Credit, Collections & Insolvency News
Chasing late payments can be a frustrating process, especially if you run a small business and rely on clients for your capital. Sometimes, there is a perfectly good explanation for a missed payment and a simple nudge is all that is needed to recoup the outstanding balance. However, you may find there are times when…
Read more
Virgin Money will become CYBG’s sole brand as it lays out plans to disrupt the status quo with new products and an updated financial, customer service the company has said in an announcement CYBG is setting out its refreshed medium-term strategy at its Capital Markets Day, presenting the first strategic update on the new combined…
Read more
Company boards will now be held accountable for payment practices to small businesses within their companies in a drive to increase transparency and accountability on late payments. Measures will force Audit Committees to report payment practices in company annual reports. The government will consult on strengthening the powers of the Small Business Commissioner to hold…
Read more
After over thirty years of private ownership, Phoebus Software (PSL) has concluded a management buyout (MBO) backed by NorthEdge Capital. NorthEdge is a private equity firm that supports MBOs, development capital and equity release transactions for companies based in the Midlands and the North of England. PSL is based in Solihull, West Midlands. The transaction…
Read more
Point-of-purchase lending platform Divido has announced that it has been selected by Triumph Motorcycles, to deliver point-of-purchase finance on after-sale products across the UK. Building around 60,000 bikes per year, Triumph Motorcycles is Britain’s largest motorcycle manufacturer and has over 750 dealers across the world. Divido’s lending platform enables Triumph Motorcycles to provide consumers with…
Read more
The recent case of Adelekun v Yorkshire Building Society [1] is an example of an individual’s attempt to rely on data protection laws and/or a tortious duty of care owed by a lender to a customer or potential customer to found a damages claim arising from a credit register entry. Banking & Finance Litigation specialist…
Read more
Citizens Advice has said that it is concerned that loyal customers have been penalised by nearly £3 billion since it submitted its super-complaint. The charity lodged a super-complaint in September calling for the Competition and Markets Authority (CMA) to outline how the loyalty penalty could be fixed in five essential markets (mobile, broadband, home insurance,…
Read more
Prime lenders appear to be tightening their lending rules just at a point in time when used car retailers need greater flexibility from their motor finance, says finance specialist Startline. There are widespread reports across the sector of prime lenders turning down increased numbers of applicants from a wide variety of dealers, says the company,…
Read more
More than half (51%) of homeowners aged 45 and oversee money invested in property as part of their financial plans for later life, according to a new report from the Equity Release Council. The research shows older homeowners – particularly those aged 45 to 64, the retirees of tomorrow – are reassessing the traditional roles…
Read more
Paragon has announced a deal to support specialist car lender Go Car Credit with £12.5 million of lending. Go Car Credit, which launched in 2017, will use the money to support its strategy to increase new motor finance loans in the UK to the underserved and non-prime customer base and raise its presence online. Lewis…
Read more
Half of Irish firms polled (50%) do not negotiate payment terms – the highest among all European countries polled, where the average is 21% whilst companies around Europe predict increased bad debt losses, later B2B payments and higher debt risks are ahead. The findings are part of a European Payment Report from pan-European credit management…
Read more
The British Business Bank today welcomes Edward O’Hara as its new Chief Risk Officer. As the UK government’s economic development bank, the Bank’s mission is to help drive economic growth by making finance markets work better for small businesses, enabling them to prosper and grow. A key part of the delivery of its objectives is…
Read moreDuff & Phelps, has announced that it has strengthened its Restructuring Advisory practice in Birmingham with the appointment of Vijay Merchant as Director. Merchant joins Duff & Phelps from KPMG, where he spent over 13 years in the deal advisory practice as associate director, and also completed a 12-month secondment to the business support team…
Read more