Credit, Collections & Insolvency News
The number of people choosing to share their data through open banking has tripled since the start of the Covid-19 pandemic, according to the latest statistics from Experian. In February, Experian’s Open Data Platform saw more than 188 million data sharing requests (up from 47 million in February 2020) – 30% of the 669 million…
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Responding to Queen’s Speech in Parliament, the Federation of Small Businesses (FSB) is calling on the Government to take urgent action to end ‘debilitating late payment crisis’. Federation of Small Businesses National Chairman Mike Cherry said “The success of mu”ch-needed levelling-up initiatives will hinge on their ability to reach the 5.9 small businesses and sole…
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The IVA Standing Committee has published a new version of the IVA protocol, providing updated regulatory standards to insolvency practitioners, creditors and debt advice sector. A significant proportion of individual voluntary arrangements (IVAs) in the UK are drafted in accordance with the principles from the IVA protocol. The IVA standing committee, chaired by the Insolvency…
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Atradius’ latest Insolvency Forecast reports Polish insolvencies are expected to grow by 7% this year after remaining static in 2020. As a response to the pandemic, comprehensive stimulus measures supported many Polish businesses, enabling them to sustain their cash position. However, this support is expected to expire this year as the economic rebound gains momentum.…
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Consumer spending has recovered to levels last seen before the pandemic as it rises 0.4% in April compared with the same period in 2019, up from a 7.2% contraction in March and the first expansion this year, according to data from Barclaycard. The data indicates that spending on essential items rose 10.1 per cent compared…
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New analysis by EY ITEM Club’s Interim Bank Lending Forecast expects consumer credit to grow 10.5% in 2021 and 9.1% in 2022 as consumer spending rebounds post-lockdown. Net lending via credit cards and personal loans turned negative in 2020 and remained in negative territory in the first three months of this year. Annual growth in February…
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More than 218,000 households could be automatically moved onto more expensive ‘default’ energy tariffs this month if they do not switch tariffs or providers when their deals come to an end according to new analysis by comparethemarket.com In May, there are 157 fixed energy tariffs coming to an end, which could mean an average increase…
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