Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has announced proposals for further support to consumer credit borrowers impacted by coronavirus. In September, the Financial Conduct Authority (FCA) announced tailored support for borrowers affected by coronavirus (Covid-19) after 31st October, which it would keep under review as the pandemic evolved. As a result of increasing restrictions announced in…
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Law firm Shakespeare Martineau has announced that it has appointed Paul Bird as its new Chief Finance Officer (CFO). Bird has more than 25 years’ experience including setting up and running the alternative legal service outsource provider, Riverview Law. He has previously held several senior positions in the legal, technology, education and BPO sectors, and…
Read moreA new study by GoCompare has revealed that 9.7million households are facing Christmas on a reduced income, compared with this time last year, with 13% saying that Christmas is going to be financially very difficult indeed. The research carried out ahead of the festive season, found that 35% of UK households are living on less…
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On average, sole traders and small businesses expect to receive the payment that they are due 15 days after completing work, new research has revealed. Tide commissioned YouGov to survey small business decision makers, including sole traders, to discover their payment terms, how often they experience late payments, and the actual duration before invoices were…
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As UK banks consider the appointment of debt collectors to recover tens of billions of pounds of government-backed small business loans, other financial institutions across Europe are faced with a similar challenge, their next move will be driven by one overriding factor – protecting their image according to new research by Hoist Finance. A survey…
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Octopus Energy Group has announced the acquisition of Upside Energy, a leading energy software company based in Manchester. The move establishes the base of UK energy pioneer Octopus’s new technology innovation centre,. The new energy technology (EnTech) hub will play a pivotal role in achieving Octopus Energy’s ambition of making the UK the ‘Silicon Valley…
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Digital mortgage platform Koodoo has announced that it has selected challenger credit reference agency Credit Kudos as Open Banking provider to deliver a better end-to-end digital mortgage journey. Koodoo works with over 40% of the UK mortgage lending market and powers the mortgage categories for 45% of the UK price comparison market to intelligently connect…
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Four in five UK consumer credit applicationswere declined due to lack of data with UK lenders declining up to 1.8 million consumer credit applications worth £10.6 billion last year. The credit applications were rejected to a lack of information about the consumer, rather than poor credit histories or genuine affordability concerns, according to a study…
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