The number of personal insolvencies in England and Wales fell to 27,390 in the second quarter of 2012, a year-on-year fall of 10.2 per cent and the lowest figure since 2008. The 2012 second quarter figures, released by the Insolvency Service today, are an improvement on those for the first quarter when the number of [...]
There was a fall in the number of people going bankrupt in the first quarter of 2012 but more people are experiencing debt problems and many are simply unable to afford the £700 bankruptcy fee. According to the latest figures from the Insolvency Service, 28,723 individuals in England and Wales became insolvent in the first [...]
The number of people declared insolvent in 2011 in England and Wales declined to 119,850, the lowest level for three years and a fall of 11.3 per cent from a record high in 2010. There was a sharp decline at the end of 2011, when personal insolvencies fell by 5.6% compared with the last three [...]
Although people who have been made bankrupt are legally allowed to hold a bank account, in practice most banks refuse to allow an undischarged bankrupt to open one. This reluctance is because of the risk that a trustee could pursue the bank for loss of money following a bankruptcy. However, the lack of a back [...]
Figures published by the Insolvency Service have revealed personal insolvencies rose 1% in the April to June period. According to the Insolvency Service, there were 30,513 personal insolvencies in the three-month period – up from 30,162 in the three months to the end of March. While this is a slight rise, the total is actually [...]
Figures published by the Insolvency Service have revealed personal insolvencies climbed to a new high in 2010. According to the Insolvency Service, there were 135,089 personal insolvencies in 2010 – a rise of 0.7% compared with 2009. This was also double the number of people declared insolvent in 2005 and represented the highest figure since [...]
Figures published by the Insolvency Service have revealed bankruptcies and personal insolvencies fell in the third quarter but nevertheless remained above pre-credit crunch levels. According to the Insolvency Service, there were 33,935 personal insolvencies in the July to September period – a fall of 3.7% compared with the same period a year earlier. Meanwhile, there [...]
Figures today revealed the number of people being declared insolvent in England and Wales may have peaked after falling for the first time since 2007. According to the Insolvency Service, there were 34,743 personal insolvencies in the April to June period, a fall of 3% compared with the first quarter. However, they were still 5% [...]
Figures published today by the Insolvency Service revealed a considerable rise in the number of people declared insolvent in England and Wales. According to the Insolvency Service, there were 35,682 personal insolvencies in the first quarter of the year – the fifth straight quarter during which the total has hit a fresh high. The figure [...]
Having studied the latest figures from the Insolvency Service, Grant Thornton is predicting a glut of company failures in England and Wales during 2010. Last year saw a record 4,161 companies placed in administration (up 1.7% on 2008) and the accountancy firm warns: “There is no light at the end of the tunnel for troubled [...]
Figures from the Insolvency Service today highlighted the impact that the recession has had on many individuals. According to the organisation, the number of people declared insolvent in England and Wales reached a record high in the last three months of 2009. There were 35,574 people declared insolvent in the last three months of the [...]
Figures from the Insolvency Service have revealed that personal insolvencies were up 28% in the third quarter of 2009 compared with the same period a year ago. There were 35,242 personal insolvencies in the period – a 6.6% increase on the second quarter. However, the number of businesses declared bankrupt declined, with 4,716 company liquidations, [...]
Britain’s turnaround and recovery professionals, TMA (UK) is warning that recent house price gains and rises in share prices should not be taken as an end to the economic downturn. According to the group, there is still a severe lack of bank lending to businesses, which in turn has an impact on the capacity of [...]
The Insolvency Service has today revealed the impact of the recession after the number of people being declared insolvent in England and Wales hit a record high. According to the figures, a record 33,073 people in England and Wales were declared insolvent in the second quarter of 2009. This represents a rise of 9% compared [...]
Figures from the Insolvency Service have published some alarming news after it reported that company failures and personal bankruptcy has reached a record high for England and Wales. In the last three months of 2008, there were 2,428 corporate insolvencies such as administrations and receiverships, according to the Insolvency Service. This represented an increase of [...]
Figures from the Insolvency Service have revealed a surge in the number of people and firms being declared insolvent in England and Wales. According to the Insolvency Service, 4,001 companies fell into liquidation during the third quarter, a rise of 10.5% compared with the previous quarter, and a 26.3% rise compared with the same period [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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