Credit, Collections & Insolvency News
The Government has been urged to apply a zero rating to VAT on High Court enforcement fees by the High Court Enforcement Officers Association (HCEOA). In its response to a Ministry of Justice consultation on the issue, the HCEOA this week said new regulations on VAT fees needed to be simple, fair and consistent. As…
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The number of corporate insolvencies seen during April 2020 was down by a third on the previous year, as government support packages have given companies vital headroom to deal with the Covid-19 pandemic. A total of 61 companies fell into administration during April 2020 compared to 91 in April 2019, according to analysis of notices…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in March 2020 by 16% compared with the same month in 2019, and contracted by 4% in Q1 2020 as a whole. Credit card and personal loan new business together fell in March 2020 by 10% compared with…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in March 2020 by 27% compared with the same month in 2019, and by 13% in Q1 2020 as a whole. The consumer new car finance market reported new business volumes 29% lower…
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New figures released by the Finance & Leasing Association (FLA) show second charge mortgage new business volumes fall by 14% in March 2020. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The disruption caused…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell by 28% in March 2020 compared with the same month in 2019. In Q1 2020 as a whole, new business fell by 15% compared with Q1 2019. The IT equipment finance was…
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Nearly 1.2 million payment holidays on credit cards and personal loans have been granted by UK banks for customers struggling with the COVID-19 outbreak. New figures from UK Finance have shown that almost 700,000 customer accounts have been given a payment holiday on their credit card. with another 470,000 payment holidays agreed on personal loans.…
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Santander has announced that it has appointed Brad Fordham as its permanent Head of Mortgages after he started in the role on an interim basis in January. Fordham replaces Miguel Sard. Fordham has worked at Santander for more than 25 years, most recently as head of mortgage distribution before his promotion. Fordham said “I’m thrilled…
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The banking and finance sector has lent over £5.5 billion to SMEs so far through the Coronavirus Business Interruption Loan Scheme (CBILS), new figures from UK Finance have revealed. Almost £1.4 billion worth of loans were provided in the week from 29th April to 6th May as lending under the scheme continues to grow. The…
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Fraud prevention service Cifas has highlighted a scam whereby criminals posing as debt collectors are targeting bereaved relatives Fraudsters are increasingly targeting people recently bereaved. These callous scammers are purporting to be debt collectors recovering debts incurred by the deceased, and pressurising their relatives to pay the debt. Fraudsters are also contacting relatives to inform…
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