Credit, Collections & Insolvency News
The number of home repossession cases going through the Scottish courts has fallen by more than 40% in a year, according to new figures published today. There were 1,874 repossession court cases initiated in 2015-16, down 43% on the previous year and 82% fewer than in 2008-09. The Civil Justice Statistics show 77,721 civil law…
Read moreNucleus Commercial Finance has reached £500million of lending and plans to double this to £1bn in the next 12 months. Lending is up by 100% since April 2016 as more SMEs look for flexible finance solutions to fund their future growth. Since launch in 2011 Nucleus has lent to UK businesses ranging from start-ups to…
Read moreAsset based finance is increasingly taking market share from bank overdrafts as a key source of funding for SMEs, says the Asset Based Finance Association, the body representing the invoice finance and asset based lending industry in the UK and the Republic of Ireland. The ABFA explains that at any one time an average £9.5…
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Aldermore, the specialist bank, has made two senior appointments to its Business Finance risk team. Jon Flagg has joined as Risk Director for Asset Finance and Clive Gould has been appointed Risk Director for Invoice Finance. Having started his financial services career in corporate lending at NatWest, Flagg has over two decades of asset finance risk…
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The National Audit Office (NAO) has published the findings of its investigation into the Department for Work & Pensions’ closure of its 1993 and 2003 child maintenance schemes. The 1993 and 2003 ‘Child Support Agency’ schemes struggled with IT problems leading to poor customer service, backlogs and incomplete information about amounts due. Inaccurate assessments can…
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The HMRC spend on private sector debt collection agencies to chase people who have fallen behind on their tax bills has jumped by 92% in just one year to £24 million according to latest figures released by UHY Hacker Young. This is compared to a spend of £12.5 million on private sector debt collection agencies…
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Equifax, has launched a bespoke Document Verifier solution to provide faster identity authentication for financial product applications using facial recognition. The solution can verify whether an applicant is genuine in a matter of seconds by comparing a live image of the applicant with a photograph of their passport or driving licence, both taken on a…
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Furness Building Society has announced the appointment of Euan Ballantyne in a new role as Head of Products. Ballantyne joins the Furness as a financial services business leader with experience and achievements across a range of Retail and Business banking sectors. Most recently he was Head of Mortgage Intermediaries programme for Tesco Bank, leading their development…
Read moreA record 600,000 people sought advice for debt problems from StepChange Debt Charity last year (up 9% from 550,000 in 2015), equating to one person every 53 seconds. The average unsecured debt of the charity’s clients has increased for the first time in eight years from £13,900 to £14,251. The figures are taken from the…
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