Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) is warning lenders and brokers to stop using misleading terms in their advertising or face regulatory action. The FCA says that the increased cost of living means that more people may take out loans. Marketing that does not give clear information and warnings about the potential consequences of borrowing puts…
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In April Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 24/SEVEN CONTRACTS (UK) LTD 2TE ISLAND LTD 360 DEGREES MANAGEMENT LTD 3PHASE ELECTRICAL ENGINEERING LTD 999 PLUMBING HEATING & DRAINAGE LTD A J (PLYMOUTH) LTD A J SMITH (TELFORD) LTD A1 SUPA SKIPS LTD ADS REALITY…
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In April the following administration notices have been issued and advertised in the London Gazette for the following companies: 20 – 24 (20-22) LTD 27-33 CAROLINE STREET LLP 35 QR LTD 52 MP LTD 98 LR LTD ABACUS PRINT LTD ACTIVE WEAR LTD ADAPTABLE CONSULTANCY LTD ALDERDALE SEATING LTD ANGLIA RECOVERY LTD APOLLO MEDICAL INFORMATION…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in April: 1 T0 WEAR LTD 1ST GLASS UK WINDOWS AND DOORS LTD 22M LTD 23TSL LTD 2AA REMOVALS LTD 2HANDYSERVICES LTD 3D MEDICAL IMAGING LTD 3F LTD 3UNIQUE LTD 458 CONTRACTS LTD 5 SPICES…
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The Bank of England Monetary Policy Committee has raised rates to 1%, the highest in 13 years. The Bank also warned that the cost of living crisis could push the economy into recession this year. The Bank’s Monetary Policy Committee (MPC) voted to raise the base rate from 0.75% to 1%. Three of the nine-strong…
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Greenlight Credit (trading as Varooma) has entered administration. The short term lender provided customers with finance on logbook loans secured on the customer’s vehicle. Logbook lending allows the lender owns the vehicle until the loan is paid back in full. Martin Charles Armstrong and Andrew Richard Bailey of Turpin Barker Armstrong were appointed as Joint…
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Administrators are working to return savings to members of the North East Warrington Credit Union (NEWCU) after the company has been declared insolvent. The members’ committee of North East Warrington Credit Union (NEWCU) resolved to place the company into administration on 4th May. The Financial Services Compensation Scheme (FSCS) declared the Company in default, which…
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The Bank of England’s Monetary Policy Committee’s vote to increase the base rate to 1% follows the release of ONS figures showing that 16% of microbusinesses are still not currently fully trading (compared to only 3% of big businesses) meaning that small businesses will be hit harder with a ‘cost of doing business.’ Responding the…
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Demand for credit from households is expected to rise this year as cost of living pressures bite, according to the latest EY ITEM Club UK Bank Lending Forecast, which predicts consumer borrowing will grow to a five-year high of 7.9% in 2022 (equivalent to almost £16 billion in net terms). This is a trajectory reversal…
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Global information and insights provider TransUnion has announced that it has appointed Amanda Rendle to its board as a non-executive director. Rendle brings experience in marketing and communications spanning four decades, with particular expertise in financial services. She previously led an award-winning client engagement programme at leading multinational bank HSBC, where she was global head…
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