CCR Magazine

CSA Top Banner
You are here  :Home arrow News arrow StepChange Debt Charity response to Insolvency Statistics – July to September 2015 (Q3)
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
StepChange Debt Charity response to Insolvency Statistics – July to September 2015 (Q3) PDF Print E-mail
Thursday, 29 October 2015
Following today’s release of the latest Insolvency Statistics by the Insolvency Service, Mike O’Connor, Chief Executive of StepChange Debt Charity, said: “It is good to see bankruptcy and debt relief orders reducing, but the fact that overall insolvency levels are rising is a reminder that personal debt remains a persistent problem. A rise in IVAs is more likely to be due to volatility in the market as firms respond to Financial Conduct Authority (FCA) regulation, rather than any deeper structural change in the nature of debt problems in the UK.

“It is also important to remember that insolvency figures don’t reflect the full extent of problem debt. More than 600,000 people contacted us for debt advice last year and insolvency was the right option for just 20% of them.

“We need to focus on the root causes and solutions related to debt, not just the figures. We know from our research that 14m people suffered an income shock last year and nearly half of them used credit to cope. Better protections from temporary financial difficulty would help people get back on their feet quickly and prevent them from falling into problem debt.

“We also want to see the Government introduce statutory ‘breathing space’, with guaranteed freezes on interest and charges and a halt on enforcement action when people commit to taking action to tackle their debt.

“With credit markets loosening and creditors beginning to lend more freely, it is vital that we do not return to the high levels of unsustainable credit and the big boom in insolvencies we saw following the economic crisis.”
 
Enghouse Side Banner

CSA side

 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

CSA

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