Credit, Collections & Insolvency News
The banking and finance industry has backed over 830,000 UK businesses through the Government’s coronavirus loan schemes. according to the latest figures published by HM Treasury. The figures reveal that lenders have provided £34.9 billion through the three major government-backed lending programmes. £3.6 billion has been granted to 85,000 businesses in the past week, with…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in April 2020 by 64% compared with the same month in 2019, and decreased by 19% in the first four months of 2020. Credit card and personal loan new business together fell in April 2020 by 48% compared…
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New data from Barclaycard has indicated that consumer spending contracted 26.7 per cent year-on-year in May. The data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, reveals that spending on essential items grew slightly by 0.9 per cent. This was bolstered by a 24.5 per cent rise in supermarket…
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Irish regular, The Central Bank of Ireland has published new regulations to strengthen protections for consumers of licensed moneylending services and to enhance professional standards in the sector. Moneylenders will be required to include prominent, high-cost warnings in all advertisements for moneylending loans with an Annual Percentage Rate (APR) over 23 per cent. The warning…
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New research has found that those working in leadership roles within the public sector are the least aware of new money laundering regulations. Money laundering costs UK businesses, citizens and the government upwards of £190 billion each year. In January 2020, in an effort to tackle the rising levels of fraud and eliminate money laundering,…
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TransUnion has announced that it has appointed Tammy Taylor-Stowe as its new Chief Human Resources (HR) officer for Europe. Taylor-Stowe will be responsible for leading the HR strategy and people operations for the global information and insights company in the UK, Lithuania, Ireland and Spain. Taylor-Stowe brings extensive experience in transformational HR strategies and has…
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Subprime lender, Amigo Loans has warned that a new urge in complaints could cost the company £35million. In a company announcement the company has that it had also scrapped its dividend, and said a prospective buyer for the business had walked away. The company, which is being investigated by the Financial Conduct Authority (FCA), has…
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The Government has announced an extra £37.8 million support package will be available to debt advice providers this year. The Money and Pensions Service (MaPS), will oversee the allocation of the funds, including to charities, for debt advice and other money guidance services. The support package, which will bring the MaPS budget for debt advice…
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The Covid-19 crisis has reduced financial wellbeing in the UK and consumers expect a further decline in the next six months, according to a European survey by credit management group Intrum. Despite this, some UK consumers have experienced a positive effect on their spending. The whitepaper outlines the financial impact of Covid-19 on private households…
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Debt charity StepChange has published a briefing revealing that a personal debt tsunami of £6 billion directly attributable to the pandemic is already being stored up among some 4.6 million households and, if left unchecked, is set to worsen. The charity warns that coronavirus-related debt will act as a drag on economic recovery and will…
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