Credit, Collections & Insolvency News
Mortgage breaks taken by 1.6 million homeowners could cost them at least £821 million in extra interest according to new analysis. Research by mortgage broker L&C Mortgages has shown that the mortgage breaks taken by 1.6 million homeowners due to the COVID-19 pandemic could cost them at least £821 million in extra interest. Figures calculated…
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Cifas and The Vulnerability Registration Service (VRS) have entered into a collaborative agreement that will offer protection to vulnerable individuals through the VRS national vulnerability database later this year. With effect from 1st August 2020, Cifas will no longer be providing the Protecting the Vulnerable scheme. The Protecting the Vulnerable scheme is a shared register…
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A survey of customers by debt advice provider Financial Wellness Group has revealed how lockdown has impacted the finances of those already on a debt solution. Almost two-thirds of respondents (64%) had experienced a drop in household income since the lockdown started. The study shows the vital importance of the Government Job Retention Scheme: 38%…
Read moreIHS Markit’s UK household finance index has shown that overall perceptions of financial wellbeing in UK households recorded a score of 37.8 in May, representing a slight increase from the previous month’s eight-and-a-half-year low of 34.9. While the headline number did rise, it remained among the worst seen since the survey’s inception in 2009 and…
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A new survey conducted by Hodge Bank has revealed that (over half of the consumers surveyed) 56% of people are embarrassed to ask their family for financial help. Over 3,000 people were interviewed as part of the study which asked about their attitudes towards finances and aspirations for the future. The study was conducted using…
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The Insolvency Service has published its latest insolvency statistics which have released that the overall numbers of individual insolvencies dropped in the days immediately after the UK lockdown was applied. The figures show that were 10,397 individual insolvencies in April 2020 in England and Wales, consisting of 8,093 individual voluntary arrangements (IVAs), 1,496 debt relief…
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The Accountant in Bankruptcy, Scotland’s Insolvency Service that administers person insolvencies in Scotland has published its statistics for April 2020 which indicated that there were 976 personal insolvencies (bankruptcies and protected trust deeds (PTDs)) in April 2020. Personal insolvencies decreased by 199 (16.9%) less than in April 2019. Bankruptcies decreased by 71.6% in April 2020…
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UK Finance has published its latest mortgage arrears and possessions update for Q1 2020 which indicate that there were 72,380 homeowner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the first quarter of 2020, six per cent fewer than in the same quarter of the previous year. There were…
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The Ministry of Justice Mortgage and Landlord Possession has published its latest mortgage and landlord possession statistics for England and Wales for January to March 2020 which indicates that mortgage possession claims have decreased. Compared to the same quarter last year, mortgage possession claims have decreased by 18%. This follows a three-and-a-half-year period of relative…
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The Financial Conduct Authority (FCA) has confirmed a series of temporary measures to help customers who hold insurance and premium finance products and who may be in financial difficulty because of coronavirus (Covid-19). Following a short consultation, the targeted measures being implemented require firms to consider what options they can provide to customers including: Reassessing…
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Landlord and Tenant Solicitors firm, Landlord Action, says that any extension to the ban on evictions could cause financial ruin to landlords who already had possession cases for rent arrears going through the courts prior to the ban. Some landlords with pre Covid-19 possession cases will find themselves trying to cover more than a year’s…
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Young people are finding it increasingly difficult to pay their bills, as the economic impact of COVID-19 continues to hit household finances and the wider economy. According to the third week of comparethemarket.com’s Household Financial Confidence Tracker, a quarter (25%) of those aged 18 to 24 struggled to make ends meet over the last week…
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Debt charity StepChange has warned that its clients in Scotland were already struggling to make ends meet before Covid-19 hit. The charity’s new report, Scotland in the Red, has revealed that a quarter of Scots were showing at least one sign of financial vulnerability in 2019. The report also paints a worrying picture of how…
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