by more than £19 billion by 2030 (from…
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The latest results Insolvency statistics from The Insolvency Service for Quarter 1 (January to March 2016) reveal that Personal Insolvency numbers have gone up. The main findings of the report were: Total individual insolvencies increased this quarter, driven primarily by an increase in individual voluntary arrangements. This was the highest number of individual insolvencies since Q2…
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A new briefing note released by the Institute for Fiscal Studies (IFS) has analysed the impact of tax and benefit changes since May 2015 on the incomes of different kinds of households. One of the key findings in the reports suggests that the one million families with children and nobody in paid work would be…
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Accountant in Bankruptcy (AIB) has published Scotland’s latest Insolvency figures. The provisional number of personal insolvencies in Scotland increased by 1,484 or 18% to 9,958 in 2016-17 when compared with 2015-16. Estimates for 2016-17 are provisional until final figures are published in July 2017. The number of personal insolvencies (bankruptcies and protected trust deeds (PTDs)) increased…
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Fewer Scots have accessed statutory debt solutions according to the figures from Accountant in Bankruptcy (AiB) for the fourth quarter of 2016-17. Compared with the third quarter of 2016-17, total personal insolvencies, which include bankruptcies and protected trust deeds, fell by 3.9%. In the three months between 1 January and 31 March, bankruptcies fell by…
Read moreHere is an overview of The Money Charity’s latest statistics for April 2017: Personal debt in the UK People in the UK owed £1.524 trillion at the end of February 2017. This is up from £1.476 trillion at the end of February 2016 – an extra£964.450 per UK adult. Based on February 2017 trends, the…
Read moreAnalysis from The Insolvency Exchange, part of TDX Group, reveals that volumes of personal insolvency in the UK are likely to see a significant spike in 2017. The company’s latest Insolvency Market Trends data highlights that new Individual Voluntary Arrangement (IVA) and Trust Deed (TD) applications continue to rise and volumes could increase by as much…
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Four-fifths of the gains from tax and benefit changes coming into effect later this week (6 April) will go to the richest half of households, with the poorest third of households set to be £70 worse off on average, according to a new briefing note published by the Resolution Foundation. The analysis looks at the…
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The Competition and Markets Authority’s (CMA) price cap on pre-payment meters has come into force to the benefit of around 4 million households. Last June, following a two-year investigation into the energy market, the Competition and Markets Authority (CMA) decided to put in place a temporary price cap to protect some of the most vulnerable households in…
Read moreThe share of British adults concerned about their future financial health has been slowly but steadily increasing since June 2016, according to a new survey of over 2,000 British adults by insolvency and restructuring trade body R3, and ComRes. Almost 1 in 5 (19%) British adults think their personal financial situation will worsen over the next…
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A record 600,000 people sought advice for debt problems from StepChange Debt Charity last year (up 9% from 550,000 in 2015), equating to one person every 53 seconds. The average unsecured debt of the charity’s clients has increased for the first time in eight years from £13,900 to £14,251. The figures are taken from the…
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