Credit, Collections & Insolvency News
Most water companies will be hit by financial penalties because of missed targets, water regulator Ofwat has announced. Overall, for those eleven companies, almost £150m is planned to be taken off customers’ bills in the next financial year because of missed targets on areas such as water supply interruptions, pollution incidents and internal sewer flooding.…
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Latest data from the Bank of England show that spending on credit cards rose by £700 million in August as households borrowed heavily to cope with the cost of living crisis. The increase pushed the annual growth rate in spending on credit cards to 12.9%, its joint highest level since 2005. Maintaining a high level…
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A construction diretor who was unable to explain transactions totalling more than £1 million, or eligibility for £40,000 Bounce Back Loan has been disqualified as a director for seven years after failing to keep adequate accounts while his business was trading. Marian Clipici, a Romanian national, was the sole director of Dahlial Limited, which operated…
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Almost half a million (450,000 people) could be made to pay their energy bills with a prepayment meter by the end of 2022 because they’ve fallen into debt according to new analysis from Citizens Advice. The charity analysed Ofgem data on the number of customers moved to prepayment meters due to their existing debt to…
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Half of all UK adults (51%) have been affected by scams, according to new research from Canada Life. This equates to 27m people across the UK. Most of these cases can be described “phishing scams” (51%), when a fraudster attempts to imitate a legitimate company or person to secure important information from the victim. Crypto…
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New research by PwC has found that debts of failed Irish businesses is expected to reach €2 billion in 2022. For the year to date, over 350 companies have declared insolvency with associated debts outstanding of in excess of €1.6 billion. PwC expects this figure to reach well over €2 billion by the end of…
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European open banking platform Tink is urging lenders to prioritise upgrading creditworthiness assessment models to ensure more accurate lending decisions. Tink says traditional lending models are broken, and against a backdrop of the cost-of-living crisis, a blinkered view of income and expenses is no longer fit for purpose. As the economic crisis worsens, better decisions…
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Business confidence stabilised in September after falling for three consecutive months between June and August. The index remains at 16%, its joint lowest level since March 2021, according to the latest Lloyds Bank Business Barometer. While business confidence remained below the long-term average of 28%, it is above the lowest levels seen in 2020 during…
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Hodge has announced the appointment of Gareth Thomas as its Chief People Officer. Thomas is the former Director of People and organisational development at charity Brandon Trust, HR director at Arriva Trains Wales and head of HR and Business Change at Royal Mail Group. A fellow of the Chartered Institute of Personnel & Development, Thomas…
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LendingMetrics, the company behind the intelligent decisioning platform ADP has announced that it has been appointed by Scottish Building Society to deliver its credit decisioning solution. The society is set to use LendingMetrics’ next-generation Auto Decision Platform (ADP) underwriting solution to support its intermediary business over the coming years. The multi-award-winning platform is a universally-integrated…
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