Credit, Collections & Insolvency News
Ofgem has today published its annual report on the Warm Home Discount (WHD) showing that vulnerable customers benefited from over £348m of support from suppliers last winter. The WHD is a government scheme administered by Ofgem requiring larger and medium-sized suppliers to provide support to customers living in fuel poverty. Last winter, all 19 obligated…
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Morses Club has seen pre-tax profits hit due to the coronavirus pandemic, saying a decline in customer numbers during the six months to August 29 had been considerably steeper than expected. Restrictions on lending to new customers in place from March until mid-July meant it saw 25,000 fewer new customers. The company has also seen…
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Online car retailer, Cazoo has announced that it has agreed to acquire car subscription platform, Drover for an undisclosed sum. Founded in 2016, Drover has grown to a team of over 100 across London, Lisbon, Paris and Bucharest. Drover offers a flexible and hassle-free alternative to car ownership, with a single monthly subscription fee which…
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Accountants have been increasingly successful in persuading SMEs to re-forecast their financial performance in the second half of 2020, according to the year-end results of the ACCA and The Corporate Finance Network (The CFN) SME Recovery Tracker. As the year draws to a close, the tracker results have shown consistently high levels of stress and…
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NatWest has that it has announced that it has entered into an agreement with Metro Bank to purchase its £3.1 billion mortgage portfolio in a deal that will see 13,000 customers transferred over to the lender. The £3.1 billion purchase price represents a 2.7% premium on the gross book value. The portfolio consists of owner-occupied residential…
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New Ofcom research reveals the challenges and tough choices many telecoms customers are facing this year, with more action needed from the industry to support customers in financial difficulty. Ofcom says that reliance on phone and broadband services has increased significantly in recent years, and this trend accelerated in 2020 as people continue to spend…
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SME financier, Bibby Financial Services (BFS), has announced the appointment of three new senior hires. Axel Scholz, former Chief Executive Officer (Asia Pacific) for Siemens Financial Services Commercial Finance and tech start-up founder, joins BFS as Chief Revenue Officer. Axel will be responsible for leading the company’s pan-global revenue, profitability and growth strategy. Richard Olver…
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Research from global information and insights provider TransUnion has shown consumer optimism improving as the second national lockdown came to an end. Four in ten (42%) UK households are now somewhat optimistic about their financial future, up from 34% a month earlier. The number of households reporting a negative financial impact also shows a slight…
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