Northern Ireland Assembly member John Dallat blamed the “grossly inflated fines” of late payment for pushing people into debt which could result in bankruptcy. “Credit card debts are now the major reason why a record number of people are facing…

James Falla, chief executive of debt consultancy Thomas Charles, said that those going bankrupt could lose their home and it could even affect their job. Speaking on BBC Radio 5’s Wake up to Money, Mr Falla said: “There is a…

Barclays made the comments in its half-year report which showed that bad debt had eaten into its profits, particularly in its credit card arm, Barclaycard. “We expect retail conditions in the UK to remain challenging in the second half of…

Bad debt charges rose from £22.5 million to £44.5 million, but the company was still able to increase its profit growth target by five per cent. Its chief executive, Adam Applegarth, pointed the finger at the change in UK bankruptcy…

Debt experts have warned that while bankruptcies can be discharged in a quicker period than before, many of the associated restrictions to credit are still in place. Instead, IVAs, which are used to repay debts without the risks to credit…

An Insolvency Service report’s main findings were that men were more likely to become bankrupt than women but the proportion of women is rising, while the proportion of younger bankrupts (18 to 29) had doubled. In addition, female bankrupts tended…

MyCallcredit says that even though debt is seen as a “taboo” by many, it should not prevent people struggling with debt taking action before their lives are affected. “People need to manage their finances and prioritise their debts to make…