Credit, Collections & Insolvency News
COVID-19 has been tough for the dealer community, but looking at things optimistically, it can be the catalyst for positive change. It is time for dealers to seize the initiative, re-engineer their businesses and get closer to customers. Radically cutting out the middle-people in the car distribution chain that has added friction and cost to…
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Coronavirus has left leaves millions of drivers worried about cost of their car finance, with 1.9 million motorists concerned about making their car finance payments. The research by GoCompare Car Insurncefound that 2.9 million drivers are worried about affording their car insurance, whilst 3.2 million drivers are worried about affording to get their car serviced,…
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Consumer spending fell 36.5% in April compared with the same month last year, according to Barclaycard data, as shops and pubs shut to limit the spread of COVID-19. The contraction came despite a strong performance of grocery shopping and online sales. Data from Barclaycard, which sees nearly half of the nation’s credit and debit card…
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High-cost short term lender Nextcredit has entered administration. The company had around 9,000 customers. Based in Tewkesbury in Gloucestershire, the company was incorporated in 2011 with the aim of providing high cost short term credit to individuals. In 2017, the business model was realigned, with a revised focus on an alternative consumer retail lending market.…
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Spending on ‘Isolation Economy’ categories of groceries, alcohol, entertainment and hobbies & crafts running at £247 million per week during lockdown, equivalent to an annual £12.9bn increase. However, average overall consumer spending has decreased by 31% per person, equating to an annual fall of £215bn. Local economies could be relative long-term gainers as a result…
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Small and medium-sized (SMEs) businesses are concerned about the longer-term impact of the coronavirus storm, though many have benefited from the government support measures over the past month according to a new survey by chartered accountancy body ICAEW has found. The ICAEW asked its members both working in SMEs and servicing SME clients across the…
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The government published new statistics that show businesses have to date benefitted from over £14 billion in loans and guarantees to support their cashflow during the crisis through schemes delivered by the British Business Bank. This includes 268,000 Bounce Back Loans worth £8.3 billion, 36,000 loans worth over £6 billion through the Coronavirus Business Interruption…
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The government’s Coronavirus Job Retention Scheme will remain open until the end of October, the Chancellor has announced. In a boost to millions of jobs and businesses, Rishi Sunak said the furlough scheme would be extended by a further four months with workers continuing to receive 80% of their current salary. Chancellor Rishi Sunak said…
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Businesses with supply chains that rely on Trade Credit Insurance and who are experiencing difficulties maintaining cover due to Coronavirus will get support from the government, the Economic Secretary to the Treasury, John Glen has announced. Trade Credit Insurance provides cover to hundreds of thousands of business to business transactions, particularly in non-service sectors, such…
Read moreA new study has revealed that one in three closed small firms fear they’ll never reopen amid widespread redundancy plans. The Federation of Small Businesses (FSB) survey of over 5,000 firms has laid bare the impact of coronavirus pandemic as one in three small employers consider redundancies as they struggle to pay bills, shelve exports and…
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