Credit, Collections & Insolvency News
Small businesses chasing payment for overdue invoices achieve significantly better results by sending solicitor’s letters, known as a letter before action (LBA), according to new research from fintech firm Ormsby Street. Two-thirds of LBAs sent will result in a small business being paid within seven days, while two-thirds of overdue invoices will remain unpaid after one…
Read moreThe UK government is to make households that are made homeless exempt from Universal Credit following reports that the new benefits system has led to an increase in rent arrears. According to The Guardian, local authorities in London have said that rent collection levels for homeless tenants placed in emergency accommodation have collapsed following the introduction…
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Consumer expectations about house prices have bounced back to pre-EU Referendum levels after a period when the immediate ramifications of the vote were unclear according to data from the Building Societies Association Property Tracker survey. Almost half of consumers (49%) expect house prices to rise over the next 12 months. Just 10% expect them to…
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The share of British adults concerned about their future financial health has been slowly but steadily increasing since June 2016, according to a new survey of over 2,000 British adults by insolvency and restructuring trade body R3, and ComRes. Almost 1 in 5 (19%) British adults think their personal financial situation will worsen over the next…
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The proportion of first-time buyers relying on inherited wealth or loans from the ‘bank of mum and dad’ has reached a historic high and the trend looks set to continue, new research by the Social Mobility Commission has revealed. The Commission warns that the increasing trend will have damaging consequences for social mobility as young people on…
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People’s confidence in their own finances grew stronger in February, according to the latest Lloyds Bank Spending Power Report. As the UK prepares to trigger Article 50, Lloyds Bank’s regular consumer survey – conducted in conjunction with Ipsos MORI – found that positivity towards personal finances increased by 5pp to 68% last month. That’s marginally…
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LendInvest and Pepper UK, have agreed to form what is believed to be the industry’s first partnership between a UK online property finance marketplace and an outsourced loan servicing business. Under the terms of the partnership, Pepper UK will take responsibility for servicing all new loans originated by the LendInvest team. The LendInvest team will…
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One in every five business energy bills contains errors according to a research report by Inenco. The report also believes that businesses could be sitting on half a billion pounds in inaccurate charges and miscalculated utility bills. Energy bills mistakes include incorrect rates, human error, complex data flows and meter reading errors. Collectively, these inaccuracies…
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