Credit, Collections & Insolvency News
Latest quarterly figures from the Insolvency Service have indicated that the number of business insolvencies in England & Wales rose to its highest levels since 2012. The figures show that there were 4,896 company insolvencies registered in Q1 2022, 6% higher than the number of company insolvencies registered in the previous quarter and more than double…
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Instagram influencers who were paid to endorse buy-now, pay-later (BNPL) fuelled more than £652 million in borrowing amongst followers trying to replicate their lifestyles according to research by Credit Karma. The company reviewed buy-now, pay-later sponsored posts by the UK’s biggest influencers finding that an individual would need to spend an average of £1.8K to…
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United Utilities Group has announced that Louise Beardmore will take over as Chief Executive Officer (CEO) which will follow the retirement of Steve Mogford early next year. Mogford, who has been in charge of the water company for 12 years, will be supported by Beardmore, who is currently the Group’s Customer Service and People Director until…
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Debt collections specialist, Barratt Smith Brown has announced that they have successfully completed the FCA approval process and are now a regulated company. Ashley Barratt, CEO of Barratt Smith Brown said “Becoming an FCA regulated company is critical to our ambitious expansion plans for Barratt Smith Brown. The FCA is the gold standard for financial…
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The Lending Standards Board (LSB) has published a series of updates to the Contingent Reimbursement Model Code (the CRM Code) to further strengthen what is the only set of protections of its kind for tackling Authorised Push Payment (APP) scams. The three most significant updates to the Code will help improve customers’ understanding of how…
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Just over one in three UK adults may struggle to access credit from mainstream lenders, according to fresh data from PwC and TotallyMoney, an increase of 50% in just six years. The research also found that nearly nine million more at risk of falling into this category – meaning half of the population in total,…
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The amount of money that households collectively owe to their energy suppliers has doubled in the past year to reach £1 billion, with a quarter (23%) of consumers now in energy debt, according to new research from Uswitch.com, the comparison and switching service. The number of households in debt to their supplier has risen by…
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Consumer demand for credit products has grown since the onset of the pandemic, according to TransUnion’s Consumer Credit 2022 white paper, which reveals changing consumer preferences and affirms the growing demand for buy now, pay later (BNPL) finance. The research reveals significant growth in the credit market when compared with pre-pandemic figures with more consumers…
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