Credit, Collections & Insolvency News
Latest Bank of England (BoE) data has shown that the annual growth rate for consumer credit rose for the sixth month in a row in March, accelerating from 7.7% in February to 7.9% with consumers borrowing an additional £1.6 billion in consumer credit in March, on net, compared with £1.5 billion borrowed during February. The…
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The total amount of housing equity available to homeowners aged over 55 now stands at an estimated £616 billion, a fall from £624 billion in Quarter 4 (Q4) in 2022 according to the latest Halifax quarterly regional house price index and analysed by Canada Life. The average price of a property in the South East…
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Demand for debt advice is up 15% year-on-year according to StepChange Debt Charity’s client data for March, continuing a consistent trend of markedly higher year-on-year client volumes in each month of 2023. The charity says this indicates the beginning of an escalating debt crisis following a sustained period of high inflation. Meanwhile, the Bank of England’s Money…
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The arrival of Spring sees a significant rise in the percentage of established small businesses (those with a turnover of £1-10 million) predicting growth for the next three months – rising from 33% to 50% since the start of the year. Conversely, there has been a sharp decline in the percentage of start-up enterprises predicting…
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The Building Societies Association has announced that Rob Pheasey, Chief Executive of the Marsden Building Society, has been elected as the new Chair of the Building Societies Association (BSA). He takes up this role with immediate effect. Phesey has held the post of Deputy Chair since May 2021 and succeeds Mark Bogard, Chief Executive of…
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The Financial Conduct Authority (FCA) has set out actions to improve the confidence of whistleblowers – including sharing further information with whistleblowers on how it’s acted on their information; improving the use of information provided by whistleblowers; and improving how it captures information from whistleblowers. This follows a qualitative survey of whistleblowers who had provided information to…
Read moreA Freedom of Information request to the British Business Bank by Purbeck Personal Guarantee Insurance has revealed the current level of debt and arrears associated with the Bounce Back Loan Scheme (BBLS). The Coronavirus Business Interruption Loan Scheme (CBILS) and the Recovery Loan Scheme (RLS). Purbeck’s analysis shows that over 145,000 BBL loans worth £3.8 billion…
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New research from Standard Life has found that first salaries might not stretch as far as young workers hope as the reality of paying for necessities like utilities and council tax kicks in. The number of people making regular ‘everyday’ payments rises significantly among those aged 25 to 34, compared to those aged 18 to…
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British Gas has announced that it will no longer outsource forced installations of prepayment meters (PPM). The company says that the announcement follows a detailed investigation overseen by independent regulatory compliance consultancy, Promontory Financial Services. The report concludes that there are no systemic failings in the way British Gas handled the fitting of prepayment meters…
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Zinc Group has announced its inclusion in Grant Thornton’s inaugural Warwickshire Limited report, as part of an annual series of business analysis conducted across the UK counties. The report seeks to recognise and celebrate some of the most successful, privately owned businesses in the regions, providing them with the recognition they deserve for their contribution…
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