Credit, Collections & Insolvency News
Former professional footballer Danny Guthrie has been given 6-year bankruptcy restrictions by the Insolvency Service. Guthrie played football professionally for several English football clubs at a senior level. In May 2019, Guthrie borrowed £75,000 from a friend to help him pay his household expenses, promising to repay the loan with funds raised from selling a…
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Work and Pensions Secretary Thérèse Coffey has sets out detailed plans so that more than eight million households across the whole of the UK will get a cash payment from July to ease cost of living pressures. Millions will receive the first of two cost of living instalments totalling £650 from 14 July 2022, part…
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High inflation is causing real pay packets to shrink at their fastest rate in a decade, while the slowdown in growth may be causing the tight labour market to cool as unemployment ticks up, the Resolution Foundation said today (Tuesday) in response to the latest ONS labour market statistics. With CPI inflation hitting a 40-year…
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Data from Barclays show young adults are the most likely age group to have been scammed in recent months, with one in four victims aged between 21 and 30. This is despite 76% of this age group saying they are confident they will not get duped. Barclays said scams often take place on tech platforms…
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The average household that took out a mortgage in 2021 faces a 3% reduction this year in the amount of disposable income it has left over after home loan, credit commitments and living costs, according to UK Finance. The analysis found most borrowers across all income brackets would still qualify for the same sized mortgage…
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The Financial Conduct Authority (FCA) is planning tougher curbs on bank branch closures, saying Banks and Building Societies will have to provide greater justification for closing a branch or cutting opening hours. The FCA is also consulting on requirements for more detailed analysis on how firms assess the impact on customers when they plan to…
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Data from PwC show the number of UK firms filing for insolvency in the first quarter was broadly similar to the same period in 2021. However, the analysts show that when the smallest firms and companies that were liquidated when solvent are stripped out, the figures show those filing while insolvent more than doubled in…
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An official evaluation of the government-backed pandemic £78 billion loans schemes has found that they could have saved up to 2.9 million jobs. The research, commissioned by the British Business Bank, estimated that between 146,000 and 505,000 businesses that took out Bounce Back loans might have gone under without the support, up to a third…
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LendingMetrics has announced a partnership with commercial lender Shire Leasing to implement their Auto Decision Platform (ADP). Shire Leasing had already been utilising automated underwriting since 2001 but found that moving from single track sales channels to multi-sales channels resulted in much more complexity in their decisioning. They needed constant IT involvement to achieve their…
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