Credit, Collections & Insolvency News
Lenders have provided over one million payment deferrals on credit cards to help customers whose finances have been affected by Covid-19 over the past three months, according to figures published by UK Finance. The trade body’s members have also provided almost 707,000 payment deferrals on personal loans for customers impacted by the pandemic. In addition,…
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The proportion of UK small businesses predicting growth has almost doubled in just three months – from 14% to 27% – giving one of the first tangible indications that the Government’s easing of lockdown is having a positive impact on a key area of the UK economy. The quarterly tracking study by Hitachi Capital Business…
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Lender, Morses Club says that the company has adapted to the changes inflicted by the pandemic, with over 109,000 customers now registered for its online customer portal compared with about 78,000 at the end of financial year. In its latest company update for the period since 29th February 2020, the firm says reduced lending volumes largely…
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Latest figures in The Bank of England Credit Conditions Survey’ have found that demand for lending suffered a fall during the three months to the end of May. The survey suggests demand for loans is set to increase at a time when banks start to slow down lending and prepare for a wave of bad…
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It is feared that up to 780,000 firms employing three million could go bust in the next year if they cannot defer repayments on government-backed loans. The figures highlight the risks if urgent action to tackle the projected £35bn of unsustainable debt from Covid-19 loans is not taken according to a new report by The…
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Emerging from the Covid-19 lockdown has not alleviated concerns about the future viability of small and medium sized businesses (SMEs), or eased the stresses they are under, reveals the latest ACCA UK and The Corporate Finance Network (The CFN) SME Recovery Tracker. The survey features insights from accountants representing more than 15,530 SME clients, and…
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