Credit, Collections & Insolvency News
UK Finance has published its latest card spending data which has found that outstanding balances on credit card accounts have grown by 9.5 per cent over the twelve months to February 2024 and 50 per cent of outstanding balances incurred interest compared to 51.2 per cent in February 2023. The data showed that there were…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures increased by 9.9% in April 2024 with a total of 9,651 personal insolvencies registered. Personal insolvencies increased by 4.7% when compared to April 2023’s figure of 9,222. The personal insolvencies consisted of 648 bankruptcies, 3,436 debt relief orders…
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Mortgage and landlord possession volumes in the first quarter of 2024 have increased when compared to the same quarter last year new Ministry of Justice (MoJ) figures have shown. Mortgage possession actions have continued their gradual upward trend with mortgage claims at their highest since 2019. Compared to the same quarter in 2023, mortgage possession…
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UK Finance research has found that homeowner mortgage in arrears of 2.5% or more rose by 3% in the first quarter (Q1)of 2024, compared to the previous quarter, showing that the debt pressure for many homeowners remains acute. However, the rise year on year is substantial – there were 96,580 homeowner mortgages in arrears of…
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Rises in court fees that came into force last week could put vulnerable people at risk of violence, according to debt help specialist, Money Wellness. Money Wellness says that anyone who is granted an insolvency solution because they couldn’t afford to repay their debts has their details, including their address, listed in the public insolvency…
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New research by Arbuthnot Latham has revealed that 74 per cent of respondents think the next generation will have the same means or be worse off financially, challenging the perception that younger generations will be better off than their parents due to economic growth and improved standards of living. Despite this, only 14 per cent…
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Households in the UK have experienced a year of growing disposable incomes, indicating that the cost of living crisis is being alleviated by falling inflation and rising wages a according to a report by Asda and the Centre for Economic and Business Research (CEBR). Gross income for the average household grew by 10.1% and at…
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The rate of mortgage arrears growth slowed to 3.9% in Quarter 1 from 5.7% in Quarter 4 2023, the lowest quarterly growth rate since the September 2022 when the combined effects of the cost-of-living crisis and the September 2022 Mini-Budget began to impact UK household budgets according to the latest data from Pepper Advantage. While…
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Here is an overview of The Money Charity’s latest statistics for April 2024 Personal debt in the UK People in the UK owed £1,841.2 billion at the end of February 2024. The average total debt per household, including mortgages, was £65,569 and per adult was £34,617, around 99.2% of average earnings. Net mortgage lending decreased by…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell by 19% in March 2024 with a total of 8,708 personal insolvencies registered. The figures was 19% lower than in February 2024 and 9% lower than in March 2023. The insolvencies consisted of 681 bankruptcies, 2,628 debt…
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Latest monthly statistics from the Insolvency Service have shown that business insolvencies doubled and personal insolvencies decreased in Northern Ireland in March 2024. In March 2024 there were 26 company insolvencies registered in Northern Ireland, twice as many as (100% higher than) in March 2023. The business insolvencies comprised of 14 CVLs, 8 compulsory liquidations,…
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Latest figures from Accountant in Bankruptcy showed that there were 8,085 Scottish personal insolvencies in the year 2023-2024. This was an increase of 1% on 2022-2023’s figure of 8,001, an increase of 4% on 2021-2022’s figure of 7,769 and a decrease of 40% compared to pre-pandemic levels in 2019-2020 (13,491). Commenting on the annual Scottish…
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The Bank of England’s latest credit conditions survey for the first quarter of 2024 has revealed a rise in default rates on credit cards and other loans, with overall demand for unsecured lending increased. The data shows that demand for unsecured borrowing rose in early 2024 – driven by credit cards – and is expected…
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