Credit, Collections & Insolvency News
he Finance & Leasing Association (FLA) has highlighted the need for changes to the Consumer Credit Act (CCA) following 526,000 Covid-related requests for forbearance to its members by mid-April. Giving evidence yesterday to the Treasury Select Committee on the economic impact of Coronavirus, Stephen Haddrill, Director General of the Finance & Leasing Association, highlighted the…
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Oasis and Warehouse have fallen into administration, with over 202 jobs lost. A further 1,800 employees will be furloughed as the Oasis, Warehouse and Idle Man brands continue to trade online in the short-term. The company operated 90 standalone stores and more than 400 concessions in department stores. Icelandic bank Kaupthing, which owned the business,…
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UK Finance has announced that a total of £1.1 billion in coronavirus support funding has been loaned to 6,020 SMEs so far. The total proportion of firms receiving payouts is less than one in four of those who made a claim, with 28,460 applications submitted. Analysis shows that just 2.6% of the money available has…
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Citizens Advice says that it has seen record-breaking demand for advice on its website over the past month with nine million page views, a 39% rise in the same period last year. After an initial surge in enquiries about sick pay and redundancy, data from the charity now shows a dramatic increase in people seeking…
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With the lockdown underway for the foreseeable future, new research has revealed a large number of small businesses are facing significant problems without the right technological infrastructure in place. A survey by Hitachi Capital Business Finance found small businesses were more likely to consider the prospect of working from home indefinitely a major challenge than…
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The Federation of Small Businesses (FSB) has received more than 500 emails to a special hotline set up so that individual real-life examples of those not covered by the proposed Self-Employed Income Support Scheme (SEISS) could be highlighted to those running it. SEISS was announced by the Chancellor last month as part of the government’s…
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Morses Club, a provider of non-standard financial services, has announced the launch of a fully remote lending product within its Home Collected Credit (HCC) division. The new offering, which has been developed in-house, is available to all existing Morses Club HCC customers and is fully compliant with all regulatory requirements. All necessary checks and agreements…
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Half of the UK’s high street retailers could go bust by the end of the summer as a result of the coronavirus crisis according to a new report by global professional services firm Alvarez & Marsal (A&M), in partnership with Retail Economics. The report found that the companies could deplete their entire working capital should the COVID-19 lockdown continue…
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Data from the London Gazette, the UK’s official public record for insolvencies, show the appointment of receivers, liquidators or administrators surged to 3,736 between March 10th and April 9th, compared with 2,495 in the same period last year. Established companies that have fallen over in the period include Debenhams, upmarket restaurant chain Mark Hix and…
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