Credit, Collections & Insolvency News
The percentage of UK small businesses predicting growth has hit its lowest level in two years (31%) according to Novuna Business Finance. The latest figures suggest a slight drop in growth predictions on last quarter (34%) and a bigger fall on this time last year (37%) – a time when the country was still coping…
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Business confidence fell by one percentage point in October, the weakest since March 2021 and a 19-month low, according to the latest Lloyds Bank Business Barometer. While business confidence remained below the long-term average of 28%, it remains above the lowest levels seen in 2020 during the first COVID-19 wave (-33% in May 2020). The…
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Debt charity, StepChange has reported that once again, September saw the cost of living being the most commonly cited reason for debt among new clients, with more than one in five (22%) saying it was a cause of difficulty. The proportion of clients with energy bill arrears also continued to creep up. Among clients with…
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New research from Zuto Car Finance has revealed that even in a cost-of-living crisis, almost a third of consumers (31%) still haven’t looked for financial advice. Just 23% of those surveyed rely on the expertise of a financial advisor and 22% contact their bank first to discuss any financial matters. 12% would immediately seek help…
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New research by Yapily has indicated that cost of living rise has driven a move for consumers to use buy now, pay later (BNPL) schemes rather than dipping into overdrafts The research found more than a quarter of consumers turned to buy now, pay later services in the past year compared with 18% who had used…
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More than a quarter of mortgage holders wouldn’t be able to afford their monthly repayments if they increased by £100 a month, according to new research from Citizens Advice. The research found that nearly half (45 per cent) would be unable to make their payments if they rose by £250 a month. In September, 49…
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Latest Bank of England data shows that the annual growth rate for consumer credit, which includes borrowing using credit cards, personal loans, overdrafts and car finance, increased by 7.2% in September from 7.1% in August, the highest rate since March 2019. The annual growth rate of credit card borrowing was 12.1 percent with outstanding balances…
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Hodge Bank has announced the appointment of Tim Thompson Executive team as its Chief Information Officer. Thompson takes up the role from his previous post as Head of Technology with Cumberland Building Society, and was also formerly Head of Change with Hitachi Consumer Finance. Dave Landen, CEO of Hodge, said: “We feel really fortunate to…
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