Credit, Collections & Insolvency News
The financial outlook for many people in Britain is looking very different to what it looked like six months ago. Existing job roles are under threat as employers assess what they need as business interruption loans come to an end. Furthermore, government figures reveal companies froze hiring from April to June 2020, with the number…
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The first tranche of an additional £37.8 million to fund extra debt advice and other money support for people affected by Covid-19 pandemic has been allocated by the Money and Pensions Service (MaPS). Up to £7.5 million is being allocated to three debt advice providers – Christians Against Poverty (CAP), PayPlan and StepChange – to…
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The full economic and business impact of the Covid-19 crisis is yet to be felt, with the preservation of cashflow and investment in new technologies to predict risk being issues that will shape the agenda of business leaders over the coming months, according to Euler Hermes Chairman Wilfred Verstraete. In a letter to the company’s…
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Household’s borrowing returned to pre-pandemic levels with £3.9 billion net borrowing in July, with increases in both mortgage borrowing and consumer credit, according to the latest Bank of England figures. Household’s consumer credit borrowing increased £1.2 billion in July, following four months of net repayments. The interest rate on new consumer credit borrowing increased 22…
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Strong car finance application figures and a surge in people searching for deals online have given motor traders a boost as the new ‘70’ plate launches, according to latest figures from Experian. Car finance applications rose to 597,000 between 1st July to 24th August, a 24% increase on the 481,000 recorded in the same period…
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Ikano Bank has announced that it has appointed Jaywing to review its new credit decisioning architecture to support its ongoing growth, which will enable it to launch new products across multiple territories. Through this engagement, Ikano Bank’s internal team will benefit from Jaywing’s impartial guidance and years of risk expertise to validate its choice of…
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Lender, Fair Finance. has announced that it has implemented automated decisioning technology with LendingMetrics. Fair Finance specialises in providing loans to those excluded from mainstream lending, has switched from a completely manual underwriting process to one using LendingMetrics’ award-winning automated Auto Decision Platform (ADP). David Wylie, Director of LendingMetrics, said “Fair Finance was keen to…
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