Credit, Collections & Insolvency News
New research by TotallyMoney has found that one in two people are paying banks interest on a total of £31 billion of credit card debt every month with the average outstanding monthly balance they’re paying interest on is £2,748. Each year, on the average balance, those with a poor credit score could be paying £1,371…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers fell 6%. There were 24,418 individual insolvencies registered in Q3 2023, 6% lower than the number of individual insolvencies registered in the previous quarter, and 15% lower than during the same quarter in the previous year. The number…
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Latest quarterly statistics from Accountant in Bankruptcy (AiB) indicated that Scottish business insolvencies increased by 7%. In Quarter 3 (Q3), there were 296 total company insolvencies in Scotland, 7% higher than in the same quarter of 2022. The business insolvencies comprised 107 compulsory liquidations, 174 CVLs and 15 administrations. There were no CVAs or receivership…
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Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies increased by 24% The figures in Quarter 3 (Q3) July to September 2023 showed 62 company insolvencies in Northern Ireland in Q3 2023, an increase of 24% from the same quarter of 2022. The business insolvencies comprised 30 compulsory liquidations, 23…
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Gobal credit intelligence company, Pepper Advantage has reported a 23.3% annual increase in the arrears rate in the third quarter of 2023 to reach a new post-Financial Crisis high. The growth in the arrears rate follows successive increases in the percentage of mortgages that experienced a Direct Debit Rejection (DDR), where a direct debit instruction…
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Almost three in ten consumers plan to spend less in the festive period this year than last year, reflecting the impact of the ongoing cost-of-living crisis according to research by Deloitte. The data also shows a rise in the number of UK consumers who intend to spend more in the last three months of 2023,…
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Here is an overview of The Money Charity’s latest statistics for October 2023 Personal debt in the UK People in the UK owed £1,846.5 billion at the end of August 2023. The average total debt per household, including mortgages, was £65,756 and per adult was £34,716, around 100.4% of average earnings. Net mortgage lending increased by…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that personal insolvency numbers in Scotland saw no real change in Quarter 2 (Q2) compared to a year ago but fell by 40.2% compared to pre-pandemic levels in 2019. Overall, personal insolvency numbers (bankruptcies and protected trust deeds) in Scotland for Q2 saw no real change,…
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Soaring rent prices are increasingly pushing young people into debt, according to new research from Creditfix. New data from the personal insolvency provider has shown a significant rise in the number of renters under the age of 45 seeking support for unmanageable levels of debt. Individuals under the age of 45 now account for almost three quarters…
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With the country getting an extra hour in bed as the clocks go back this weekend, Aviva’s latest study reveals that over half (51%) of the nation say they are not getting the recommended seven hours or more sleep per night. On average, UK adults were found to be getting just under six and a…
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Singles are forced to spend around a third more on housing per person than their couple counterparts – despite living in cheaper accommodation. They also spend more per person on fixed costs like food and communications according to research by Hargreaves Lansdown. The research found that individuals have to cut costs wherever they can, so…
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Latest National Statistics (ONS) figures show that annualised inflation was flat year-on-year at 6.7%, the same as in August, with a fall in the price of food and drink offset by rises in transport, restaurant and hotel costs Annualised inflation was forecast to come in at 6.6%. Commenting on the figures, David Cheadle, Acting Chief…
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Tthe government has released new figures revealing the amount being spent by local councils on temporary accommodation for homeless households in England was £1.7 billion between April 2022 and March 2023 This is a 9% increase in spending in just one year. It has increased by 62% in the last five years. One third of…
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