Credit, Collections & Insolvency News
New research released by Resolver has revealed widespread confusion over payment holidays and the potential impact on people’s future finances. The company says to help people face down the financial challenges posed by the pandemic, the Financial Conduct Authority (FCA) introduced clear rules for lenders so they could offer people ‘holidays’ from mortgage, loan, credit…
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A new report from Christians Against Poverty (CAP) has shown that over 50% of their clients forced into bankruptcy, should be allowed to use a much cheaper route out of debt CAP is calling for urgent changes to be made to Debt Relief Orders (DROs) so thousands of people can access a simpler way out…
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MPs have called on the Chancellor to maintain. for another year ‘at the very least’ the £20 per week increase in Universal Credit (UC) and Working Tax Credit introduced to support families during the coronavirus pandemic. The report from the Work and Pensions Committee notes that since March the number of people claiming UC has doubled to…
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New Insolvency Service guidance has been published which makes Insolvency Practitioners responsible for the advertising by the firms and lead generators who introduce customers to them. The guidance reflects recent rulings from the Advertising Standards Authority on misleading advertising in the sector as well as concerns raised in the Woolard report for the Financial Conduct…
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Gingerbread, the charity for single-parent families, and StepChange, debt charity, have published a new report which shows the UK’s 2 million single parents are more likely than any other sector of society to be living with problem debt. The report shows that 82% of single parents said not having enough income to meet living costs…
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The number of County Court Judgments (CCJs) issued against consumers in England and Wales in 2020 fell by 45 percent compared to 2019, from 1,146,475 to 626,775, according to figures released by Registry Trust. The total value of CCJs registered in 2020 fell by 34 percent to £1.1 billion, down from £1.7 billion in 2019.…
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The number of decrees and total amount of debt registered against Scottish consumers fell sharply in 2020 compared to 2019, according to figures released by Registry Trust. The number of decrees fell by 31 percent from 19,153 to 13,308. The total value fell from £49.6 million to £37.2 million, a fall of 25 percent compared…
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The number of debt judgments registered against Northern Ireland consumers in 2020 was 3,207, a fall of 52 percent compared to the 6,649 registered in 2019, according to figures released by Registry Trust. The total value of consumer judgment debt owed in 2020 also fell by just over half (54%) compared to last year, from…
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The number and total value of judgments registered against Irish consumers saw a large fall in 2020 compared to 2019, figures released by registrar Irish Judgments show. The number of judgments against consumers fell by 62 percent, from 2,456 to just 930. The total value fell by 79 percent, from €192 million in 2019 to…
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Nearly a quarter of a million parents on Universal Credit fear not being able to properly feed their children if cut to benefit goes ahead, according to report from the Trussell Trust. The report warns of a growing need for food banks from people claiming Universal Credit as one in five people on the benefit…
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Energy regulator, Ofgem has announced that from 1st April 2021 the price cap will rise and return to pre-pandemic levels, principally as a result of changes in wholesale energy prices. The regulator said the price cap for default domestic energy deals would be raised to cover suppliers’ extra costs. Wholesale prices fell sharply last year in the wake of the first…
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The Financial Wellness Group has urged the Financial Conduct Authority (FCA) for change to ensure that the debt advice sector is funded sustainably and that debt solutions are accessible. Deborah Ware, chief operating officer at Financial Wellness Group says that “Change is needed to ensure that the debt advice sector is funded sustainably and that…
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A poll from AA Financial Services suggests 21 million are considering taking out a loan this year. The survey saw 44% of respondents say they are planning to borrow money once the coronavirus lockdown ends, with new cars, family holidays and home improvements the most common reasons cited for borrowing money The research, conducted among…
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