Credit, Collections & Insolvency News
The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland rose by 1.8% to 1,918 in July-September 2021 compared with the 1,885 in April-June 2021, and was 8.4% higher than in July-September 2020 (1,770) according to latest Accountant in Bankruptcy (AiB) figures. A total of 524 bankruptcies were awarded during this quarter –…
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Younger consumers in the UK, aged 16 to 24 year olds, are among those most likely to now consider themselves vulnerable – 48%, compared to 34% of all consumers, according to research by the Vulnerability Registration Service (VRS), a not-for-profit company providing the UK’s first central vulnerability database. The FCA’s Financial Lives findings back in…
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Link Financial Group has announced the completion of their acquisition of 100% of the shares of Obligo, a Polish credit management company based in Łódź. Obligo has a 20-year track record and deep experience in the industry having serviced more than 400,000 cases with a nominal value exceeding 1.7 billion PLN across performing and non-performing…
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Chancellor Rishi Sunak has announced changes to the Universal Credit Taper rate, which is the amount of Universal Credit (UC) withdrawn for every pound someone earns (from 63% to 55%, so for every extra £1 earned, 55p of Universal Credit will be withdrawn) as part of his latest budget announcement. StepChange Debt Charity says that…
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Chancellor Rishi Sunak has announced the extension Recovery Loan Scheme to 30th June 2022 as part of his latest budget announcement. Commenting on the budget Chirag Shah, CEO of Nucleus Commercial Finance, said “Today’s Budget demonstrates the government’s commitment to supporting British businesses. The extension of the Recovery Loan Scheme will provide SMEs with a…
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New data from Begbies Traynor Group has found that UK corporate debt soared by £1.9 trillion in 2020 to £6.6 trillion, and 52% of UK businesses are now saddled with ‘toxic debt’ that may never be repaid. The analysis of 3 million tax returns by the restructuring and insolvency specialist, discovered that 2020 accounts show…
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Here is an overview of The Money Charity’s latest statistics for October 2021 Personal debt in the UK People in the UK owed £1,745.7 billion at the end of August 2021. The average total debt per household, including mortgages, was £62,813 and per adult was £33,006, around 108.9% of average earnings. Net mortgage lending rose by…
Read moreA new report by Aryza has found an increase in the numberstruggling to manage their personal finances. Drawing on a dataset of nearly 300,000 insolvent UK consumers currently struggling with their personal finances, the company’s latest debt statistics report found the average debt level across the UK to be £17,823. This is compared to £15,924…
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East Midlands based venture, Connected Data, has secured private equity funding in an investment round led by EMBA Investors. Connected Data blends the latest business intelligence, analytics and artificial intelligence capability with the widest range of predictive data solutions. The company says that it significantly simplifies the process, removing ‘data noise’, with minimal impact on an…
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The record energy price cap increase of £139 in October is set to push two in five families into debt with their supplier, according to the latest Household Financial Confidence Tracker from comparethemarket.com. 43% of families with children at home believe that if energy bills increase it will push them into debt with their energy…
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Simon Hunt has been appointed to the new role of Head of Information Security and Compliance at iVendi. Hunt has worked as a freelance consultant for the company since 2017 and will take on the full-time role from the beginning of September. Entering the IT sector in 1988, Hunt has operated as an Analyst Programmer,…
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Tesco Bank customers can now send and receive payments in real-time, 24 hours a day after becoming a direct member of the Faster Payments Scheme. By joining the scheme (which is run by Pay.UK), Tesco Bank customers will benefit from a simple, smart, and secure payment process that enables them to transfer money, pay a…
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An estimated 7.7 million consumers have significant outstanding balances with buy-now, pay-later (BNPL) companies, as consumers continue to be drawn in by unregulated, interest-free borrowing according to research by Credit Karma. The research has indicated that BNPL has continued growing, despite concern amongst industry experts and government, with research indicating providers have acquired another 1.6…
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