Credit, Collections & Insolvency News
Nearly a fifth of households are struggling to pay their bills because of the government lockdown imposed due to COVID19. According to comparethemarket.com’s new Financial Confidence Tracker, 20% of households are not confident that they will be able to meet due payments or stay on top of household finances over the coming weeks. Amongst those…
Read more
The Financial Conduct Authority (FCA) has announced it intends to seek legal clarity on business interruption (BI) insurance to resolve doubt for businesses who are facing uncertainty on their claims. The FCA has outlined that it intends to seek a court declaration, on an agreed and urgent basis, to resolve uncertainty for many customers making…
Read more
The Financial Conduct Authority (FCA) has announced it is proposing a series of measures to support both consumers who hold insurance products and who are facing other issues as a result of coronavirus (Covid-19). The package of measures sets out the FCA’s expectations that insurance firms should consider whether their products still offer value to…
Read more
Loan payment holidays are the main mitigation measure being used by small businesses to help sustain cashflow during the COVID-19 pandemic according to a snapshot of the market by Purbeck Insurance Services. 46% of the insurance provider’s policyholders are taking measures to manage their cashflow with loan repayments the top tactic being used by 47%. …
Read more
New research from Citizens Advice has revealed that over 13 million people have already been unable to pay, or expect to be unable to pay, at least one bill because of the coronavirus outbreak. Of these, almost 11 million have missed or expect to miss a bill that would leave them vulnerable to severe consequences…
Read moreThe Insolvency Service has published the latest company insolvency figure for England & Wales which indicates that the total numbers of company insolvencies in Q1 2020 decreased, when compared with the previous quarter and the same quarter in the previous year (Q1 2019). The figures largely pre-date the Government lockdown and wider impact of the…
Read more
New Analysis by UK Finance has shown that the value of emergency Coronavirus Business Interruption Loan Scheme (CBILS), to small businesses rose 46% to £4.1billion last week. Although it has been reported that the number of approvals slowed. Over £1.33 billion of loans have been approved in the week from 21 April to 28 April…
Read more