The Financial Conduct Authority (FCA) has announced proposals to ensure that firms provide tailored support for users of consumer credit and overdraft products who continue to face payment difficulties due to coronavirus (Covid-19). The proposals will cover users of credit cards and other revolving credit (store card and catalogue credit), personal loans, overdrafts, motor finance,…

The Insolvency Service has published its latest business insolvency statistics for England & Wales which have revealed that the overall numbers of business insolvencies numbers continue to fall. Corporate insolvencies fell to 778 in August 2020 compared to the previous month’s figure of 961 and are significantly lower than they were in August 2019 (1,369).…

The Insolvency Service has published its latest figures which indicates that in August personal insolvencies in England and Wales fell to 6,359 in total when compared to last month’s figure of 7,330 and are significantly lower than August 2019’s figure (8,892). There were 1,332 debt relief orders and 769 bankruptcies in August 2020. There was…

Accountant in Bankruptcy has published its latest figures which indicate that there were 549 personal insolvencies (bankruptcies and protected trust deeds (PTDs)) in August 2020, 628 (53.4%) fewer than in August 2019. Bankruptcy numbers decreased by 47.6% in August 2020 when compared with August 2019. Whilst PTDs decreased by 56.7% over the same period.  There…

The Insolvency Service has published its latest figures which indicate that in August 2020 Scottish company insolvencies decreased by 43%. There were 44 company insolvencies in Scotland, a reduction of 43% in comparison to August 2019. This comprised of 19 compulsory liquidations, 21 CVLs, three administrations and one CVA. There were no receivership appointments. Historically…

The Insolvency Service has published its latest figures which indicate that in August 2020 that company and personal insolvencies continued to decrease. There were four company insolvencies in Northern Ireland, down from 22 in August 2019. This consisted of two CVLs and two administrations. There were no compulsory liquidations, CVAs or administrative receiverships. Whilst there…

New research commissioned by payments provider, PayPoint, has thrown the spotlight on the small adjustments landlords and lettings agencies could make to help tenants manage their finances during these uncertain times. With concerns surrounding overdue rent particularly high, it seems that many renters would welcome a gentle nudge, in the form of a text message…

Tesco Bank is to become the first UK bank to introduce new technology that allows its 2.6 million credit card customers to more easily manage and pay their balance. The ‘Pay by Bank’ facility will be provided by Tesco Bank and enabled by Mastercard’s Open Banking Connect™ service.  It allows Mobile and Online credit card…

UK banks achieved the biggest reduction in card fraud losses last year among 18 countries across Europe, according to the updated FICO European Fraud Map. More than half of the countries saw increases in card fraud losses in 2019 according to the report, based on data from Euromonitor International and UK Finance. Toby Carlin, Director…