Credit, Collections & Insolvency News
The Treasury Committee has published a unanimously-agreed report on the Impact of Business Rates on Business. The Government must explain whether it is deliberate that, since Business Rates were introduced in their current form in 1990, the revenue they have generated has outpaced inflation. Throughout this inquiry, the Committee has been told that Business Rates…
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The latest data from the Bank of England showed that growth in consumer credit slowed to six percent in the year to September, the lowest since July 2014. While mortgage approvals were little changed, credit card borrowing fell to the lowest this year and overall consumer credit growth slowed. The figures also showed that total…
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A third of young adults use their credit card to pay bills according to new survey findings from 118 118 Money. The research shows that the credit cards are used to purchase holidays (53%), clothes (50.9%) and food (47%). A number even admitted to paying their monthly mortgage or rent payment with a credit card (4%).…
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A landmark judgment could see company directors and shareholders pursued for millions of pounds for funds paid into tax avoidance schemes. The ruling, handed down by Chief Insolvency and Companies Court Judge Briggs, will see the directors and shareholders of Implement Consulting Ltd having to pay back over £3 million to the company and its creditors…
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TotallyMoney has announced new growth funding from Silicon Valley Bank that will provide the credit experts with an additional £5 million to accelerate customer acquisition, recruitment, and develop its award-winning and market-leading technology platform. The latest funding follows a substantial £29 million investment from Scottish Equity Partners (SEP) and Elliott Advisors (UK) Limited (Elliott), announced…
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Remortgages as a share of total searches have risen 5.3% in the last year, new analysis from Experian has revealed. Over a quarter (28.7%) of September’s mortgages searches via Experian’s comparison service were for remortgages compared to 23.4% in September last year. Correspondingly, the proportion of first-time buyer mortgage searches fell by 5.3% to 55.3%…
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The Insolvency Service has published its latest England & Wales insolvency statistics for Q3 2019 (July-September) indicating that personal insolvencies (seasonally adjusted) increased by 0.6% from Q3 2019 compared to Q2 2019, and rose by 22.7% compared to Q3 2018. The figures showed that personal insolvencies are on the increase with 30,879 individual insolvencies in…
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