Credit, Collections & Insolvency News
A company which claimed to help customers reach an early resolution to their Individual Voluntary Arrangements (IVAs), but instead exposed them to the risk of their debt solution failing, has been closed down. McKenzie Jones Associates, which was last registered to an address in Kent Road, Formby, near Liverpool, was wound up at the High…
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Latest data from Accountant in Bankrupcy has showed that personal insolvency levels fell by 9.1% in Scotland during Quarter 2, to a total of 1,891. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland decreased by 8.3% when compared to the previous quarter’s total of 2,063 (April-June 2024). Iain Fraser, Chair of the…
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New research from Skipton Building Society has found that just one in four people (26%) are feeling hopeful and optimistic about the upcoming Budget announcement. Whilst a further 70 per cent admit to feeling worried or anxious on what the Government may announce. And of those, it is more women (77%) than men (62%) feeling…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures increased by 6% in September 2024 to a total of 10,651 compared to August’s total of 10,046, and increased by 44.5% compared to September 2023’s figure of 7,372. The personal insolvency figures consisted of 567 bankruptcies, 4,032 debt relief…
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Latest monthly statistics from the Insolvency Service have shown that personal insolvencies increased by 20% and business insolvencies decreased by 24% in Northern Ireland. The data shows that in September 2024, there were 155 personal insolvencies in Northern Ireland. This was 20% higher than in September 2023. The personal insolvencies consisted of112 IVAs, 24 bankruptcies…
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Latest research commissioned by the Insolvency Service has shown evidence of poor practice among providers of Individual Voluntary Arrangements (IVA). Individual Voluntary Arrangements (IVAs) are a legally binding agreement between a person who is insolvent and their creditors. They are administered by licensed Insolvency Practitioners, usually last for between five and six years, and give…
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According to Compare the Market’s latest Household Financial Confidence Tracker, over one in ten (13%) admit they are not confident in their ability to meet their mortgage repayments over the coming months. 57% of mortgage holders say they are unlikely to switch their mortgage to a new deal while rates remain at current levels. By contrast,…
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Here is an overview of The Money Charity’s latest statistics for September 2024 Personal debt in the UK People in the UK owed £1,860.6 billion at the end of July 2024. The average total debt per household, including mortgages, was £65,515 and per adult was £34,457, around 95.8% of average earnings. Net mortgage lending increased by…
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Latest Office for National Statistics (ONS) data has shown that median household disposable income in the UK was £34,500 in 2023, a decrease of 2.5% from 2022, based on estimates from the Office for National Statistics (ONS) Household Finances Survey (HFS). Median household disposable income for the poorest fifth of the population increased by 2.3%…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell by 5% with a total of 10,000 individuals entering into insolvency. The personal insolvencies consisted of 594 bankruptcies, 4,166 debt relief orders (DROs) and 5,240 individual voluntary arrangements (IVAs). The number of bankruptcies in August 2024 was…
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Local leaders have outlined the stark challenges that must be overcome to tackle child poverty in their communities. Liz Kendall, the Work & Pensions Secretary, and Bridget Phillipson, the Education Secretary, heard powerful testimony from representatives from some of the worst affected areas in the country, including the North East Mayor Kim McGuinness, to ensure…
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Almost two in five (37%) 18–24-year-olds who are already in debt are struggling to pay it off, according to a two year-study by Fair4All Finance. The research found that over the last year, 29% of 18–24-year-olds say they have taken on more debt, and a worrying 22% say they have had an application for a…
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Half of adults have cut back spending on two or more essentials, including energy, water, broadband and car insurance, in the last year according to latest research by the Citizens Advice. The data has also revealed that people are in the dark about almost £2 billion of available financial support. Social tariff schemes, which reduce…
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