Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has told firms to extend payment freezes due to end this month until 31st October meaning customers unable to keep up with high-cost credit payments amid the coronavirus crisis do not have to pay anything until November. Firms must offer payment deferrals or reduce payments, with people yet to request…
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The Insolvency Service has published its latest insolvency statistics which show that personal insolvencies continued to decline in England and Wales in June 2020. There were 1,775 debt relief orders (DROs) and 454 bankruptcies in the three months ending June 2020 there was a monthly average of 8,428 registered individual voluntary arrangements (IVAs). Bankruptcies were…
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The latest figures from the Insolvency Service have shown that personal insolvencies increased in Northern Ireland during June 2020. The figures show that there were 272 individual insolvencies in Northern Ireland, up 42% from June 2019; this consisted of 242 IVAs, 24 DROs and six bankruptcies. The increase in individual insolvencies was driven by delayed…
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Older homeowners released £1.47 billion worth of property wealth in the first half of 2020 but this was driven by a buoyant Quarter 1 as the impact of the coronavirus and resulting political and economic uncertainty hit the market in Quarter 2, a Market Monitor report from equity release adviser Key has indicated. Between Quarter…
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Scotland is facing a ‘personal debt time bomb’ as the country deals with the fallout from the Covid-19 pandemic, Citizens Advice Scotland (CAS) has warned. The latest wave of Scotpulse polling for the charity has reveals that 27 per cent of people in Scotland are concerned about making debt repayments during coronavirus. CAS is warning that as the furlough scheme…
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GambleAware has today published the findings of research commissioned to review the availability, uptake, and effectiveness of bank card gambling blockers (blockers). The review was carried out by researchers at the University of Bristol’s Personal Finance Research Centre (PFRC) and evaluates the potential for blockers to help people who want to control their gambling. The…
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The local areas facing the most severe impact on jobs from the coronavirus downturn have been revealed in research by the Social Market Foundation (SMF). The report from the SMF identifies the places at greatest risk of economic disruption over the next three years – and the areas that will find it hardest to recover.…
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An estimated 227,000 adult private renters (3%) have fallen into arrears since the start of the pandemic, meaning they could lose their homes when the evictions ban ends on 23rd August according to new research by Shelter. Under the current court system, anyone who accrues rent arrears of eight weeks or more can be automatically…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in May 2020 by 56% compared with the same month in 2019, and decreased by 27% in the five months to May 2020. Credit card and personal loan new business together fell in May 2020 by 46% compared…
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The House of Lords Select Committee on the Social and Economic Impact of the Gambling Industry has warned that more needs to be done to prevent gambling-related harm. The committe says that the liberalisation of gambling by the Gambling Act 2005, the universal adoption of smart phones, and the exploitation of soft-touch regulation by gambling…
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The Financial Conduct Authority (FCA) has announced proposals that would provide continued support for users of motor finance and high-cost credit products, who continue to face payment difficulties due to the pandemic. The proposals outline the options firms will provide motor finance, buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking customers who are coming to the…
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The number of families with children at home who are struggling to pay their bills during lockdown has leapt to its highest level. According to comparethemarket.com’s Household Financial Confidence Tracker, 30% of parents with children at home found it difficult to meet their financial obligations over the past seven days. This represents a seven percentage point rise…
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Which? is calling for action to help the most vulnerable after it found that more than a quarter could be at risk of going hungry because they have faced difficulty accessing basic food and essential groceries. With shielding measures due to end soon in some parts of the UK, the consumer champion is calling on…
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