Credit, Collections & Insolvency News
The boost to financial wellbeing triggered by the relaxing of pandemic measures dipped during the third quarter despite the first rise in household income from employment since Q1 2020, according to the latest Scottish Widows Household Finance Index. The Index, which measures households’ overall perceptions of financial wellbeing, dipped from 44.7 in the second quarter…
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New data from the Registry Trust has indicated that 47% of businesses that became insolvent in May and June 2021 had an outstanding county court judgment (CCJ) against them. Whilst 78% of those who became insolvent with an outstanding CCJ had received their first CCJ within the previous 999 days. With the Insolvency Service’s latest…
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From 1st October, rising energy bills, food inflation and the Universal Credit cut will mean millions of families could be £107 worse off every month, according to new research from Royal London. From October, the £20 weekly uplift to Universal Credit which equates to £86.66 a month, is due to be withdrawn. According to the…
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45% of vulnerable adults in the UK have experienced mental distress after being chased by organisations for missed payments or debt according to independent research carried out on behalf of the Vulnerability Registration Service (VRS), a not-for-profit company providing the UK’s first central vulnerability database. VRS says that the FCA’s guidance has been clear, organisations must…
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European banking provider Yolt Technology Services (YTS) has been chosen by new credit card provider, Keebo to deploy Open Banking data through the application of Account Information Services (AIS), The rapid integration of robust open banking via API from YTS into Keebo’s underwriting process aggregates normalised and categorised transaction and balance data from customers’ bank…
Read moreHere is an overview of The Money Charity’s latest statistics for September 2021 Personal debt in the UK People in the UK owed £1,741.7 billion at the end of July 2021. The average total debt per household, including mortgages, was £62,670 and per adult was £32,931, around 109.3% of average earnings. Net mortgage lending fell by…
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Audit accountancy firm Grant Thornton (GT) has been fined £2.34 million after an investigation found ‘serious lack of competence; in its audits of cake chain Patisserie Valerie. The audits carried out in 2015, 2016, and 2017 gave the company a clean bill of health – before it disclosed potential fraud in 2018 and subsequently collapsed,…
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The end of furlough coinciding with the finish of the stamp duty holiday could be bad news for the finance sector according to KIS Finance. The company says that the Coronavirus Job Retention Scheme has been a lifesaver for many businesses in the finance sector, enabling them to retain experienced staff during an incredibly challenging…
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Begbies Traynor has announced that experienced Insolvency Practitioner, Michaela Daly will be stepping up to lead the company’s operation in Staffordshire alongside partner Diane Dunion. Begbies Traynor says that since the acquisition of Dunion and Co in March 2019, Begbies Traynor has gone from strength to strength in Staffordshire and is now a six-strong specialist…
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Credit management group Intrum has announced that it will return to the contingency collections market in the UK. The company now offers a full UK debt collection service, allowing clients to benefit from its continuous investment in technology and analytics as well as customer care support. The move complements Intrum’s established early arrears, white-label and…
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The Resolution Foundation has warned that economic pressures could squeeze household budgets over the next six months, with the think-tank pointing to a ‘triple-whammy’ of inflation, rising energy bills and the health and social care tax. The think-tank said low income families may be left more than £1,000 a year worse off despite an increase…
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Ofgem has appointed Shell Energy to take on supplying Green Supplier’s approximately 255,000 domestic customers, and a small number of non-domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers. Outstanding credit balances, including money owed to both existing and former domestic customers of Green Supplier will…
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Mortgage repayments jumped by 20% to a record £38 billion in the first half of the year compared to 12 months ago, according to latest Equity Release Council statistics. Debt payments were fuelled by regular repayments and record overpayments, new borrowing ahead of the stamp duty deadline and fewer mortgage payment holidays, as customers began…
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