Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) have sent a letter to CEOs of all debt management firms expressing their concerns with the way firms are carrying out annual reviews and to remind them of the requirements of administering debt management plans (DMPs). All debt management plans must be reviewed at least once a year. If a…
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Five million Britons suffer from money worries and stress in the run up to Christmas, and one in three adults are putting Christmas presents on credit this year, according to new research from National Debtline, run by charity the Money Advice Trust. The research, based on a poll of more than 2,000 British adults conducted online…
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Research from a YouGov poll has revealed that almost half (49 per cent) of people in Scotland admit to being in debt with many of these feeling the strain, just weeks before Christmas. The poll, which was commissioned by Scotcash and Scotwest Credit Union, revealed almost 1 in 2 (49 per cent) of adults surveyed…
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Families with children are more than twice as likely to have been trapped in problem debt as childless households, research by The Children’s Society has revealed. A survey commissioned by the charity found that one in five families with children in England and Wales (20%) have struggled with problem debt in the last year. By…
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Three-fifths (59%) of British adults say they are neither more pessimistic nor more optimistic about their personal finances following the UK’s vote to leave the EU, according to new research by insolvency and restructuring trade body R3. However, the R3/ComRes survey of over 2,000 British adults found that one-in-four (25%) say they are more pessimistic…
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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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