Credit, Collections & Insolvency News
A recent survey conducted by Hodge Bank has revealed that the COVID-19 pandemic has led to more people wanting to help younger family members financially. A third (31%)** of those questioned said that since the COVID-19 outbreak giving a financial gift to children or grandchildren is more important to them, compared to 23% who said…
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A third (34%) of consumers have used overdrafts, credit cards, payday loans and buy now pay later schemes to pay for essentials, according to new research by OpenMoney. The number is slightly up from last year when it stood at 33%. Just under a third (28%) have borrowed from family or friends to resolve financial…
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Results from the latest Britsh Chamber of Commerce (BCC) Coronavirus Business Tracker reveal that businesses are still facing significant cashflow challenges with the schemes announced in the Summer Statement failing to provide support at the scale needed to protect jobs after the furlough scheme winds down. More than half of firms report cashflow decrease since…
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More than three-quarters of hospitality businesses in the UK are at risk of insolvency within 12 months, according to new research by UKHospitality. A survey by the trade body, in partnership with CGA, showed that one in five firms are at significant risk of insolvency, or expect insolvency, within a year. Over half of businesses…
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The Financial Conduct Authority (FCA) has published the findings of a review into re-lending by firms that offer high-cost credit. The review, which was completed prior to the coronavirus pandemic, highlights concerns about poor practices by some firms and notes that nearly half of consumers regretted borrowing more money. As firms in this sector begin…
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Gamblers should be protected by a new £100-a-month cap on spending to limit the harm that can be done by online gambling, a new Think Tank report has recommended. The Social Market Foundation (SMF) has also called for a sweeping overhaul of the way gambling firms are taxed, to put financial pressure on companies registered…
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Invoice finance provider, Optimum Finance appoints has announced three new appointments. The company welcomes James John as its new Head of Risk, Rebecca Salt as Regional Sales Director for the Midlands and Dany Boyle as its new Partnerships Manager. James John joins Optimum finance with 23 years’ experience. He started off as an auditor for…
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Ovo Energy has announced the appointment of Jonson Cox as Non-Executive Director of the recently created OVO Energy board. Following the acquisition of SSE‘s supply business in January 2020, OVO Energy established a new board chaired by Stacey Cartwright, for its UK retail business which oversees customer brands OVO Energy, SSE Energy Services, Boost, Spark and…
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