Credit, Collections & Insolvency News
The latest figures from the Insolvency Service have shown that total insolvencies increased in Northern Ireland in Q1 2020. There were 621 individual insolvencies in Northern Ireland in Q1 2020. This was an increase of 7.4% compared with the same quarter of the previous year. In Q1 2020 there were 621 insolvencies, up 7.4% on…
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Latest figures from Accountant in Bankruptcy, Scotland’s Insolvency Service have indicated that personal insolvencies decreased in Scotland in Q1 2020 There were 3,156 individual insolvencies in Scotland Q1 2020. This was a decrease of 3.8% compared to the same quarter of the previous year. This comprised of 1,129 sequestrations (of which 455 went into sequestration…
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Barclays has issued a warning about the cost of the pandemic in its latest financial results, which saw that pre-tax profits fell to £913 million amid Covid-19 crisis. The company says it could be forced to take a £4.5 billion charge to cover bad debts in 2020 as a result of the coronavirus pandemic. The…
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New research has highlighted the precarious lives of those on chronic low incomes with predictions showing further hardship from the coronavirus pandemic. Debt charity Christians Against Poverty (CAP) new report ‘Is Anyone Listening?’ reflects on the statistics for 2019 showing that many walk a financial knife-edge with no safety net from income shocks or unexpected…
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New analysis from comparethemarket.com indicates that, despite the new Coronavirus Job Retention Scheme saving millions of jobs, people who have been furloughed may face an immediate financial shortfall. The scheme will mean that people on an average UK salary will receive just over £500 less than their usual monthly pay cheque under the Coronavirus Job…
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The UK’s largest debt advice charities have welcomed emergency legislation banning bailiffs from visiting homes to enforce debts during Covid-19 restrictions – but say the Government ‘must go further’ in helping people struggling with council tax bills as a result of the outbreak. Citizens Advice, Money Advice Trust and StepChange Debt Charity raised concerns with…
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A new report from the Centre for Social Justice (CSJ) makes a “powerful case” for the need for a Government Debt Management Bill, according to the Money Advice Trust, the charity that runs National Debtline and Business Debtline. The CSJ’s newly-published report, ‘Collecting dust: A path forward for government debt collection’ outlines how central and…
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Latest figures from the Registry Trust indicated that the total number of consumer debt judgments in Ireland dropped five percent in Q1 (January-March) when compared to Q1 2019. The total value of registered debt owed by consumers in Q1 2020 was €25,947,064, compared to €28,440,399 in Q1 2019, a fall of nine percent. The average…
Read moreThe number of judgments against Northern Ireland consumers increased by 4.6 percent in Q1 (January-March) 2020 compared to the same period last year, from 1,411 to 1,476, according to figures released today by Registry Trust. But the amount owed in judgment debt by Northern Irish consumers fell from just under £5 million to £3.2 million,…
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The number of County Court Judgments (CCJs) issued against consumers fell 16 percent in Q1 (January-March) 2020 compared to the same period last year, according to figures released by Registry Trust. The number is down from 321,281 in Q1 2019, to 269,249 this quarter. The number of consumer judgments in England & Wales issued this…
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Scottish consumers owed £14.3 million in registered debt in Q1 (January-March) 2020, according to figures released today by Registry Trust. The figures were a rise of 20 percent when compared to Q1 2019. The number of decrees saw a small increase of three percent compared to Q1 2019. The large rise in the value over…
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The Financial Conduct Authority (FCA) has confirmed that it will be introducing the package of measures outlined last week to support consumer credit customers facing payment difficulties due to coronavirus (Covid-19). The targeted temporary measures being implemented are a 3-month payment freeze for motor finance, buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking agreements. For high-cost…
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Research from global information and insights provider TransUnion, shows potential signs of stabilisation in the impact of COVID-19 on household and personal finances, suggesting that the various financial support measures on offer are easing the burden. The number of households negatively impacted remains largely unchanged, at three out of five, but the number of people…
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