Credit, Collections & Insolvency News
The Joseph Rowntree Foundation (JRF) has warned that the country risks a two-tier recovery from the pandemic as new research highlights the disproportionate risks facing people who rent their homes. The temporary ban on bailiff-enforced evictions introduced in March 2020 and extended several times since, has provided much-needed security to renters at a time of…
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Just 7% of UK shop payments predicted to be in cash by 2024 according to new research by Worldpay. The report found that cash purchases fell to 13% last year as pandemic increased the switch to cards and mobiles The report found that by 2024 it expects tha mobile to make up a third of…
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The Financial Conduct Authority (FCA) has announced a package of remedies to improve competition and protect home and motor insurance customers from loyalty penalties. The changes mean that people renewing their home or motor insurance will pay no more than they would as a new customer from January. The FCA says that these measures address the…
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A new study by IPPR has indicated that working family poverty figures have hit a record high and has been fuelled by rising housing costs and childcare challenges. The report found that UK’s relative poverty rate among working households has hit a record high this century of 17.4 per cent, based upon analysis of official data…
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Here is an overview of The Money Charity’s latest statistics for May 2021 Personal debt in the UK People in the UK owed £1,712.9 billion at the end of March 2021. The average total debt per household, including mortgages, was £61,435 and per adult was £32,326, around 110.3% of average earnings. Net mortgage lending rose by…
Read moreThe IVA Standing Committee has published a new version of the IVA protocol, providing updated regulatory standards to insolvency practitioners, creditors and debt advice sector. A significant proportion of individual voluntary arrangements (IVAs) in the UK are drafted in accordance with the principles from the IVA protocol. The IVA standing committee, chaired by the Insolvency…
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New research by the Financial Conduct Authority (FCA) has highlighted the borrowing patterns of consumers during the pandemic, with men have borrowed more during the crisis (9% of men and 6% of women). The research looked at the impact on the finances of men and women during the pandemic and showed that before the pandemic,…
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The North of England has accounted for half of all property repossessions since the start of the pandemic, with the North West, in particular, home to the highest level according to research by YesHomebuyers. The latest UK House Price Index shows that the North of England is leading the way, with both the North West…
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Latest figures from the Insolvency Service have indicated that personal insolvency numbers across England & Wales fell by 9.9% to 9,859 in April 2021 compared to March’s figure of 10,941, and were 5% lower than April 2020’s figure of 10,394. The figures show that there were 1,425 DROs and 812 bankruptcies. The bankruptcies were made up of 739 debtor applications…
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Scottish personal insolvencies figures continued to decline in March 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 number of personal insolvencies numbers declined. The figures showed that there were 7,291 personal insolvencies in the 12 months to April 2021…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies numbers are continuing to fall. Overall number of personal and business insolvencies have continued to remain low since the start of the first UK lockdown in March 2020 In April 2021 there were 226 personal insolvencies in Northern Ireland which…
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The IVA Standing Committee has published a new version of the IVA protocol, providing updated regulatory standards to insolvency practitioners, creditors and debt advice sector. A significant proportion of individual voluntary arrangements (IVAs) in the UK are drafted in accordance with the principles from the IVA protocol. The IVA standing committee, chaired by the Insolvency…
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Paylink Solutions has announced it is one of four companies, alongside PayPlan, OpenWrks and Tully, that intend to merge the debt advice and finTech sector specialists. The company says that the merger will deliver tech-enabled debt advice, financial wellbeing and credit solutions group that can deliver transformative support to customers and clients across the UK.…
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