Credit, Collections & Insolvency News
The Insolvency Service has published its latest figures which indicate that in August 2020 that company and personal insolvencies continued to decrease. There were four company insolvencies in Northern Ireland, down from 22 in August 2019. This consisted of two CVLs and two administrations. There were no compulsory liquidations, CVAs or administrative receiverships. Whilst there…
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Many recipients of government support after the onset of the pandemic crisis saw their income fall one or two months before receiving support according to findings of new work, funded by the Standard Life Foundation. In the period in between, household spending hit a low and non-payment of bills hit a high. This particularly affected…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in July 2020 by 9% compared with the same month in 2019, and decreased by 23% in the first seven months of 2020. Retail store and online credit new business grew by 1% in July compared with the…
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New figures released today by the Finance & Leasing Association (FLA) has shown that second charge mortgage new business volumes fell by 64%. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer & Mortgage Finance at the Finance & Leasing Association (FLA), said “The second charge…
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In the UK, the average consumer owes of £176 per person to Buy Now Pay Later (BNPL) Schemes such as Klarna, Laybuy and Clearpay according to a new report by Money.co.uk In a report titled ‘Shop Now Stress Later’ the report also suggests that as Influential organisations, such as Manchester City have begin to enter…
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The economic impact of the coronavirus crisis has been far-reaching with millions of people unable to work due to lockdown restrictions. New research shows that nearly a third (31%) of UK adults have seen their income cut as a direct result of the crisis. The research, commissioned by GoCompare Money, reveals that 8% of people are…
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A Standard Life Foundation study of national survey of household finances has shown that of the 3.7million households in the UK granted a bill ‘payment holiday’, over six in ten are already facing financial difficulties and will struggle to repay their debts when these arrangements end. For many, these payment holidays will cease on 31st…
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The first tranche of an additional £37.8 million to fund extra debt advice and other money support for people affected by Covid-19 pandemic has been allocated by the Money and Pensions Service (MaPS). Up to £7.5 million is being allocated to three debt advice providers – Christians Against Poverty (CAP), PayPlan and StepChange – to…
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Household’s borrowing returned to pre-pandemic levels with £3.9 billion net borrowing in July, with increases in both mortgage borrowing and consumer credit, according to the latest Bank of England figures. Household’s consumer credit borrowing increased £1.2 billion in July, following four months of net repayments. The interest rate on new consumer credit borrowing increased 22…
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The government has announced new legislation meaning that landlords must now give tenants six months’ notice before they can evict until March 2021, except in the most serious of cases, such as incidents of anti-social behaviour and domestic abuse perpetrators. The stay on possession proceedings has been extended until 20 September, meaning that in total…
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As the ban on evictions ends in just over three weeks, six leading organisations representing tenants, landlords and letting agents have united to urge the government to provide financial help to private renters plunged into ‘Covid rent arrears’ through no fault of their own. The coalition, which includes Shelter, the National Residential Landlords Association, ARLA…
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The finalists for the fourth annual Credit & Collections Technology Awards, the UK’s celebration of technology innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect, brings together credit and collections technology executives to honour the industry’s leading players across 19 categories. The technology focused-Awards scheme seeks to champion…
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The Financial Conduct Authority (FCA) has outlined proposals to ensure that firms provide tailored support to mortgage borrowers who continue to face payment difficulties due to coronavirus. During the initial phase of the pandemic, payment holidays provided mortgage borrowers with immediate and temporary support. They have helped millions of consumers through the immediate impacts of…
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