Credit, Collections & Insolvency News
The Federation of Small Businesses (FSB) says SMEs are increasingly struggling to secure affordable bank loans, with fewer than half of applications successful in Q3, compared with nearly two-thirds before the pandemic. Two thirds of small firms (66%) plan to make some form of investment in their business by 2024, but under half (49%) feel…
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More than eight million adults are financially fragile and at risk of being over-stretched due to record levels of unsecured debt and rising interest rates amid the cost-of-living crisis, according to a report by PwC and TotallyMoney. The report found that 8.9 million adults are showing signs that their finances are teetering on the brink,…
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Professional services firm PKF Littlejohn has announced that it has appointed James Linton to its new creditor services team. Linton has spent more than 20 years in the sector, including spells with BDO and Begbies Traynor. Linton brings over 15 years of experience to the role, and will help the team serve credit managers, local…
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New analysis from Citizens Advice has found that more than one in three UK adults (37%) say they’d find it difficult or impossible to cover even a £20 increase to their monthly outgoings. This equates to 17.7 million people in England and Wales. This figure is particularly high for some groups, including 58% for people in…
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While 2023 may offer economic policy makers some relief, with signs inflation will ease and interest rates peak lower than feared, family finances face a ‘groundhog year’ repeat of 2022’s squeeze as the cost-of-living crisis deepens next year, according to the Resolution Foundation’s New Year Outlook. The Foundation says that 2022 has been horrendous, with…
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A London letting agent has been hit with 11-year ban after repeat abuse of Bounce Back Loan scheme. Letting agency boss claimed multiple loans totalling £100,000 from two different banks, and attempted to claim a further £50,000 through the scheme. Laszlo Szabo, was the sole director of Letting Base Ltd, which was incorporated in 2009…
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New research by Zuto Car Finance has found that only one in ten (13%) of consumers can only stick to their financial new year’s resolution for a week. The research surveyed consumers to determine their top ten financial goals of 2023, after 40% claimed they are worried about their money next year. 37% want to…
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Household bills have surged by £1,316 in the past 12 months, according to new research by Comparethemarket. The research analyses the cost of energy, home, and motor insurance, and reveals bills have increased significantly in the past year. The research found that a typical household spent £3,280 on their energy, car and home insurance in…
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The Institute of Directors (IoD) Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, rose slightly to -58 in December, up from -64 in November. The index also showed that was also slight improvements in expectations for revenue, employment, investment and in directors’ optimism for the prospects of their own…
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LHV UK, a banking service provider to 200 fintech companies has appointed risk and data science consultancy, Jaywing to help create its cloud-based data infrastructure. LHV will leverage Jaywings’s experience in regulation and data management best practices, Jaywing will establish a data infrastructure and reporting suite in line with UK regulatory standards and optimise…
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The UK economy is forecast to fall into a recession in 2023, driven by tighter financing conditions, further increases in energy bills and weak consumer confidence, before finding a weak recovery in 2024, according to Allianz Trade. It is predicted that in 2023, the UK economy will shrink by -0.9%, compared to just -0.3% for…
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Business confidence bounced back to rise by seven points to 17% in December, the highest level since July and the first increase in sentiment seen since May of this year. However, confidence levels remain lower than December 2021 (40%) and the long-term average (28%) according to new research by Lloyds Bank. The rebound in business…
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