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Case Studies
Accident leads to spiralling debt
14
Dec
Banks helped to offer accounts to bankrupts
Posted at 10:20 by Credit Today
A change in insolvency law will require more banks to offer accounts to undischarged bankrupts, the government has announced.
Business minister Jo Swinson said the change, which follows a consultation by the Insolvency Service, will restrict the circumstances under which a trustee in a bankruptcy can make a claim against a bank.
There is currently no law preventing someone who is bankrupt from holding a bank account. But a trustee in a bankruptcy can, in limited circumstances, pursue the bank for loss of money paid out from the bankrupt’s account, which means that most banks will not provide accounts to undischarged bankrupts.
It is hoped that by restricting the circumstances in which a trustee can make a claim, more banks will be encouraged to offer basic accounts to bankrupts.
Swinson said: “Having access to a bank account means being able to make vital transactions quickly and safely, avoiding the risk of carrying around large sums of money.
“Most of us take these everyday tasks for granted, but for bankrupts attempting to make a fresh start, they can be a whole lot more stressful.”
She added that offering an account will remain a decision for the banks but that the change will provide “a new life line to vulnerable people who have struggled to access basic financial services”.
The public consultation on bank accounts for bankrupts ran for 12 weeks from November 2011 to February 2012 and found that at least 18% of bankrupts cannot get their own bank account for the 12 months of their bankruptcy and are forced to use cash or someone else’s account.
Gillian Guy, chief executive of Citizens Advice, said: “The proposed change in the law is very welcome and will mean there is no reason for banks not to provide accounts to these customers.
“The change needs to be brought in as a matter of urgency to help undischarged bankrupts who are currently excluded from mainstream banking.”
According to the Insolvency Service, which administers the insolvency regime in England and Wales, several banks have said they will be willing to change policies once the law is amended.
Source: Credit Today
20
Nov
OFT launches formal payday investigations
Posted at 12:04 by Credit Today
The Office of Fair Trading (OFT) has launched formal investigations into several payday lenders for “aggressive” debt collection practices, after finding 686 consumer complaints across the sector.
06
Nov
Insolvency Statistics Q3 2012
Posted at 10:32 by The Insolvency Service
Statistics showing insolvencies in the third quarter of 2012 are published today (02 November) by the Insolvency Service.
29
Aug
Second charge lender shut down
Posted at 10:39 by Credit Today
The Office of Fair Trading (OFT) has shut down a lender after it illegally sold second charge loans which are linked to a debtor’s home.
16
Aug
OFT revokes payday lender’s licence
Posted at 14:10 by Credit Today
The Office of Fair Trading (OFT) has fined and revoked the license of a payday lender after it failed to stop criminals taking out loans illegally on behalf of real people who knew nothing of the scam.
16
Aug
Scammers turn to 'mis-sold IVA' letters
Posted at 14:09 by Debt Lifeboat
People with IVAs are being besieged by scammers, suggesting the IVA was mis-sold.
13
Aug
Insolvency Statistics Q2 2012
Posted at 12:05 by The Insolvency Service
Statistics showing insolvencies in the first quarter of 2012 are published today (3 August) by the Insolvency Service.
28
Jun
Trustee's actions not seeking to suspend discharge criticised by Court
Posted at 14:44 by Debt Lifeboat
This is a reported case (Bramston v Haut) where the Trustee’s decision not to seek suspension of the debtor’s discharge received criticism from the High Court. Whilst the circumstances of the case are highly unusual, in that the debtor himself sought to suspend his own discharge (supported by the majority of his creditors), the Court considered that the Trustee’s actions, or rather lack of action, was an improper use of his powers.
28
Jun
Proposed Repeal of early Discharge (Bankruptcy)
Posted at 14:43 by Debt Lifeboat
The Enterprise and Regulatory Reform Bill has reached the committee stage in the House of Commons. The main areas of reform in the Bill include changes to competition policy and law, employment law and reducing regulation. The Bill also makes smaller changes to a number of policy areas, such as procedures concerning the approval of company directors’ remuneration; copyright law and aspects of planning law as it affects heritage properties. The Bill also includes provisions about the Green Investment Bank.
28
Jun
Westlife star devastated after being declared bankrupt with debts of £18million
Posted at 14:42 by Mirror.co.uk
The boyband star’s property empire in Ireland had collapsed, leaving the 32-year-old with debts of £18million
09
May
Insolvency Statistics Q1 2012
Posted at 09:36 by Insolvency Service
Statistics showing insolvencies in the first quarter of 2012 are published today (4 May) by the Insolvency Service.
26
Mar
Debt management firms face renewed warning from OFT
Posted at 11:34 by BBC
Debt management companies have been given more details on how they must operate amid rising complaints about the sector.
15
Feb
Rise in IVAs to manage distressed debt
Posted at 10:27 by Debt Management Today
Adding to the ongoing debate amongst IPs, regarding the accessibility of IVAs and reducing disposable income thresholds for IVA eligibility, is the latest release from the UK’s leading provider of data and technology driven debt solutions, TDX.
03
Feb
Insolvency Statistics Q4 2011
Posted at 09:43 by Insolvency Service
Statistics showing insolvencies in the fourth quarter of 2011 are published today (3 February) by the Insolvency Service.
03
Feb
TV presenter Miquita Oliver declared bankrupt
Posted at 09:10 by Insolvency News
TV presenter Miquita Oliver has been declared bankrupt for unpaid taxes to HM Revenue and Customs totalling £174,514.
03
Feb
Lee Hendrie Declared Bankrupt
Posted at 09:07 by Telegraph.co.uk
Former £24,000-a-week Premier League footballer declared bankrupt after racking up £200,000 debts
19
Jan
Insolvency firm enters administration due to "significant claims"
Posted at 09:40 by Insolvency News
Bond Partners LLP, which was based in both London and Warwickshire, has gone into administration, with RSM Tenon appointed to handle the case.
17
Jan
Sean Quinn declared bankrupt in Republic of Ireland
Posted at 11:40 by BBC
Fermanagh businessman Sean Quinn has been declared bankrupt in the Republic of Ireland.
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