Credit, Collections & Insolvency News
Hospitality bosses are calling for an emergency VAT cut as the sector deals with soaring energy bills. New research has suggested that most bars and restaurants are dealing with “significant” energy cost hikes whilst a majority are also seeing dramatic increases in their food and drink costs. The new data also reveals that supply chain…
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New analysis by consultants LCP of detailed data on household spending patterns suggests that many elderly widows and those on pension credit were already at high risk of living in fuel poverty even before the surge in energy bills in recent years. Even if the government comes up with additional help to cover increased bills,…
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Digital bank Perenna says it has received its banking licence and plans to offer customers fixed-rate 30-year mortgages. The digital bank has been granted a banking licence with restrictions from the Prudential Regulation Authority and the Financial Conduct Authority, adding that once its banking infrastructure is in place it will begin selling long-dated fixed-rate mortgages…
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A retailer from Walsall has been disqualified from running companies for 9 years after abusing a £45,000 bounce back loan she was not entitled to. Rebecca Simmons was a director of Tia-Bella, trading from premises in Wolverhampton. The company, a specialty balloon and gifts retailer, was incorporated in March 2019 but just over 2 years…
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Spending on credit cards has increased by a third as more people have turned to borrowing cash amid the cost-of-living crunch. The research by UK Finance found that credit card holders spent just under £20 billion in May, a 33 per cent jump in the total spend compared to the same month last year. Debt…
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New analysis from Citizens Advice has indicated that one in four (24%) people won’t be able to afford to pay their energy bills in October based on current forecasts. This is double the number already in the red ahead of the price cap rise. The figure could jump to one in three(34%) people in January…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies decreased by 12.7% to 9,190 in July 2022 compared to 10,527 in June, and were 1.1% higher than July 2021’s figure of 9,090. There were 531 bankruptcies registered, which was 16% lower than in July 2021 and 64% lower than…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales increased by 7.5% in July 2022 to a total of 1,827 compared to June’s total of 1,699, and increased by 66.7% compared to July 2021’s figure of 1,096. The figures 67% higher than in the same month…
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