Credit, Collections & Insolvency News
As firms continue to get ready for the implementation of the Consumer Duty, the Financial Conduct Authority (FCA) has announced that is offering support to firms through the transition with a programme of engagement, which includes setting out in letters the expectations of the Duty and arranging a series of regional in-person events for specific groups of…
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Around 2.3 million households missed an essential payment in January, an increase of 400,000 on the month before, but similar to previous years according to new research by Which. The research found that 2.3 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in January 2023. This marks…
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The Financial Conduct Authority (FCA) has announced that is to push ahead with proposals to ban debt packager firms from receiving referral fees from debt solution providers, following further analysis of the market. The FCA initially consulted on a ban in November 2021 after identifying a lack of adequate management of the conflict of interest…
Read moreLatest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers increased slightly. After seasonal adjustment, the number of personal insolvencies in Quarter 4 2022 was 6% higher than Quarter 3 2022, and 7% higher than in Quarter 4 2021. During the final Quarter of 2022, there were 29,589…
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Latest quarterly figures from Accountant in Bankruptcy (AiB) have indicated that personal insolvency numbers (liquidations and receiverships) in Scotland decreased by 5% when compared with Quarter 4 2021. In Quarter 4 2022, there were 1,966 individual insolvencies in Scotland. The personal insolvencies comprised of 1,392 protected trust deeds and 574 bankruptcies (also known as sequestrations),…
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Here is an overview of The Money Charity’s latest statistics for January 2023 Personal debt in the UK People in the UK owed £1,831.9 billion at the end of November 2022. The average total debt per household, including mortgages, was £65,914 and per adult was £34,636, around 106.5% of average earnings. Net mortgage lending rose by…
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The cost-of-living crisis and the freeze on the income tax threshold has increased the disparity between Britain’s richest and poorest earners according to new data from Office for National Statistics (ONS). The figures show that while the richest Brits have managed to increase their household disposable income by just over £1,000 in the last year,…
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New data from Account in Bankrupcy (AiB) has revealed a quarterly and yearly fall in Scottish personal insolvencies. Overall there were 1,966 personal insolvencies (bankruptcies and protected trust deeds (PTDs)) in 2022-23 Q3. This is a decrease of 4.9% when compared with 2021-22 Q3. The number of personal insolvencies (bankruptcies and protected trust deeds) in…
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Fico’s November 2022 report of UK card trends has found that consumers managed their credit card debt to keep lines of credit open for the festive season as spend increased month on month. However, the report also highlighted a concern for lenders, with a trend of consumers missing two or three payments. The research found…
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Economists lexpect the UK to enter a recession this year, with new research from the EY Item Club showing that the recession could be deeper than expected. The forecast reflected findings that showed the rate of economic inactivity had not fallen as quickly as expected, with the number of inactive people rising by half a…
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One in six of the UK’s over-50s are so impacted by the cost-of-living crisis they will need to either sell or release equity from their homes to give them more cash to live on. The findings come from the LiveMore Barometer, a detailed indicator of the financial priorities of the UK’s 50-90+ year-olds. The survey…
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New research by Fair4All Finance has found that the unprecedented support from banks and the regulator significantly helped customers during Covid-19, with no detrimental impact on bottom lines. The research conducted with Lloyds Banking Group, NatWest Group and Yorkshire Building Society looked at the response of major banks and building societies during Covid-19. The aim was to understand…
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Millions of broadband and mobile phone customers look set to face rises of more than 14% in their monthly bills from April. BT, TalkTalk, Three and Vodafone are among the big telecoms suppliers that are contractually allowed to increase their bills in line with the previous year’s inflation rate, as measured by the consumer prices…
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