Credit, Collections & Insolvency News
Following a period of authorisation with restrictions, Castle Trust Capital has been granted full authorisation as a bank by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). After being authorised with restrictions in March 2020, Castle Trust undertook extensive testing of its new savings system and asked its customers to vote on…
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Income and expenditure specialist IE Hub has announced a new partnership with Atom bank. The partnership will mean that Atom bank customers who are struggling with mortgage repayments as a result of COVID-19 can now request additional help and support beyond their 3-month payment holiday. IE Hub’s solution allows customers to easily share I&E information…
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The Association of British Credit Unions Limited (ABCUL) has welcomed the decision by CreditFix to drop a £84.12 fee across its entire IVA portfolio – an action would have provided the company with up to £7million in additional income. Despite temporary measures being put in place to ensure that anyone in an IVA could access…
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Over a third of consumers (36%) have been the target of a scam since lockdown began, new research by Citizens Advice reveals. Polling conducted on behalf of the charity also showed that certain groups were at an increased risk of being contacted by a scammer, often those who could least afford it. The charity has…
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As high street shops, department stores and shopping centres reopen today as the Government eases lockdown measures consumers have had more time than usual to mull over both spending and life decisions. New research from The Share Centre has found that consumers have spent 22 days deciding what car to buy, 19 days deciding what…
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Businesses are facing significant difficulties in the face of the coronavirus pandemic and are pessimistic about their growth once the crisis passes, according to a survey commissioned by UK Finance and undertaken by BVA BDRC. The research finds that the COVID-19 crisis has negatively impacted 69 per cent of businesses, with three out of five…
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The Insolvency Service has published its latest insolvency statistics which have shown a decrease in May, compared to a year ago, in England & Wales. There were 994 company insolvencies in May 2020, comprising of 790 creditors’ voluntary liquidations (CVLs) 32 compulsory liquidations, 110 administrations and 12 company voluntary arrangements (CVAs). There were no receiverships.…
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The Insolvency Service has published its latest insolvency statistics which have shown a year on year rise in individual voluntary arrangements (IVAs) in England & Wales. In the three months ending May 2020 there was a monthly average of 7,899 registered IVAs. The figures show that there were 1,540 Debt relief orders and 739 bankruptcies…
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