Credit, Collections & Insolvency News
With one in 14 adults now reporting being in problem debt*, Emma Gibbons, Vulnerable Client Manager at free debt advice provider, PayPlan, explains how the industry can tailor its approach to identify and support vulnerable clients. The Guardian recently reported that people in debt are three times more likely than the general population to have…
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Personal insolvencies may have reached their peak, but addressing the stigma of debt is vital to achieve better outcomes for consumers. Debt is at record levels with personal credit now exceeding £215 billion or £4,100 for every adult in the UK. However, having reached unprecedented levels in 2018, we believe the growth in personal insolvency…
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Metro Bank has announced it has appointed Andy Piggott as Director of Lending. Piggott has over 12 years of retail banking experience and joins from TSB where he spent two years as head of personal current accounts, before being appointed as head of cards. Piggott will report to Chief Commercial Officer, Paul Riseborough and will…
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The latest figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 9% in October, compared with the same month last year. The plant and machinery finance and business equipment finance sectors reported new business up by 16% and 29% respectively, compared with October…
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Latest figures released by the Finance Leasing Association (FLA) indicate that second charge mortgage lending grew by 5% in October. Commenting on the October 2018 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “In October, the second charge…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the point of sale (POS) consumer new car finance market remained stable in October, compared with the same month in 2017, while the value of new business grew by 5% over the same period. The percentage of private new…
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New figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in October, compared with the same month last year. Credit card and personal loan new business together grew by 10% compared with October 2017, while retail store and online credit new business increased by 15%. Second…
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Data from the winners and finalists of the second annual Credit & Collections Technology have been collated and are now available as part of a report reviewing the 2018 event. The Awards report highlights the unique and transparent ethos of the scheme by providing graphs, statistics and judges comments which highlight the results. The Awards event,…
Read moreAccountancy firm Wylie & Bisset, has said that the reintroduction of preferred creditor status for HMRC in insolvencies is a regressive ‘stealth tax’ that will ultimately be paid for by SMEs and is simply another way of raising revenue for the government. Preferred creditor status for HMRC was withdrawn in 2003 as part of the…
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For businesses, up and down the country, Christmas is one of the most hectic periods. Product and service demand can double or triple, leaving many in a lucrative position in the new year. However, not all business owners have a positive experience of the festive season. Christmas can be challenging for a number of reasons,…
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New research released by Nucleus Commercial Finance has revealed that 74% of UK SME leaders are fearful about what 2019 holds. The majority of SME leaders have concerns about the impact one or more external factors will have on their business. Brexit leads the way (27%) and is closely followed by: The sudden loss of…
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Credit Fintech provider TotallyMoney has agreed £29 million of funding from Elliott Advisors (UK) and existing investors Scottish Equity Partners (SEP). The investment, which is subject to FCA approval, will be used to accelerate customer acquisition, build out the market leading technology platform and, through continued innovation, provide better credit for UK consumers. TotallyMoney has accelerated quickly, at a time…
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The Financial Conduct Authority (FCA) has announced the next package of measures forming part of its high-cost credit review. It has announced proposals to change how banks charge for overdrafts, which would bring to an end to banks charging higher prices for unarranged overdrafts which ammounted to over £2.4 billion for banks last year alone. The FCA…
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