19th August 2022 - Credit Connect

Director banned after four companies wrongly claimed Bounce Back Loans

19th August 2022 Business |

A company director has been banned after each of his four companies wrongly claimed Bounce Back Loans and overstated turnover of his construction contractor companies to secure £200,000 Covid 19 financial support to which he was not entitled. Stephen Burke, has been disqualified as a director for 11 years. Burke was director of four companies…

Majority of small firms expect no or negative growth in the next year

19th August 2022 Commercial Credit Management |

The latest quarterly Federation of Small Business (FSB) Small Business Index (SBI) has found that majority of small firms expect no or negative growth in the next year with cost pressures and labour shortages are stymying investment plans and hampering economic development. The combined proportion of small firms who predict that they will stay the…

Fraudsters focusing on financial services and insurance sectors

19th August 2022 Consumer Lending |

Quarterly fraud analysis from global information and insights provider TransUnion found that the rate of suspected digital fraud attempts coming from the UK increased by 32% when comparing Q2 2021 and Q2 2022, with financial services and insurance having seen the biggest increases. In financial services, the rate of suspected digital fraud attempts has more…

FCA warns BNPL firms about misleading adverts

19th August 2022 Alternative Consumer Lending | #BNPL #FCA

The Financial Conduct Authority (FCA) has warned firms that offer Buy Now Pay Later (BNPL) products that although some agreements are unregulated after finding that some lenders were using web adverts and posts from social media influencers that are breaking rules. The FCA also reminded the businesses that the financial promotions of all BNPL products…

Third of households take on additional debt in summer to afford household bills and childcare

19th August 2022 Arrears and Recoveries |

According to comparethemarket.com’s latest Household Financial Confidence Tracker, more than a third (38%) of households with children at home are having to take on additional debt or borrowing specifically over the summer holidays to afford everyday bills and childcare. The research found that to try and save on childcare costs, almost one in two parents (46%) are relying…

Consumer confidence hits new record low

19th August 2022 Consumer Collections | #consumer confidence

Consumer confidence has fallen to a record low, according to research from data provider GfK. The consumer confidence index for August decreased by three points to minus 44, the lowest level since records began. All five measures – which include confidence in personal finances, general economic outlook, and savings – were down in comparison to…

Duologi agree partnership with LendingMetrics

19th August 2022 Company News |

Ppoint-of-sale payment solutions specialist Duoloi has announced a partnership with LendingMetrics’ to use its ADP platform. Duologi says it had previously outsourced the build of an engine to an external IT company, which meant it was hard-coded and the company had limited control over changes and wanted to bring decisioning in-house and were looking to…

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