Credit, Collections & Insolvency News
The Financial Conduct Authority has confirmed that it has extended its current guidance so firms should not enforce mortgage repossessions before 1st April as a result of the pandemic, except in exceptional circumstances. The guidance on consumer credit will permit firms to repossess goods and vehicles from 31st January 2021. In November 2020, banks and…
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Nearly 3.8 million consumers are excluded from the government’s income replacement schemes according to new analysis by Standard Life Foundation. The figures indicate that 7 per cent of consumers have lost earnings as a direct result of the pandemic and have not been either furloughed or able to get help from the Self-Employment Income Support…
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Research by Santander has revealed that small businesses do not expect business to recover to pre-pandemic levels until next summer. The bank also found that one in twelve firms do not expect to survive the pandemic at all. antander says that with the UK now well into a vaccination programme that many hope will enable…
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Data analytics company LendingMetrics is predicting a phenomenal spending rebound by the end of the second quarter 2021, if the brakes are taken off pent-up demand. The company, which supplies automated underwriting platforms and borrower vetting technology to lenders, has detected record volumes of suppressed demand in its data streams. And says that UK consumers…
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Accountancy and business advisory firm Johnston Carmichael has announced it has made an appointment to its restructuring team with the progression of Graeme Bain to an appointment-taking director. Bain, a licensed Insolvency practitioner, joined Johnston Carmichael as a director in 2017, can now be appointed to oversee formal insolvency appointments. His progression comes after a 20-year…
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The Advertising Standards Authority (ASA) has published two rulings that have banned misleading adverts by two commercial debt advice firms. The rulings involve commercial debt advice companies, National Direct Service and Fidelitas Group who the ASA says made various misleading claims, in paid-for search ads and on their websites, about their services. An investigation was…
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