15 surprising stats about debt and recovery services
In the UK, debt recovery is an increasingly required service. By using a professional,
efficient service that gets the job done, you can make your debt recovery easier than ever, whether you’re a business, sole trader or even a private individual. Despite it being such a popular service, a lot of people don’t know all that much about debt, and the debt recovery services offered – so here are 15 surprising statistics to get you started.
1. According to the business insurance website Simply Business, 80% of small businesses in the UK are owed money.
2. Stepchange have claimed that nearly one in five adults in the UK are affected by problem debt.
3. Citizen’s Advice has reported that £1 in every £5 owed was to the Government in 2014/15 – see more here.
4. The National Federation of Builders (NFB) says that tradespeople in the UK are owed over £30 billion in unpaid debt (source).
5. There was a 37% upward increase in rent arrears in 2013, and it’s been going up ever since, according to Tenancy Agreement.
6. HMRC have spent £24m on debt collection in 2016 alone, as stated by The Guardian.
7. The Money Charity has found that 2,083 Consumer County Court Judgements (CCJs) are issued daily on average.
8. £10bn or more in debt in the UK has been sold on in the last ten years, backed by statistics from the CSA.
9. The Bank of England has stated that, excluding student loans, household debt is now more than £1.5 trillion.
10. The Gazette has stipulated that the insolvency rate for women is higher than men since 2016.
11. Individuals aged between 35-44 were the most likely to be insolvent in 2016 (source).
12. The Gazette’s report also reveals that the north east was the area most visited by debt recovery services in 2016.
13. 7 million people in the UK had to borrow money to buy food in 2016, a problem Moneyfacts is discussing.
14. In the UK, 18% of people, 8.8 million in total, consider themselves to have serious financial issues (source).
15. According to This is Money, 34% of small businesses write off thousands in debt a year, which is money that could be collected by recovery services.
Feeling savvier on debt and recovery? With such large amounts of debt in the UK to be recovered, our services are a professional, efficient and effective way to recover money from where you need it, especially with so many small businesses and individuals finding themselves also falling into debt due to non-payment.
We can help make this issue a thing of the past. Contact us today to discuss how we can help.