Credit, Collections & Insolvency News
New data from Account in Bankrupcy (AiB) has revealed a quarterly and yearly rise in Scottish personal insolvencies. Overall, personal insolvency numbers (bankruptcies and protected trust deeds) in Scotland for Quarter 2 2022-2023 increased by 7.7% compared with Quarter 2 2021-2022. The number of personal insolvencies (bankruptcies and protected trust deeds) increased by 1.3% compared…
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Uswitch is calling on the Government to ensure that prepayment meter customers at risk of self-disconnection are considered the highest priority for additional support beyond April 2023. Uswitch says that the energy crisis has reversed a long-term trend for falling numbers of prepayment meters, putting thousands more households at risk of self-disconnection. From the middle of…
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New data from StepChange Scotland shows inflated prices for energy, food and other essentials are driving new clients to its service. Data from July to September 2022 shows one in five clients (21%) cited the cost of living as their main reason for debt, double the one in ten (10%) from January to March of…
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The Financial Conduct Authority (FCA) has found 7.8 million people are finding it a heavy burden to keep up with their bills, an increase of around 2.5 million people since 2020. The FCA has published a snapshot of the latest edition of its landmark Financial Lives survey, which was carried out between February and June…
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The EY Item Club estimates a 0.3% fall in GDP for the whole of next year, downgrading a previous forecast of 1% growth. It is predicted that GDP should return to growth in H2 2023. before expanding 2.4% in 2024 and 2.3% in 2025. It expects GDP to grow by 4.3% overall this year, with…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies increased by 4.5% to 10,013 in September 2022 compared to 9,584 in August, and were 0.5% higher than September 2021’s figure of 9,967. Personal insolvencies also decreased 18.5% from September 2019’s total of 12,280. There were 535 bankruptcies registered,…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies and business insolvencies increased in September. The figures showed that there were 22 company insolvencies registered in Northern Ireland, this is double the number in September 2021, but 39% lower than September 2019. This was comprised of two compulsory liquidations, 18…
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Latest figures from Barclaycard show that more than half of consumers are cutting back on non-essential spending with sales at bars, pubs and clubs down 0.4% in September compared with a year earlier. This marks the first time sales have fallen since March 2021 when pandemic restrictions began easing. Consumer card spending grew 1.8 per cent year-on-year…
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At least one in five working-age families in most UK constituencies would lose out by hundreds of pounds on average if real-terms benefit cuts go ahead, a study Joseph Rowntree Foundation (JRF) has found. JRF has used the latest official data to produce a comprehensive analysis of which parliamentary constituencies will be most affected if…
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New figures released by the Finance & Leasing Association (FLA) show that second charge new mortgage business increased by 37% in August. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said “The second…
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A new survey by YouGov for StepChange Debt Charity finds that 45% of all British adults, equivalent to 23 million people, have found it difficult to keep up with household bills and credit commitments in the last few months, up from 30% in October 2021 and 15% in March 2020. The figures mean the number…
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The monthly cost of repaying a mortgage has seen the second largest annual spike, with just energy bills increasing at a greater rate according to research by Revolution Brokers. The research analysed the annual increase in a number of household costs, from energy bills to mortgage payments, water and sewage and food and drink, to…
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New research from Lowell has found that more than a quarter (27%) of Brits don’t have the ability to save money due to their financial situation and over one in five (22%) revealed that they have mental health difficulties directly caused by money. Over the past 90 days, in the UK search terms for ‘I…
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