Credit, Collections & Insolvency News
Cerebreon has launched a new automated affordability tool, enabling insolvency practitioner and debt management firms to complete fully compliant I&E reports in less than 5 minutes. The company says that it uses pioneering machine learning technology to automate I&E production and reporting processes for insolvency practitioner firms. Gillian Doyle, CEO Cerebreon said “Cerebreon’s digital Income…
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A recent survey conducted by Hodge Bank has revealed that the COVID-19 pandemic has led to more people wanting to help younger family members financially. A third (31%)** of those questioned said that since the COVID-19 outbreak giving a financial gift to children or grandchildren is more important to them, compared to 23% who said…
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The Financial Conduct Authority (FCA) has published the findings of a review into re-lending by firms that offer high-cost credit. The review, which was completed prior to the coronavirus pandemic, highlights concerns about poor practices by some firms and notes that nearly half of consumers regretted borrowing more money. As firms in this sector begin…
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Borrowing money from friends and family has reduced significantly since 2019, and even more so following lockdown, with a 58% decrease in borrowing, and a 52% decrease in lending, since March of last year according to new research by Lloyds Bank. According to the latest How Britain Lives research from borrowing significant sums of money from friends…
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The number of County Court Judgments (CCJs) issued against consumers in the first half of 2020 (HY1 2020) was 320,494 compared to 587,433, a fall of 45 percent compared to the same period last year according to figures released by Registry Trust. This is the lowest number of records registered in the first half of…
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The total amount of debt registered against Scottish consumers in the first half of 2020 fell by 20 percent, from nearly £24 million to just under £19 million, according to figures released by Registry Trust. The number of decrees fell by over 26 percent from 9,310 to 6,849. The average value rose by over eight…
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Credit Connect Media is set to launch a series of online digital discussion platforms focusing on technological and innovation developments and strategies within credit and collections Starting in August Credit Connect will launch its new 45 minutes news round-up series discussions with monthly guests analysing the industry developments in an ever-changing world. Titled ‘Connected News‘…
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The number of debt judgments against Northern Irish consumers fell by nearly 40 percent in the second half of 2020 compared to the same period last year, from 3,136 to 1,900, according to figures released by Registry Trust. The value of judgment debt owed by Northern Irish consumers for the half-year fell even more, by…
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Furloughed workers are three times more likely to have defaulted on at least one payment in the last month, new Which? research reveals, highlighting the challenge that the Financial Conduct Authority (FCA) faces as it considers what additional support measures may be needed for those struggling financially once the government scheme comes to an end…
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Universal Credit is ‘failing millions of people’ especially the vulnerable, according to a new report from the Lords’ Economic Affairs Committee which said it agreed with the government’s aim for the scheme to bring together multiple benefits into one payment. The Committee proposals for reform’, which calls on the Government to make substantial changes to…
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The Insolvency Service has published its latest figures which indicates that in Quarter 2 (Q2) 2020 personal insolvency numbers increased by 12% (32,153) up from 28,747 in Q1 and by 7% from Q2 2019 (30,076). This is the first quarter that has been properly affected by the lock-down and despite the rise in overall numbers,…
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One in three consumers (35%) have checked their credit score during lockdown, with four million people looking at it for the first time according to latest research from TransUnion The research has revealed that this increased interest is due to people having more time (33%), with many on reduced working hours, combined with concerns about…
Read moreThe Bank of England’s latest money statistics has indicated that despite an increase in mortgage borrowing there was still a significant net decline in consumer credit. The statistics indicate that the amount consumers owed on credit cards and loans fell by a record amount over the last 12 months. A slump in borrowing and spending…
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