Credit, Collections & Insolvency News
New research by Money and Mental Health Policy Institute, has found that 2.5million people with mental health problems who fell into debt during pandemic considered suicide The Institute is now calling on urgent action from the government, the NHS and essential services providers is required to stop the devastating cycle of debt and mental health…
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The tax office may struggle to recoup a vast backlog of payments that have accrued during the pandemic as HMRC does not have enough staff and budget cuts to its collection department have resulted in an increasing number of debts being written off according to new analysis by the National Audit Office (NAO). The research…
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Credit Connect’s hosted its inaugural Credit & Collections Technology Think Tank at the beginning of November in Manchester which saw credit and collections strategies and the impact of the pandemic discussed by sixteen professionals from a variety of industry sectors at the Midland Hotel in Manchester. The themes of credit and collections risk, affordability, vulnerability…
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The number of landlord possession actions for all court stages have increased compared to the same quarter of last year but remains significantly reduced in comparison to the same quarter in 2019 according to the latest Ministry of Justice (MOJ) statistics. As a result of coronavirus and associated policy actions, all landlord possession actions have…
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Mortgage arrears continued to fall to near historic lows, with the government’s Coronavirus Job Retention Scheme remaining in place until September. according to the latest UK Finance statistics. Possessions meanwhile have slightly risen in absolute terms, off a low base, as the courts work through a backlog of cases that built up during the possessions…
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Homeowners hit by the pandemic are now losing their homes, evicted by banks in court hearings, a joint probe by Money Mail and The Bureau Of Investigative Journalism has found. The ban on bailiff-led evictions was extended until the end of May in England and the end of June in Wales. But the research has…
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Over 2.8 million people with mental health problems fell into council tax debt during pandemic according to new research by Money and Mental Health. The research shows that people with mental health problems have been hit particularly hard financially during the pandemic, with two in five suffering a drop in income, and three in ten…
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More than two in five (41%) young people said that their money worries had increased because of the Covid-19 pandemic, new research YouGov, as part of a partnership between youth charity The Mix and global information services company Experian. Over a third (35%) of young people surveyed agreed that the impact of the pandemic on…
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The impact of welcome changes to Universal Credit (UC) announced in the Budget will leave 1.3 million families better off than before the withdrawal of the £20 a week boost to UC last month and make 330,000 more families eligible for support, but 3.6 million families will remain worse off, according to new research the…
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New figures released today by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 67% in September 202 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA),…
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More than three million households are entering winter in debt to their energy supplier, half a million more than last year according to new research from Uswitch.com. Households are going into the coldest time of year owing £510 million, a rise of £77 million since 2020, with many feeling additional pressures caused by the rising…
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New research by NerdwWallet has found that over a quarter of consumers have borrowed due to gambling The research found that 46% who gamble daily have taken a loan or credit because of gambling, the highest of any category. Whilst 28% who gamble at least once a month have taken a loan or credit because…
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Coronavirus support measures reduced the number of customers seeking debt advice, but caused an increasing rise in existing debt solution customers needing support according to new figures from the Financial Wellness Group’s Impact Report, The report showed that the average debt of new advice customers rose to £17,900 with an increasing proportion of customers having…
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