Credit, Collections & Insolvency News
Media speculation has suggested that sub prime lender specialist, Provident Financial is preparing to shut its doorstep lending business which has been running for 141 years. The Times newspaper and other national media outlets have reported that Provident was planning to close the division after 141 years and instead focus on its credit card and…
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The Covid-19 pandemic has wiped a staggering £80.8bn off hospitality’s sales in just 12 months, the latest edition of the UKHospitality Quarterly Tracker with CGA reveals. The Tracker shows sales from the start of April 2020 to the end of March 2021 totalled £46 billion, down by 64% on £126.8 billion in the previous 12…
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The Insolvency Service has released its latest Quarterly business insolvency for England & Wales, figures which have indicated that there were 2,384 seasonally adjusted corporate insolvencies in Q1 2021, a reduction of 21.9% compared to Q4 2020’s figures of 3,053 and a fall of 38.3% compared to Q1 2020 (3,863). Colin Haig, President of insolvency and…
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The Insolvency Service has published its latest personal insolvency Quarterly figures in England & Wales which have indicated that there were 29,140 seasonally adjusted individual insolvencies in Q1 2021, a fall of 5.3% compared to Q4 2020’s figure of 30,769, and a rise of 0.7% compared to Q1 2020 (28,936). Commenting on the figures Colin Haig,…
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The Insolvency Service has announced the appointment of a new Chair and three new non-executive board members to it’s Board. Incoming Chair, Mark Austen, will be joined by Gary Kildare, Samantha Durrant and Rob Hunt on the Insolvency Service Board. The new non-executive board members, together with Mary Chapman who is continuing in her role…
Read moreHundreds of thousands of people struggling with debt problems will be supported through the newly launched debt respite scheme. The Breathing Space measures will give those facing financial difficulties space to receive debt advice, or mental health crisis treatment, without pressure from creditors or mounting debts. Under the scheme, people will be given legal protection…
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UK quoted companies issued 50 profit warnings in Q1 2021, an 83% decrease from the 301 warnings recorded in Q1 2020 according to a latest report from EY-Parthenon’s which indicated the biggest year-on-year percentage fall in UK profit warnings on record. Profit warnings were pushed to record levels in Q1 2020 at the onset of…
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UK Finance is calling for a change to the process of reimbursing so-called ‘no blame’ cases of authorised push payment (APP) scams under the voluntary industry Code, bringing in a simplified process that enables signatory banks to individually payback cases rather than through a shared central pot. This new process comes as the industry renews…
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Intelligent decisioning technology provider LendingMetrics has made a range of new appointments. The company behind the award-winning automated underwriting platform ADP has recently taken on a number of high profile clients, including Morses Club, and is expecting more in the coming months. To serve this growing client base, a number of new appointments have been…
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