Credit, Collections & Insolvency News
The number of County Court Judgments (CCJs) issued against consumers in England and Wales in 2021 rose by more than one third compared to 2020, according to latest figures released by the Registry Trust. The number of consumer judgments registered in 2021 was 848,124, up by 36 percent from 625,901 in 2020. The Registry Trust…
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Latest figures from the Insolvency Service have indicated that personal insolvencies in England & Wales fell by 10.1% to 8,434 in December 2021 compared to 9,385 in November 2021, and were 12.4% lower than December 2020’s figure of 9,625. There were, on average, 6,648 IVAs registered per month in the three-month period ending December 2021,…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 36% in November 2021. 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…
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Benefits will need to be hiked by twice as much as planned this spring in order to protect millions of the poorest in society from the impact of surging inflation according to new analysis by the Insititute of Fiscal Studies (IFS). The analysis shows poorer households tend to spend almost three times as much of…
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New research by Moneyfarm and Dectech has revealed that 25% of the nation are financially dependent on a partner. A further 17% are reliant on their parents with a further 10% reliant on other relatives. Whilst 8% of UK adults are dependent on their children, most surprisingly, 22% of 18 to 30-year-olds are actually financially…
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New research from Quilter has found that if another lockdown is implemented as a result of the Omicron variant, many women consider themselves in a worse off position financially. The research, carried out by YouGov for Quilter, found that more than one in five (22%) women said they were in a worse position financially than…
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Nearly half of consumers(44%) want urgent help in managing their own money, according to a new opinion poll highlighting the dire state of the personal finances of millions of people. The findings come from a poll by Opinium of 4,000 people commissioned by the leading think-tank, the Centre for Social Justice (CSJ), and credit management company…
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The Bank of England data for November showed a significant net increase in borrowing on credit cards, which StepChange Debt Charity warns may be an indicator of increasing underlying financial stress among some households. Credit cards remain the most common type of unsecured debt held by new StepChange clients at the time they take advice.…
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New research by Evolution Money has indicated that second charge mortgages more likely to be used for debt consolidation. The company analysed data from two different types of its second-charge mortgage products, split between those borrowers using the loans for debt consolidation purposes, and those clients who have prime credit ratings. The research showed a…
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Here is an overview of The Money Charity’s latest statistics for December 2021 Personal debt in the UK People in the UK owed £1,749.9 billion at the end of October 2021. The average total debt per household, including mortgages, was £62,965 and per adult was £33,086, around 108.3% of average earnings. Net mortgage lending rose by…
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Latest figures from the Insolvency Service have indicated that personal insolvencies in England & Wales fell by 3.2% to 9,372 in November 2021 compared to 9,678 in October 2021, and were 0.4% higher than November 2020’s figure of 9,339. There were 2,054 DROs and 630 bankruptcies in November 2021 in England & Wales. The number…
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Latest statistics from the Insolvency Service have shown that Northern Irish business insolvencies increased by 29% whilst personal insolvencies doubled when compared to 2020 in the latest monthly figures. In November 2021 there were 193 personal insolvencies in Northern Ireland, 11% more than double the number in November 2020, but 32% lower than November 2019.…
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Families face being pushed into debt over the next few months with over a quarter (27%) of people with dependents saying they’ll need to borrow to survive the winter, according to research from subscription loan provider, Creditspring. Families’ finances are set to suffer much worse than those with grown-up children – of whom just 5%…
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