Credit, Collections & Insolvency News
UK Finance’s latest Business Finance Review figures have shown that gross lending to small and medium-sized businesses across the UK totalled £63.6 billion last year, some 162% higher than 2019. This underscores a significant rise in demand for finance as businesses responded to the pandemic. Government-backed lending schemes, alongside other loan and overdraft facilities, have…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 34% in February 2021 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew by 1% in February 2021 compared with the same month in 2020. The plant and machinery finance and commercial vehicle finance sectors reported new business up in February by 14% and 8%…
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Up to 58% of SMEs in need could be excluded from Recovery Loan Scheme according to research by Purbeck Personal Guarantee Insurance. The company warns that many SMEs could find themselves excluded from the Recovery Loan Scheme, with little option other than to access finance through personal guarantee backed loans – putting their home and…
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New research from Experian has found that consumers no longer believe passwords are the most secure method for authentication. Experian says that the research found that since the pandemic, consumers have an increasing level of comfort and preference for physical and behaviour-based, or invisible methods of security and that. for the first time in four…
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Borrowers with prime credit ratings accounted for an increased share of second-charge lending in the past six months, according to new tracker data by Evolution Money. The company’s analysis looking at its total lending data for the last six months, up until the end of February 2021, found that the product split by volume of…
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A new report from analytics company FICO has revealed that working from home over the pandemic has negatively impacted fraud protection, with 79% of banking executives saying there was a high or major impact. A further 49% of respondents said it was a major challenge having multiple systems for managing fraud and financial crime Toby…
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The UK’s ‘Big Four’ internet service providers Sky, Virgin Media, BT and TalkTalk are set to hike prices which will impact 24 million households, according to comparethemarket.com. The average price is going to increase by £3.03 per month or the equivalent of £36.39 per year. The total cost to consumers is estimated to be £909…
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White Oak Leases & Loans has announced that it is strengthening its executive team in the UK with the hires of a Chief Risk Officer and Chief Credit Officer. Nick Isaacs has been hired as Chief Risk Officer of White Oak Leases & Loans and is responsible for the implementation and execution of lending strategies…
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Secured finance technology specialists IDS, has announced that it will acquire automotive and equipment finance specialist White Clarke Group. The merger of the two companies will combine to create a multi-asset class secured finance technology powerhouse supporting banks, independents, OEM captives and specialty finance firms globally. Together, the combined company will serve more than 300…
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