Credit, Collections & Insolvency News
Specialist lending and savings bank ALdemore has appointed Richard Jones to be the new Managing Director of its MotoNovo Finance business. Jones joins from Lloyds Banking Group where he’s been CEO of their Motor Finance and Leasing businesses since 2018, which encompasses the market leading Black Horse and Lex Autolease brands and online car finance.…
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Only half of UK consumers currently feel that they have sufficient access to credit, according to figures revealed in TransUnion’s latest Consumer Pulse study. Despite the majority of consumers (71%) acknowledging the importance of credit in helping them achieve their financial goals, just 49% say that they have sufficient access. Almost a fifth(18%) state they…
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Virgin Money has announced the appointment of Sarah Wilkinson as Chief Operating Officer. Wilkinson will join Virgin Money from Thomson Reuters, where she is the Chief Information Officer and Head of TR Labs, Thomson Reuters’ technology research and innovation centres worldwide. Prior to joining Thomson Reuters, Wilkinson was CEO of NHS Digital, responsible for systems…
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A new report out today from GoCompare Car Insurance has revealed that the cost of getting a young driver on the road has risen to £6,574 – the highest since 2019, representing a shift backwards to pre-pandemic costs. Costs for young drivers – those aged between 17- 21 – and their families dipped to £6,394…
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Almost two in five households (38%) wrongly believe that the Government’s energy price guarantee means their bills cannot go above £2,500, according to new research from Uswitch.com, the comparison and switching service. The measures announced by Prime Minister Liz Truss will support people with their energy bills, and avoid the nightmare scenario of Ofgem’s price…
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A reduction in desire for car ownership is a growing issue, according to dealers according to research by Startline. Each month, the research asks used car retailers about the future challenges facing their sector and this factor has jumped to second place since last month, being named by 42% of respondents against 18% in August.…
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New research from SME funder, Bibby Financial Services (BFS), has indicated that many businesses are at breaking point, with almost four in five (79%) stating the current economic landscape is worse than the pandemic and just one in ten (11%) fully prepared to deal with further cost rises expected. Derek Ryan, Managing Director of Bibby…
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Britain’s small and medium-sized businesses (SMEs) are owed on average £147,141 in late payments, nearly £74,000 more than in 2019, according to research by Dun & Bradstreet. Following the fallout from Covid-19 and Brexit, plus late payments and rising inflation, it comes as no surprise that 61% of SMEs are struggling to pay back loans, according…
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Insolvency and restructuring trade body, R3 has published a policy paper containing a number of recommendations to improve the UK’s fight against fraud. National Crime Agency estimates suggest fraud costs the UK economy around £190 billion a year, while research from the Office for National Statistics showed that instances of fraud increased by 41% between…
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A new report from Citizens Advice lays out the need for a way out of the UK’s energy crisis. Despite the recent bills freeze, it warns that many families will continue to struggle with high energy costs and cold, damp homes because of a lack of investment in basic bill-saving measures like insulation. The research…
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The number of UK sectors reporting falls in demand increased for a fourth successive month in August, according to the latest Lloyds Bank UK Sector Tracker. Of the 14 sectors monitored by the Tracker, 11 saw demand, as represented by new orders, fall – one more than in July and the highest number since June…
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The AI Accelerator, delivered by The University of Edinburgh’s world- leading Innovation Hub for Data Science and Artificial Intelligence, the Bayes Centre, has selected a group of emerging companies from Scotland, the UK and other parts of the globe for this year’s programme. Among the 12 winners is Inicio AI, an AI start-up founded as…
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