Credit, Collections & Insolvency News
The Finance & Leasing Association (FLA) has renewed its call to the Government and the Bank of England to take urgent action to support the non-bank lending market. New figures released by the FLA show that ist members provided just over £138 billion of new business in the twelve months to March 2020. Of this…
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The Credit Services Association (CSA) says that it has received a positive response to its call for closer collaboration with trade bodies representing the wider business community in planning for a phased relaxation of current lockdown rules. The CSA says that fellow trade associations have welcomed its drive to prevent the actions of a minority…
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Consumer credit specialist Snap Finance has joined forces with conversational middleware company Webio to bring the latest in AI conversational technology to their customers and field service collections team. Uniquely, Snap Finance is completing the customer collections process without the need for a customer site visit. Not only are site visits reduced, but those customers who…
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Profits at Virgin Money more than halved in the first half of its financial year, with impairment charges in the six months to March tripling to £232 million, from £77 million a year earlier. The firm’s underlying pre-tax profit was down from £280 million to £120 million, with statutory net profit of £22 million higher…
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Families are coming to terms with the fact that their finances could be negatively affected by the coronavirus pandemic long after the lockdown lifts. According to the second week of comparethemarket.com’s Financial Confidence Tracker, over two thirds (67%) of households with children at home think the economic impact of the pandemic will have a long-term…
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The new coronavirus 19 (COVID-19) pandemic has led to major disruption to business activities, leaving thousands of small and medium enterprises (SMEs) facing a challenging and uncertain time. As part of its efforts to support UK SMEs, the Government has launched the Coronavirus Business Interruption Loan Scheme (CBILS) to provide financial support to businesses with…
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The government has announced that a revaluation of business rates will no longer take place in 2021. The announcement aims to help reduce uncertainty for firms affected by the impacts of coronavirus. The legislation had been introduced to bring the next revaluation forward by one year from 2022 to 2021, but following the recent economic impacts of the coronavirus pandemic ministers want to ensure businesses have more certainty during this difficult time. Communities Secretary Rt Hon Robert…
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The British Business Bank has announced that it has approved nine new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS), bringing the total number of CBILS lenders to over 60. New lenders Assetz Capital, Atom bank, Ebury, Fleximize, Investec, Social Investment Business, Tower Leasing, Ultimate Finance and White Oak UK, will be…
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