Credit, Collections & Insolvency News
Buy now, pay later (BNPL) specialist, Klarna has announced that it will start reporting UK customer debts to credit agencies for the first time next month, in a move that could affect shoppers’ credit ratings from 2023. The move is understood to be the result of two years of talks with the credit reference companies…
Read more
New research by TotallyMoney has found that 2 million mortgage borrowers could face an average payment increase of over £1,000 per year. The research found that a 1% Bank of England (BoE) interest rate rise would increase mortgage payments by £99 per month or £1,188 per year for a 75% LTV mortgage on the average…
Read more
The City of Plymouth Credit Union has entered administration. James Sleight and Peter Hart of PKF GM were appointed as Joint Administrators of CPCU on 27 April 2022. The Financial Services Compensation Scheme (FSCS) has also declared the credit union in default, which means that all savers’ monies are protected and will receive their funds (up to…
Read more
Begbies Traynor has reported a 19% rise in businesses in critical financial distress compared to the start of 2021. The research found that 1,891 firms were now in critical financial distress, in the first quarter of 2022, which is almost a fifth higher than the same period last year. The company says that the 19%…
Read more
Western Power Distribution (WPD), the largest electricity distribution network operator in the UK, has agreed to make a voluntary redress payment of £14.9 million after accepting it failed to meet its obligations to provide information to some of its most vulnerable customers. Network companies are required to provide additional services to households in vulnerable circumstances who are…
Read more
The Financial Conduct Authority (FCA) has announced that it has recruited three experienced individuals to its senior leadership team. Mel Gunewardena will take up a Senior Advisor role at the FCA. Gunewardena is currently Chief Market Intelligence Officer at the Commodities and Futures Trading Commission based in Washington DC and a former Managing Director at…
Read more
Moore Kingston Smith has announced the appointment of Neil Mather as a Partner in the firm’s business recovery and insolvency team. Mather is a licensed insolvency practitioner with over 25 years’ experience in taking both local and cross-border appointments. He advises lenders, directors, creditors and shareholders across many industries. With particular experience in the insurance…
Read more
Nearly one in three (30%) brokers believe the UK SME lending market has returned to levels seen before the outbreak of the Covid-19 pandemic according to research by Iwoca. Whilst nearly another third (31%) believe the market will return within 6 months, based on the number of loan requests they had each month before the…
Read more
Fintech, Paylink Solutions has expanded its senior team with a new Head of Operations and Head of Information Security appointments. Joe Clarke has been appointed Head of Operations and will be responsible for overseeing Paylink’s operations and IT services, managing key projects and delivering the performance management framework and new graduate scheme. Susan Rann, Paylink’s…
Read more