Credit, Collections & Insolvency News
Cabot Credit Management (CCM) has announced its financial results for the three months ending 31 March 2017. As part of the results, Cabot announced that it has acquired Orbit Debt Collection, a UK based debt contingency business who specialises in the Utilities sector. In addition, Cabot has also obtained regulatory approval for the Irish business, Cabot Financial Ireland,…
Read moreVolumes of data handled by telcos are growing fast, and the pressure is on to minimise breaches. With the implementation of new general data protection regulation (GDPR) just one year away Steve Martin, Data Protection Officer at Equifax, said “Mobile data traffic is set to increase seven-fold between 2016 and 2021,[1] and telcos need to work…
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Debt is a part of modern life according to more than half of people over 50 shows a new survey.* Whilst one in four said that they would never borrow money and more than two thirds said they would always use cash savings over borrowing money, a third of over 50s said that they would…
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The Council of Mortgage Lenders (CML) has estimated that gross mortgage lending reached £18.4 billion in April. This is 11% lower than March’s lending total of £20.7 billion, but is 4% higher than the £17.7 billion lent in April last year. Commenting on market conditions in this month’s market commentary, CML senior economist Mohammad Jamei…
Read moreThe British Bankers Association (BBA) latest high street banking data shows that consumer credit growth was 6.4% in April, compared with 6.1% in the previous month. Gross mortgage borrowing totalled £13.4 billion in April.* Net mortgage borrowing was 2.4% higher than a year ago. Eric Leenders, BBA Managing Director for Retail Banking said “As the…
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Many SMEs are struggling to recover the money they are due. Following proper procedures could help to reduce losses. Recent statistics have revealed the extent of the bad debt problem. According to research by Direct Line for Business, SMEs wrote off a total of £5.8 billion of debt in the last financial year. Reasons given…
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Creditsafe has created a Prompt Payment Premier League table. The table reveals that English Premier League Clubs have overdue invoices totalling £1.3million and 20% are late by 20 days or more beyond the agreed payment terms. Manchester United who place 19th in the Prompt Payment Premier League have 63 outstanding invoices totalling £857,183, making up…
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Business Lending Peer to Peer platform ArchOver has secured full authorisation from the Financial Conduct Authority (FCA). Angus Dent, Chief Executive Officer at ArchOver said “There is great satisfaction in gaining a stamp of approval. Our industry-leading policies and procedures will allow us to take alternative forms of lending to the next level. At a…
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Business Peer to Peer Lender Funding Circle has received full authorised by the Financial Conduct Authority. Launched in 2010, Funding Circle allows people and organisations to lend to small businesses, offering investors attractive and stable returns whilst supporting the backbone of the British economy. The news puts Funding Circle in a position to be able to…
Read moreThe TUC has published a new analysis of household debt, which finds that unsecured debt per household will reach a record high of £13,900 this year. Unsecured debt per household was £13,200 in 2016 – the highest figure since the financial crisis, and only marginally below the peak of £13,300 in 2007. The TUC analysis…
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