Credit, Collections & Insolvency News
One in five consumers have no idea how much debt they’re in and don’t want to know either. A poll of 2,000 adults commissioned by Skipton Building Society found 17 per cent would rather not find out the exact figure they owe, and 21 per cent don’t want to worry about something they feel they…
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Debt charity, The Money Advice Trust has welcomed the government’s last-minute announcement of public health guidance for bailiff visits but says that concerns around the impact of bailiff action on households dealing with the financial consequences of Covid-19 remain unaddressed. On Friday evening the Ministry of Justice published public health guidance for bailiffs, now known…
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One in nine people, the equivalent of six million people across the UK, have reported falling behind on household bills because of coronavirus according to new research from Citizens Advice. With protections against eviction for renters and the ban on face-to-face bailiff collection both ending this weekend, the charity warns that many of those struggling…
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New data released by UK Finance has revealed that the final month of full lockdown saw the annual growth rate of outstanding credit card balances fall by 12.6 per cent in the year to May, as consumers continued to pay down their credit card bills. May also saw credit card spending by UK cardholders slowly…
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Household finances in the UK fell more sharply in August than the previous month after rising levels of unemployment hit average incomes and persuaded millions of families to cut back on spending according to the latest IHS Markit UK household finance index. The finance index was down following steady increases through May, June and July,…
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The Insolvency Service has published its latest figures which indicate that in July 2020 that there were ten company insolvencies in Northern Ireland down from 21 in July 2019, this consisted of seven CVLs, one CVA, one administration and one compulsory liquidation, the first compulsory liquidation in Northern Ireland since the implementation lockdown on the…
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Accountant in Bankruptcy has published its latest figures which indicate that there were 550 personal insolvencies (bankruptcies and protected trust deeds (PTDs)) in July 2020, 670 (54.9%) less than in July 2019. Bankruptcies decreased by 37.1% in July 2020 when compared with July 2019. PTDs decreased by 63.7% over the same period. There were 237…
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The Insolvency Service has published its latest figures which indicates that in July personal insolvency numbers in England and Wales decreased when compared to June 2020 (12% lower) and July 2019 (40% lower). There were 1,621 Debt relief orders (DROs) and 913 bankruptcies in July in England and Wales (the latter was made up of…
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Mortgage arrears number fall in second quarter of this year, according to latest figures from UK Finance. The figures showed that there were 73,580 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the second quarter of 2020, this was 3 per cent fewer than in the same quarter…
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One in three (31%) consumers used the enforced lockdown to pay down their debt, according to new analysis from Experian. The proportion of Experian’s customers that had high balances across their credit accounts stood at 12.6% around the start of lockdown (23rd March). This dropped to 8.6% at the beginning of June, just before measures…
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The Financial Wellness Group has launched a new app to make it even easier for its IVA and DMP customers to manage their financial wellbeing using their mobile device. The new app, which is free for customers to download and use, is available for Apple and Android devices. The app will become a vital way…
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One in four over 50s worry cash will run out but new data reveals they have £127,000 tied up in their homes. New research fromSunLife has revealed that many over 50s are struggling financially and have concerns about the future; one in four say they are worse off than they expected to be at this…
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Water companies in Wales must build a stronger relationship with their customers to reduce the risk of households missing out on vital help with their water bills and other assistance when they hit hard times. The Consumer Council for Water’s (CCW) annual survey Water Matters revealed about a third of household customers have little awareness…
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