Credit, Collections & Insolvency News
Over one in ten (13%) (equating to 377,000 people nationwide) single-parent household saw their debt increase in lockdown, almost three times as many as those in households without children (5%) according to new research by comparethemarket.com. The research showed that during the second national lockdown, 39% of single parents were concerned over their ability to pay…
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Almost one in six people expect to be over the age of 65 by the time they repay their mortgage (15%) according to research by Opinium. The research shows that among those who were aged 55 and over and still had a mortgage, one in five expected to repay over the age of 70 (19%),…
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The number of pensioners in poverty has now passed the two million mark, with Black and Asian older people most at risk of struggling financially in later life, according to analysis by charity, Age UK. The charity is working with the DWP to encourage pensioners on low incomes to see if they can receive a…
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Latest figures from the Insolvency Service have indicated that personal insolvency numbers across England & Wales fell by 14% in May 2021. Personal insolvencies numbers fell to 8,482 when compared to April’s figure of 9,864, and were 38.7% lower than May 2020’s figure of 13,838. The figures show that there were 1,525 DROs and 718 bankruptcies.…
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Scottish personal insolvencies figures continued to decline in May 2021 according to the latest figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland. The figures showed that there were 7,215 personal insolvencies in the 12 months to May 2021 (inclusive), 5,423 (42.9%) fewer than in the…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies numbers increased in May. In May 2021 there were seven business insolvencies registered in Northern Ireland, 40% higher than in May 2020 but 83% lower than May 2019. This comprised of one compulsory liquidation and six CVLs.. There were no…
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The Financial Wellness Group is calling for the public Individual Insolvency Register, and the publishing of personal details in the Gazette, to be abolished and be replaced with a private register, accessible only to those with a legitimate need to access it. The aim is to try and reduce the shame and stigma that many…
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Research commissioned by Ofwat has indicated that consumers are more than three times as likely to pay bills by credit card than ask for help. The research also shows that a third of customers are struggling to pay household bills and this proportion rises to more than half of customers (51%) when looking at those…
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Low-paid workers are expected to face the highest risk of losing their jobs when the government’s furlough scheme ends in September, according to analysis by the Resolution Foundation. While the government’s coronavirus job retention scheme is widely believed to have prevented millions of job losses, economists are concerned that some jobs will still not be…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 147% in April 2021 compared with the same month in 2020. In the first four months of 2021, new business was 1% higher than in the same period in 2020. The retail store and online credit sector…
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More than 31,500 people in Scotland sought debt help and over 11,000 went through a full debt advice process during the year of the pandemic, according to Stepchange charity’s latest ‘Scotland in the Red’ update. The research showed that average client rent arrears rose by a dramatic 43% in 2020, one of the most worrying…
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Credit Connect Media will host the latest edition of its Connected News digital free live webinar series on Wednesday 14th July. The webinar titled “Delivering responsible vulnerable communications” will be the latest in the series of webinars looking at the latest thematic innovations enhancing collections strategy. Speakers from Lowell and the Lending Standards Board will…
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More than half (51%) of people who sought debt advice from a Citizens Advice Bureau wish they had done so sooner according to new data published by Citizens Advice Scotland (CAS). CAS is publishing the data as it launches its ‘Money Advice Matters’ campaign, encouraging people to not delay and seek advice about financial worries,…
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