Credit, Collections & Insolvency News
Latest figures from Accountant in Bankruptcy (AiB) have revealed that personal insolvencies increased by 2% for Quarter 3 (Q3) 2023-2024 compared with Q3 2022-2023, to a total of 2,014. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland for Q3 2023-2024 decreased by 3.3% compared to the previous quarter’s total of 2,082…
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Latest research from Lowell has found that a quarter of people (25%) feel anxious, stressed or ashamed when talking about money. With January being a tough month financially, from gaps between paychecks to the aftermath of festive spending 47% of people admitted they are heading into 2024 feeling worried about money. The nationwide survey revealed…
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New analysis in the Joseph Rowntree Foundation (JRF) flagship UK Poverty report quantifies for the first time how many thousands of pounds are needed by families to escape poverty. The poverty gap, or the amount of money needed to bring the incomes of people in poverty to the poverty line, has grown wider. Six million…
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Nearly a quarter (23%) of adults wouldn’t seek financial advice, even if it was free according to new research by Canada Life. The research also found that nearly half (45%) of UK adults have never seen a financial adviser. Over a fifth (23%) say they could not be swayed to get financial advice no matter…
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One third of adults in the UK will run out of money by the end of January, a new survey by Credit Karma has found. The research said that by 20th January, 56% of adults will have spent their entire monthly income, due to higher winter bills and financial strain from Christmas expenses. As a…
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Latest Bank of England data has highlighted that mortgage defaults and missed payments on credit cards and loans both surged at the end of the year, and are expected to keep rising. Missed credit card and loan payments, as a percentage of balances, are higher than they have been for at least five years with…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures were 20% lower than in the same month in the previous year. There were 6,584 insolvencies in December 2023, compared to i8,254 in December 2022). The lower number of individual insolvencies compared to December 2022. The personal insolvencies…
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The Insolvency Service has announced it is launching an investigation to understand the experience of some consumers when taking out an Individual Voluntary Arrangement (IVA). The Insolvency Service says that IVAs support a valid public policy objective by providing debt relief for individuals in financial distress. However, specific issues and concerns have been raised which…
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Two years of the cost of living crisis has caused a 50% rise in the number of people who are pessimistic about their financial future, according to new figures released today by StepChange Debt Charity. The research indicates a difficult year ahead for people’s finances, as more than two in five adults (43%), around 22…
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The UK’s poorest people now owe twice as much to energy suppliers as they did during the 2022 energy crisis, according to figures from management consultancy Baringa. Barings says that an energy bill price spiral where customers increasingly default on debts, leads to costs being passed onto others in the form of higher bills, further…
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Debt management specialist TDX Group, an Equifax company, has announced that it has partnered with business outsourcing provider Sigma Connected, drawing on their respective debt insights and collection expertise for an all-in-one recovery solution package for clients. The strategic link-up will see Sigma Connected and TDX Group working closely on white label customer service support…
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Funeral costs have increased at almost twice the rate of inflation over the past 20 years, according to research by SunLife.The latest data shows that after two years of lower funeral costs – in part due to the pandemic – prices are on the rise again. In 2023, the average funeral cost was £4,141 –…
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According to a new survey from Nationwide, 84% of people expect this January to be the toughest yet financially due to Christmas spending added to debt from the cost of living crisis. More than half (52%) believe January is the time of year that causes the most financial stress. While 51% blamed Christmas spending for…
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