Credit, Collections & Insolvency News
A new trading report into the Turkish market has revealed an expected decline in insolvencies this year. The report by trade credit insurer Atradius has revealed that the economic impact of the Covid-19 pandemic had upon the country which managed to avoid recession in 2020. Turkish GDP grew 1.8% in 2020 despite the adverse conditions of…
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Provident Financial (PFG) has confirmed that it is closing down its loss-making 141-year-old doorstep lending business. The division employs more than 2,000 people. The news comes as the Group releases its preliminary results for the year ended 31st December 2020, which feature a pre-tax loss of £113.5 million (2019: pre-tax profit of £119 million). The…
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PayPlan has appointed experienced strategic leader, Tasneem Bhamji, as Chief Operating Officer to transform its operation and lead its multi-channel debt advice service to meet increased demand. Bhamji joins the national debt advice provider after her success as Head of Transformation at Lloyds Banking Group where she led cross-functional teams to transform Financial Wellbeing for…
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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 15% in March 2021 compared with the same month in 2020. In Q1 2021, new business grew by 1% compared with Q1 2020. The commercial vehicle finance sector reported new business…
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New figures released by the Finance & Leasing Association (FLA) have shown that consumer finance new business grew in March 2021 by 7% compared with the same month in 2020. In Q1 2021, new business was 17% lower than in Q1 2020. The retail store and online credit sector reported growth in new business of…
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A debt collector who fraudulently took money from clients but never helped to recover any money has been jailed. Robert Thomas Cree appeared at Newcastle Crown Court where he was jailed for 4 years and 10 months for two counts of fraudulent trading and one count of perverting the course of justice. The court heard…
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The Money and Pensions Service (MaPS) has launched an innovative new pilot to help people in mental health crisis avoid worsening debt problems, as part of its increased funding for debt advice in 2021/22. The government-backed MaPS, which is the largest funder of debt advice in England1, has committed £94.6million overall in 2021/22 to support…
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