Credit, Collections & Insolvency News
So far it has been extremely difficult for SMEs to access the Covid-19 Business Interruption Loan, which involves the Government covering interest and charges for the first year and backing up 80% of the loan. High-street banks have been, instead, directing SMEs to more expensive products and requiring personal guarantees and interest rates up to…
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UK manufacturers are facing a precarious future according to insights1 from fintech business lender MarketFinance. Over two thirds (68%) reported their order books have halved in the last 30 days. To compound matters, the majority (67%) have less than £50,000 cash and without any support will run out of money before the end of the…
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The Initiative for Financial Wellbeing (IFW) is announcing plans to support people with managing their financial wellbeing as they consider their financial resilience during the current crisis. The IFW has already begun sharing budgeting, money saving, and income maximising tips via its website and social media. The newly launched Financial Coaching Stream is working on…
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Which? is calling on the financial regulator to urgently provide greater clarity on temporary measures to help people struggling financially because of coronavirus, as new research reveals the huge toll the outbreak is expected to take on people’s finances. A survey by the consumer champion carried out between 20-22 March, just before the government asked…
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The Finance & Leasing Association (FLA) has secured access for independent and non-bank lenders to the Coronavirus Business Interruption Loan Scheme (CBILS), allowing them to continue to run their business, support existing customers’ requests for forbearance, and to continue lending to new customers. Gaining access to CBILS funding means that many more firms can be…
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One of the UK’s free debt advice providers, PayPlan, has said it expects to see a huge surge in demand for debt advice when the current temporary relief being offered by lenders comes to an end. The FCA called for interest and charges to be frozen on all loans and credit cards to help consumers…
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New analysis by UHY Hacker Younger has revealed that 1,452 restaurant businesses and 526 pub businesses went insolvent in 2019, highlighting the weak state of the leisure industry as it entered the Coronavirus-related disruption. The number of restaurant insolvencies rose 10% last year, up from 1,323 in 2018, while the number of pub insolvencies also…
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