CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Personal insolvencies drop in the North
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Personal insolvencies drop in the North PDF Print E-mail
Monday, 21 September 2015

Towns in the North of England and Scotland experienced the biggest falls in personal insolvencies during the second quarter of 2015 (April – June).

Experian research shows that, increasingly, people across the UK are benefitting from improving financial conditions and becoming more financially savvy. As a result, six in every 10,000 households became insolvent in Q2 this year, compared to 10 in every 10,000 households in the same period last year.
 
Northern regions fared best, with half of the top 30 list being dominated by northern England and a third by Scotland. Hamilton in South Lanarkshire saw the biggest recovery, with insolvency rates decreasing dramatically from 13 in every 10,000 households in Q2 2014, to three in every 10,000 households in Q2 2015.
 
At the other end of the scale, England’s southern towns have the highest rate of insolvencies per household. The number of people declaring themselves insolvent grew at the fastest rate in Hatfield in Hertfordshire, even though it should be used as a last resort. The town’s rate increased from six in every 10,000 households in Q2 2014 to eight in every 10,000 households in Q2 2015.
 
Half of the 10 worst towns for insolvencies were also located on the coast. Torquay had the highest insolvency rating with 16 in every 10,000 households.
 
Andy Wills, Data Director at Experian Consumer Information Services, said: “While it’s encouraging personal insolvency levels are falling overall, there are still pockets of the UK that are feeling the strain. It’s these areas where the need for responsible lending is greatest. To manage this, it’s vital that providers have a full picture of their customers’ specific needs, characteristics, and financial situation.
 
“We work with lenders to give them this insight so they can treat vulnerable customers fairly. But for people still feeling the strain higher property prices and living costs can make the road back to recovery difficult. Becoming insolvent, however, is not the end of the road, with patience and the right guidance it’s possible for people to rebuild a positive credit history. Understanding how lenders will view your credit report in light of insolvency is vital.”
 
Experian has launched a new guide that gives practical guidance around bankruptcy. It also outlines other options that may be available if people become insolvent, such as Individual Voluntary Agreements and Debt Management Plans – and, vitally - to help people understand how to get back on track after a major financial setback. The guide is the latest in a series of guides developed by Experian to demystify the credit referencing process and help people prosper through better decisions every day.

(Source - Experian News Release)
 

 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197