Credit, Collections & Insolvency News
Energy suppliers have increased bills by £78 since the start of December, as the new price cap level could rise for millions of households, according to research from comparethemarket.com. A decision on whether the default energy price cap will change from its current level of £1,042, for dual fuel average consumption households, is expected to…
Read more
The Woolard Review of change and innovation in the unsecured credit market has got it wrong on Buy Now Pay Later and the wider Retail Point of Sale Finance Market. Consumers in this market would benefit from smarter enforcement of existing regulation, rather than the proposed new legislation that could bring many thousands more small…
Read more
While we welcome some positives within the Review findings, such as recommendations to reform credit reporting and addressing the problems within the debt management market, this a missed opportunity to explore many of the issues facing the unsecured credit market. We had concerns from the outset about limited industry representation, and the review is weakest…
Read more
Latest figures from the Bank of England (BOE) have shown that lending fell by £16.6 billion over the past year. The figures also reveal that deposits in bank and building society accounts rose by almost £ 21 billion in December, whereas pre-pandemic they typically increased by about £5 billion a month. Separately the figures showed…
Read more
UK small business growth forecasts remain unchanged on the previous two quarters, despite the UK starting 2021 in an unprecedented third national lockdown according to new figures Hitachi Capital Business Finance. With the latest lockdown expected to cost the UK economy almost £400million per day, and distressed sectors such as hospitality and retail in crisis,…
Read more
Monzo Bank customers can now connect their bank accounts to Experian Boost, giving them the ability to increase their Experian Credit Score instantly for free as a result of a new partnership agreed by the companies. Experian Boost helps consumers improve their credit scores using transactional information like total current account incomings and outgoings, as…
Read more
DSW Debt Advisory which advises businesses on raising a wide variety of debt funding and is part of the Dow Schofield Watts Group – has appointed Lynn Li as Manager. Li joins from Deloitte in Manchester where, as part of the debt advisory team, she worked on a wide range of financing deals including cross-border…
Read more
StepChange Debt Charity has announced the appointment of Chris Wood as a Trustee. Wood has extensive experience in both executive and non-executive roles. He brings with him first-hand expertise in the consumer credit sector with an understanding of its economic and regulatory drivers and, most importantly, a strong belief in the fair treatment of consumers.…
Read more
New polling, published by the TUC, has found that low earners are more likely than middle and higher earners to have been forced to cut spending and take on debt during the pandemic. The poll findings (conducted for the TUC by BritainThinks) come as the TUC publishes its budget submission, which calls on the Chancellor…
Read more
A report from EY shows that the number of companies at risk of insolvency has doubled in the last 12 months. With 583 profit warnings last year, EY says 10% of FTSE 350 firms issued three or more profit warnings, noting that typically up to one in five firms that issue at least three warnings…
Read more
The Government has announced that it will legislate to bring currently unregulated, interest-free Buy-Now-Pay-Later (BNPL) into Financial Conduct Authority regulation in order to protect consumers under new plans announced by the government. The Government says that buy-now-pay-later products are rapidly increasing in popularity, with the volume of transactions tripling in 2020 as the pandemic drove…
Read more