Credit, Collections & Insolvency News
People in deep financial trouble are being misled by profit-making firms into unsuitable debt solutions which are often leaving them worse off according to a new report from Citizens Advice. With the cost-of-living crisis pushing more people into debt, Citizens Advice has found worrying numbers of people in Individual Voluntary Arrangements (IVAs) unable to keep…
Read more
Kensington Mortgages the specialist mortgage lender, has announced that it has completed its sale to Barclays Bank. Barclays has acquired the business from funds affiliated with Blackstone Tactical Opportunities and Sixth Street, which jointly owned the business since 2015. The acquisition allows Barclays to become one of the few major banks with a specialist mortgage…
Read more
Latest Bank of England (BoE) data has shown that consumers borrowed in January with an additional £1.6 billion in consumer credit compared with £0.8 billion borrowed in December. This was split between £1.1 billion of borrowing on credit cards and £0.5 billion of borrowing through other forms of consumer credit. Credit figures show consumer credit…
Read more
New research by Lowell has found out that over half of people have been targeted by fraud, with almost two-fifths (40%) of consumer have experienced payment card fraud. Fraudulent activity is taking place throughout the UK and the ways in which consumers are being targeted is constantly changing. Fraud committed using a debit or credit…
Read more
Credit Connect’s hosted its sixth Online Collections Technology Think Tank 4.1 last week which saw collections strategies and the impact of cost of living economic stresses discussed by thirteen collections professionals from a variety of industry sectors. The themes of collections risk, customer engagement, affordability and the future of collections were discussed by panelists and…
Read more
Chain stores are closing at their slowest rate for eight years, new research shows. While a total of 11,530 outlets shut across in 2022, representing an average of 32 closures a day, marking an improvement compared with the previous three years according to research by PWC Comparing openings to closures, 2022 saw 3,627 net closures.…
Read more
Latest data from the British Business Bank shows that lending to small firms by challenger and specialist banks hit a record high in 2022. The report shows that smaller banks lent £35.5bn to SMEs last year, giving challenger and specialist banks a 55% share of the market. This exceeds the 51% market share smaller lenders…
Read more
Two thousand of the nation’s pubs are facing last orders, the British Beer and Pub Association (BBPA) has warned as it calls on the Government to extend a lifeline to the sector. The British Beer and Pub Association (BBPA) is calling on the Government to use the Spring Budget to show it understands just how…
Read more
Specialist Conversational AI and digital engagement company, Webio has announced launched its Self-Service Studio, which it claims is the first debt collection self-service offering powered by AI-driven conversational messaging. The Self Service Studio has the ability to identify customers who have stalled or not completed their payment journey. With the Conversational AI chatbots on-hand, customers…
Read more