Credit, Collections & Insolvency News
Latest figures from the Bank of England (BOE) have shown that lending fell by £16.6 billion over the past year. The figures also reveal that deposits in bank and building society accounts rose by almost £ 21 billion in December, whereas pre-pandemic they typically increased by about £5 billion a month. Separately the figures showed…
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Latest statistics from the Insolvency Service have indicated that there were 111,424 personal insolvencies in 2020, a fall of 9% on 2019’s figure of 121,882. The decrease was driven by a 25% reduction of both bankruptcies and DROs. The fall in DROs and debtor bankruptcies in the last three quarters of 2020 corresponds with a…
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A growing proportion of consumers are taking control of their finances by seeking financial products for debt consolidation, according to the latest findings from Experian’s Credit Barometer. Searches for balance transfer cards via Experian’s comparison services have risen in January, from 31% of the total credit card searches in December 2020 to 37% in January…
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As 2020 came to a close, the fuller picture of Covid-19’s effect on UK household finances continued to emerge, demonstrating the significant mounting financial impact of the pandemic, according to the January 2021 Money Statistics, produced by The Money Charity. Moving into the final month of 2020, the uneven and heavy financial burden being shouldered…
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Here is an overview of The Money Charity’s latest statistics for January 2021 Personal debt in the UK People in the UK owed £1,692.5 billion at the end of November 2020. The average total debt per household, including mortgages, was £60,720 and per adult was £31,940, around 108.0% of average earnings. Net mortgage lending rose by…
Read moreThe Financial Conduct Authority has confirmed that it has extended its current guidance so firms should not enforce mortgage repossessions before 1st April as a result of the pandemic, except in exceptional circumstances. The guidance on consumer credit will permit firms to repossess goods and vehicles from 31st January 2021. In November 2020, banks and…
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The number of County Court Judgments (CCJs) issued against consumers in the fourth quarter of 2020 fell 28 percent, from 268,858 to 194,102, compared to the same quarter in 2019, according to figures released by Registry Trust. The total value of CCJs registered fell by 25 percent to £342 million in Q4 2020, down from…
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The number of decrees and total amount of debt registered against Scottish consumers fell sharply in the fourth quarter of 2020 compared to the same period last year, according to figures released by Registry Trust. The number of decrees fell by 27 percent from 4,984 to 3,654. The total value fell from £12.9 million to…
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The number of debt judgments registered against Northern Ireland consumers in the fourth quarter of 2020 was just 699, a huge fall of nearly 60 percent compared to the 1,732 registered in the same quarter last year, according to figures released by Registry Trust. The total value of judgment debt owed in Q4 2020 fell…
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UK Finance has warned that home repossessions may surge tenfold in 2022 as coronavirus support measures come to an end, saying that while 2,900 properties were repossessed by lenders in 2020, this could rise to 22,300 in 2022. Around 81,300 households were in home loan arrears last year, but figures suggest this could climb to…
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Research from credit-builder credit card, Vanquis reveals the average consumer wants to save more (27%), spend less (24%), pay off debts (15%) and make a budget plan (13%) this year, while one in three (33%) of those with existing debt say they want to start paying it off. The research comes as an estimated 1.2…
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Latest data published by UK Finance has revealed that spending across debit and credit cards fell in October 2020 compared to the previous month, as additional social distancing measures were introduced across the UK. There were 1.7 billion debit and credit card transactions in the UK in October, a 0.4 per cent decline from September…
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Household financial wellbeing declined faster at the end of 2020 than at any time during the five years prior to the Covid-19 pandemic, according to the Scottish Widows UK Household Finance Index (HFI). The headline seasonally adjusted index which measures households’ overall perceptions of financial wellbeing registered at 41.1 during the final quarter of 2020,…
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