Credit, Collections & Insolvency News
New research by Onguard has found that only 7% of finance professionals think that their organisation is already data-driven. Onguard’s FinTech Barometer has indicated that data-driven business operations are a multi-year plan for two-thirds of finance professionals (66%). However, only 7% think their own organisation is already data-driven, while 14% think they will achieve this…
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The Scottish Building Society has pledged a 12-month pause on repossessions as it looks to support customers amid the coronavirus pandemic. It is also extending a three-month mortgage break to six months. Scottish Building Society is also encouraging landlords to help those struggling to pay rent, by offering mortgage holidays if they pass on the…
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More than eight in ten consumers have spent significantly less money during lockdown by not being able to buy treats and everyday items, according to new research from AA Financial Services. The analysis shows those that have saved money, 75% intend to pay off outstanding credit card debts, build up their investments and or add to…
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Bristol City Council’s cabinet has agreed to sell the local authority owned company, Bristol Energy. The Energy company was founded in 2015, however, current Mayor of Bristol, Marvin Rees said the company has faced ‘unprecedented challenges’ since being established by his predecessor. Earlier this year, the council commissioned Ernst & Young to conduct a full…
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Fiat has become the first car firm in the UK to launch a ‘Pay As You Go’ finance deal. Research by Fiat has revealed that 35 per cent of motorists are considering driving more to avoid using public transport. The car manufacturer has responded with what it calls ‘a groundbreaking deal’ on the Fiat 500,…
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The Government has announced that it will provide guarantees of up to £10 billion to trade credit Insurance schemes for business-to-business transactions. The Trade Credit Reinsurance scheme, which has been agreed following extensive discussions with the insurance sector, will see the vast majority of Trade Credit Insurance coverage maintained across the UK. The guarantees will…
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Across Europe, the lockdown is coming to an end. After weeks of suspended economic activity and millions of people working from home, economic activity is beginning to restart. In parallel, we will now be able to assess what lasting change will emerge from this period. Our guess is that, in the near term, it might…
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Real Estate, Hospitality and ICT are the UK sectors hardest hit by late payment, according to analysis by Sidetrade. Sidetrade’s Tracker report has found that 38% of invoices are at least ten days overdue as the UK is beginning to feel the effects of lockdown exit. As of 25th May, the UK sectors hardest hit…
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New Business Banking Resolution Service (BBRS) has said it is seeking input from stakeholders and registered and potential customers to ensure the new service is developed in line with the needs of those who will use the service. The BBRS says that a human, flexible approach will be at the heart of the way it…
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Enforcement Agents (bailiffs) will implement a phased return to activity following the lifting of lockdown restrictions. The measures are set out in a Post-lockdown Support Plan announced by the Civil Enforcement Association (CIVEA). CIVEA consulted the government on the Post-lockdown Support Plan that will mean local authorities and courts can safely enforce overdue council tax,…
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Five companies previously suspended from the Prompt Payment Code have been reinstated following improvements in payment practices to their supply chain. The companies have pro-actively engaged with the Prompt Payment Code Compliance Board by submitting action plans outlining how they plan to achieve compliance and meet the commitments of the Code. The five companies reinstated…
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