Credit, Collections & Insolvency News
Access to finance is becoming a critical issue for UK small businesses, with new research finding that more than half (53%) would have to put plans on hold if they were unable to secure finance. The research from Novuna Business Finance underlines how important access to finance is for the small business sector at a…
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More than 3,200 new Scottish businesses were set up last month, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that 3,280 new firms were set up in Scotland in May 2023 – 229 more than the previous month’s total of 3,051. Start-ups…
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Business water retailer Water Plus has agreed to a deal with Flexys to use the company’s debt management technology infrastructure and customer journey technology. Water Plus is the UK’s largest B2B water retailer, serving more than 700,000 customer supply points in England and Scotland. James Hill, CEO of Flexys, said “We are pleased to support…
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Here is an overview of The Money Charity’s latest statistics for June 2023 Personal debt in the UK People in the UK owed £1,839.3 billion at the end of April 2023. The average total debt per household, including mortgages, was £65,498 and per adult was £34,580, around 103.3% of average earnings. Net mortgage lending shrunk by…
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Chancellor of the Exchequer Jeremy Hunt agreed a new action plan with regulators to try to ensure consumers are being treated fairly and help those struggling to make payments. As part of the government’s plan to halve inflation this year, the Chancellor chaired a roundtable with CEOs from the Competition and Market Authority (CMA), Financial…
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Research by the Centre for Business and Economics Research (CEBR) and Asda has revealed that wealthy households in the UK were the only group to see a rise in living standards this year, while poorer families are being pounded by soaring energy and food bills. The decrease in disposable income has been particularly stark for…
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The UK needs to move away from its simplistic and pernicious cycle of promising tax cuts while delivering tax rises, and towards reforming and improving our tax system so that it supports, rather than hinders, economic growth, according to new research Resolution Foundation. Tax planning – the 39th report of The Economy 2030 Inquiry, funded by the…
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A new research paper from Beagle Street has estimated that over £400 billion of mortgage debt is not covered by life insurance in UK Beagle Street Associate Marketing and Distribution Director, Beth Tait, said “With this study, we aimed to give intermediaries the powerful evidence they need to recommend that customers take the critical step of protecting…
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New research from Ipsos and Fair4AllFinance shows that 3 million people have borrowed money from an illegal ‘loan shark’ lender over the past three years, as high-street lenders turn people worrying about rising bills and mortgage rates away while the cost of living bites. Results from a new online survey amongst a representative quota sample…
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