Credit, Collections & Insolvency News
The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has today welcomed the launch of Energy UK’s Vulnerability Commitment. Suppliers serving nearly three quarters of UK households have signed-up to new industry standards designed to improve support for customers in vulnerable circumstances. These include: Training frontline staff to better identify and…
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The latest independent research from the BVA BDRC SME Finance Monitor has revealed that businesses are increasingly looking ahead to the future, with 42 per cent of SMEs saying their plans were future-focused in the third quarter of 2020, compared with 25 per cent who were still focused on the immediate impact of the pandemic.…
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The impact of the coronavirus pandemic has illustrated how quickly individuals and business’s circumstances can change. For example, when initial lockdown restrictions began on 26th March 2020 in the UK, 1.6 million payment holidays had been offered to mortgage customers within the first month. Payment holiday initiatives have unquestionably come to the aid of so…
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The Financial Conduct Authority (FCA) has reminded firms to be ready for the end of the transition period in one month’s time. When the transition period ends at 11pm on 31st December, firms will need to be prepared for a number of changes to the regulatory environment in which they operate. EU laws will no…
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Law firm JMW Solicitors has warned of a flood of insolvencies in Spring 2021 which risks paralysing the Courts. The firm’s analysis shows that corporate insolvencies adown circa 42% year-on-year in October 2020; whils Creditor Voluntary Liquidations, are down 36%, there is a decrease of 76% for Compulsory Liquidations and a decrease of 35% for…
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Department store chain Debenhams is to be wound down after Christmas, with the loss of up to 12,000 jobs and closure of 124 stores. The first branch closures are expected in the new year, with all expected to close down by the end of March. Debenhams has been trying to find a buyer but its…
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Order-to-cash process fintech company Onguard has announced it is welcoming Adriaan Kom as its new Chief Commercial Officer. Responsible for overseeing the development and commercial strategies of the business, The business says Korn’s appointment strengthens the management team and Onguard’s ongoing commitment to building its market position and international growth within Europe. For the past…
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Water companies should do more to stamp out the root causes of customers’ frustration and improve their overall service according to a joint report published by the Consumer Council for Water (CCW) and Ofwat. CCW and Ofwat are working together to improve how customers are treated by their water companies and ensure their best interests…
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Global technology commercial banking and financial services provider Trade Ledger has announced that Bibby Financial Services (BFS), a global SME financier, has adopted the company’s origination platform to streamline customer onboarding and operational processes. Trade Ledger’s Lending-as-a-Service Platform allows funders to re-imagine business finance for the digital era, using cloud-native technologies, open banking APIs, and…
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