Credit, Collections & Insolvency News
The pandemic has cemented a mass transition from traditional to alternative finance among UK consumers and SMEs. A perfect storm of circumstances including a pandemic-driven cash flow crisis among businesses, and the rise of fintech and challenger banks, is spurring the rise of alternative lending models. A burgeoning £6.26 billion market in alternative lending now…
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Latest Statistics from the Insolvency Service show that the number of registered business insolvencies in England and Wales in December was 33% higher than the number registered two years ago, just before the pandemic. The data shows that there were 1,486 registered company insolvencies in December, with this 20% higher than a year earlier. The…
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Latest figures from the Insolvency Service have indicated that personal insolvencies in England & Wales fell by 10.1% to 8,434 in December 2021 compared to 9,385 in November 2021, and were 12.4% lower than December 2020’s figure of 9,625. There were, on average, 6,648 IVAs registered per month in the three-month period ending December 2021,…
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The number of business insolvencies (liquidations and receiverships) in Scotland increased by 63% according to latest Accountant in Bankruptcy (AiB) figures. In December 2021 there were 93 company insolvencies registered in Scotland, 63% higher than December 2020 and 4% higher than in December 2019. This was comprised of 17 compulsory liquidations, 73 CVLs and three…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies decreased in December in the latest monthly figures. In December 2021 there were 81 individual insolvencies in Northern Ireland, 48% lower than in December 2020, and 42% lower than December 2019. This consisted of 63 IVAs, 11 DROs and seven…
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Andy Smithson has been appointed to the new role of Head of Internal Control, Compliance and Legal at Startline Motor Finance. He will be responsible for ensuring a robust and effective control environment with strong ongoing legal, regulatory and operational compliance, as well as managing the interlock with the company’s legal panel and leading the…
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Average UK rents increased for the fifth consecutive quarter during Q4 2021 as pressure on the supply of rental properties during the pandemic continues, according to analysis by The Deposit Protection Service (The DPS) The research found that average rents reached £834 during the final three months of 2021, an increase of £16 (1.96%) on…
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The official shortlist of nominees at the Chartered Institute of Credit Management’s British Credit Awards has been revealed. The CICM’s says that the 2022 awards have received a record-breaking number of entries, meaning the judges task of shortlisting entries was made that little bit more challenging. The shortlist includes 104 entrants and potential winners from…
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Together Energy has become the first supplier of 2022 to cease trading following weeks of speculation about the company’s future. The energy company, which was founded in 2016, included subsidiary and former council-owned supplier Bristol Energy. It served 176,000 domestic customers and one non-domestic customer Under Ofgem’s safety net, customers’ energy supply will continue and…
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Arum has been named as a supplier on Crown Commercial Service’s (CCS) Debt Resolution Services (DRS) framework to provide to provide Fraud, Error and Debt (FED) Advisory services to Central Government and the wider public sector. CCS supports the public sector to achieve maximum commercial value when procuring common goods and services. In 2020/21, CCS…
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The amount of Christmas shopping put on buy-now, pay-later (BNPL) rose by £1billion in 2021 according to new analysis by Credit Karma. The research found that as Banks and retailers continue to jump on the increasing popularity of the BNPL payment method, with its high approval rates, 52% of consumers view BNPL as ‘easy credit.’…
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With a press release titled: ‘FCA to introduce new Consumer Duty to drive a fundamental shift in industry mindset’ issued on 7th December, the Financial Conduct Authority made it very clear that it is expecting significant change to ensure financial credit markets work well for borrowers as it gears up for the introduction of the…
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Intelligent decisioning technology provider LendingMetrics has announced a number of new appointments and several promotions within its fast-growing workforce. Donna Airey has been appointed as the company’s Head of Finance, bringing a wealth of experience in finance management to the department. Chelsea Clark is the company’s new Talent Acquisition Specialist and will be leading the…
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