Credit, Collections & Insolvency News
Latest data from the Bank of England has indicated that credit card borrowing grew by £730 million in the 12 months to July. The 13% rise on borrowing on cards is the fastest rise since October 2005. The annual growth rate for all consumer credit, which also includes overdrafts, personal loans and car finance, increased…
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The Government has announced new proposals to cap rents on social housing to support tenants with the cost of living. Under the proposals, a cap on social housing rent increases would be put in place for the coming financial year, with options at 3%, 5% and 7% being considered. The move would prevent rents for…
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The average amount owed to small businesses with at least one overdue invoice has risen 6% year on year to £22.7k in May 2022, up from £21.4k the previous year – which is 65% of the average small business’ typical monthly turnover according to new data from the Intuit QuickBooks Late Payments Bulletin. The research has…
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A majority of consumers aren’t confident in managing their money due to the cost of living crisis, according to research by Hodge Bank. The research from the specialist lender has found that four out of five (80%) respondents aren’t confident in managing their money at the moment – with mortgage, energy and recreational costs all…
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During the first half of 2022, the value of alleged fraud cases exceeding £100k heard in UK Crown Courts soared by almost 300% compared to the first six months in 2021, rising from £137.4m to a staggering £532.6m. This is above the total value of alleged fraud seen in Crown Courts during the whole of…
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Yorkshire Building Society has announced that Susan Allen OBE has been appointed as Chief Executive Officer (CEO). Allen has more than 25 years of experience in financial services having held senior executive positions at a number of large retail banks in the UK. She is currently Head of Customer Transformation at Barclays where she is…
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New StepChange clients are increasingly citing the cost of living as their main reason for debt. In July, 20% of clients who completed full debt advice said the cost of living was their primary reason for contacting StepChange, up from 18% in June. Meanwhile, for the first time in several months, the proportion of new…
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Darlington Building Society has announced that it has selected to use LexisNexis Risk Solutions financial crime prevention and compliance screening solution to assist with onboarding customers. The RiskNarrativeTM platform enables businesses to detect fraud and identify risk using a single API and integrates into over 50+ third party data sources to enrich risk decisioning. RiskNarrative…
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Confidence among British businesses is at its lowest since during the third national lockdown in early 2021, according to Lloyds Bank’s latest Business Barometer. Businesses reported a fall in confidence for the third consecutive month in August, declining nine points to 16%, The pressures on households and businesses continued to grow, leading confidence to fall below…
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