Credit, Collections & Insolvency News
The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has welcomed the Chancellor’s announcement on extensions to the Job Retention Scheme and Self Employment Income Support Scheme. Jane Tully, Director of External Affairs at the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said: “The Chancellor’s extension…
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Car manufacturer, Alfa Romeo has become the first in the UK to cover finance payments on new cars in the event the owner loses their job due to the coronavirus pandemic. In a groundbreaking move, Alfa Romeo has pledged to pay up to seven months of payments on its models at no cost to the…
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The government’s plans to widen the job retention scheme to include part time working could see widespread abuse and fraud, according to analysis. by Blick Rothenberg. With the widening of the Job Retention Scheme (JRS) to include part-time working, the temptation for employers to exaggerate claims, especially in times when they need cash desperately, is…
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Analytics and decision management provider FICO has announced that it has partnered with OpenWrks – provider of Open Banking based digital engagement applications. Under the partnership, FICO plans to combine OpenWrks financial budgeting and conversational AI technology with FICO’s market-leading integrated collections and omni-channel platform to assist creditors in making the most appropriate customer decisions…
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New figures from the Information Commissioner’s Office (ICO) has revealed that 42% of businesses had less than six months of cash reserves. The figures also revealed that 79% of businesses in the UK had applied for the Coronavirus Job Retention Scheme. This resulted in a new high of 8.4 million, alongside 2.3 million self-employed. The…
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Customers facing temporary financial difficulties due to the coronavirus have been granted almost 1.5 million payment holidays by lenders on their credit cards and personal loans according to latest figures from UK Finance. As of 21st May, 877,800 customer accounts had been given a payment freeze on their credit card. This is an increase of…
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New research from Comparethemarket.com has found that 75% of households have managed to save £300 during lockdown, but the long-term financial impact of pandemic remains a worry. The research has found that households’ financial confidence, with signs that the UK may have moved past its peak in financial anxiety for the short-term. According to the…
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Enforcement specialists, Bristow & Sutor have announced that they are working with Transport for London (TfL) collecting unpaid Penalty Charge Notices at warrant stage for all road charging schemes and traffic enforcement contraventions. The company says winning the debt management and enforcement contract with TfL has resulted in the production and implementation of new letters, business rules, action codes and reports. Bristow…
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A survey of Scottish businesses has revealed the full impact of the coronavirus lockdown – with confidence so badly damaged that six in ten (61%) fear they will go bust, despite government support. More than 400 companies, working across 17 broad sectors, took part in the survey. Results saw 93% stating they had been adversely…
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The Intermediary Mortgage Lenders Association (IMLA) is urging the government to assess the impact of post-financial crisis regulatory changes and consider easing these restrictions to help first time homebuyers lead the economic recovery in the wake of the COVID-19 pandemic. In a new report from the trade body (First time buyers: is the growth sustainable?), IMLA suggests current…
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