Specialist recoveries company Phillips & Cohen Associates has announced plans to expand into the servicing of potentially vulnerable consumers. The business, which has been consistently recognised for its compassionate engagement model during its 23-year history, is reacting to client demand for this new service alongside increasing market demographic needs. As one of a number of…

Aire, the UK’s fourth FCA-regulated credit reference agency (CRA), has launched a new insight product to help lenders make sense of the post COVID-19 borrowing landscape. Pulse from Aire helps protect credit providers and consumers from bad debt, and supports fair and FCA-compliant account handling, by enabling lenders to collect up-to-date information from customers about…

The banking and finance industry has supported more than one million businesses through the three government-backed lending schemes in just over three months, figures published by HM Treasury today have revealed. Almost 1.02 million facilities worth £42.9 billion have been approved through the Coronavirus Businesses Interruption Loans Scheme (CBILS), Bounce Back Loan Scheme (BBLS) and…

Sidetrade has today launched a new feature called CashTarget, which uses gamification for businesses who are restarting treasury performance. As businesses emerge from pandemic lockdown, the dash for cash will intensify. With revenue proving unpredictable and loans running out, the focus needs to turn to accounts receivable – for invoices that remain unpaid. Sidetrade says…

Elevate Credit, a US-based provider of online credit solutions including credit cards, has announced plans to retreat from the UK market. The  UK unit has been placed under administration, with KPMG serving as the administrator with direct control of the business. Elevate had previously commented late last year, and again this year, that the lack…

A survey of over 4,000 customers by Virgin Money found one in eight had called on their bank for help in the form of overdrafts and payment holidays on mortgages, personal loans and credit cards, the equivalent of about 8 million people. Virgin Money’s Financial Happiness report found that 1 in 4 (24%) of those…

The Bank of England’s latest money statistics reports that households repaid more loans from banks than they took out. A £4.6 billion net repayment of consumer credit more than offset a small increase in mortgage borrowing. Approvals for mortgages for house purchases fell further in May to 9,300. The repayments on consumer credit dropped to…